MDR - MDR Stock Plummets as Company Brings in Turnaround Consultants

McDermott International Inc. (NYSE:MDR) has enlisted AlixPartners LLP to help stem its heavy losses, with MDR stock plummeting 22%.

McDermott, an American oil and gas engineering firm, has been struggling in recent quarters and posted a net loss of $146 million USD and an operating loss of $61 million USD in its most recent earnings statement in July. Chatter on Wall Street yesterday regarding speculation that the company was to procure the services of external turnaround specialists AlixPartners resulted in MDR stock tanking as much as 70% on Wednesday.

Trading of MDR stock was ...