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Shares of ocean-going, oil-carrying transport operator Frontline (NYSE: FRO) tumbled in Wednesday trading, falling 9.5% through 1:15 p.m. EST after the company reported disappointing earnings in its third-quarter 2020 financial report late last night.
Analysts had forecast that Frontline would earn $0.32 per share on sales of $184.4 million. In fact, earnings came in 10% shy of that mark at $0.29 per share, despite total operating revenue being $247.4 million.