RIG - Why Clean Energy Fuels Pacific Ethanol and Transocean Dropped Big on Monday
Shares of oil and alternative fuel stocks took a nosedive on Monday as the market sank and oil tumbled. Three of the most notable moves were Clean Energy Fuels (NASDAQ: CLNE) dropping as much as 14.9%, Pacific Ethanol (NASDAQ: PEIX) falling up to 19.1%, and Transocean (NYSE: RIG) plunging 17.8%. Shares of the stocks were down 10.5%, 7%, and 9.4%, respectively.
The energy sell-off was broad-based, and these companies are a great example of that. They serve oil, natural gas, and ethanol to customers, and a decline in commodity prices can be blamed for the sell-off overall.
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Why Clean Energy Fuels, Pacific Ethanol, and Transocean Dropped Big on Monday