CC - Why Chemours Stock Dropped 14.5% at the Open Today
Shares of Chemours (NYSE: CC) , a specialty chemical company, fell sharply at the open of trading on Friday, losing as much as 14.5% of their value in the first few minutes of trading. The big story was the company's earnings release, which hit the market after the close on Thursday. It wasn't all that bad, but it clearly wasn't good enough for investors.
Chemours reported fourth-quarter 2021 revenue of $1.6 billion, up 18% from the same quarter in 2020. Consensus estimates had been calling for the top line to come in at around $1.5 billion. For the full year, sales increased 28% to $6.3 billion.
Over both periods, Chemours said the recovery in global demand from the effects of the pandemic supported its sales increases. So far, the story seems pretty good, noting the top-line estimate beat.
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Why Chemours Stock Dropped 14.5% at the Open Today