FC Stone Shares Drop Like Their Namesake
Shares in Kansas City-based commodity risk management company FC Stone Group plunged more than 60% Wednesday after it said that it may have to set aside up to $80 million to cover losses incurred on an energy account in it's second quarter.
This bad debt provision is in addition to $25.7 million set aside for similar reasons in Q1.
They didn't manage that risk very well did they?
Shares closed 61% lower at $1.54.
This bad debt provision is in addition to $25.7 million set aside for similar reasons in Q1.
They didn't manage that risk very well did they?
Shares closed 61% lower at $1.54.
