MDR - Shares of McDermott Continue to Plummet Today
Shares of engineering and construction firm McDermott International (NYSE: MDR) are down 23% as of 1:30 p.m. EDT today. Today's drastic stock plummet comes after yesterday's free fall that was halted multiple times and ended the day down 63%.
It has been a rough couple of days for the engineering and construction firm. Yesterday's bombshell was a report in The Wall Street Journal that it was bringing on AlixPartners as a consultant. The hiring of consultants isn't normally a big deal, and management noted in a press release later in the day that it engages consultants all the time. The thing is, when you engage a consultant that specializes in turnarounds and has guided several large companies through bankruptcy proceedings, it's going to set off some alarm bells.
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