SMR - Why NuScale Power Stock Got Thrashed on Thursday
2023-10-19 18:47:52 ET
A short-seller report gave investors plenty to worry about with NuScale Power (NYSE: SMR) stock on Thursday. On the back of that document, which criticized the nuclear reactor maker harshly at times, the company's share price fell at double-digit rates. It ended the day nearly 12% lower, while the gloomy S&P 500 index only sank by 0.9%.
That morning, a firm called Iceberg Research published that NuScale Power report. This came not long after NuScale announced earlier this month that it had signed a contract to build a pair of its reactors for a U.S. company called Standard Power.
Iceberg poured freezing cold water on this arrangement, describing the deal as having no chance of being completed. In its view, Standard Power does not have the means to fulfill contracts of such size; it also said that Standard Power's managing director, Adam Swickle, was found guilty of securities fraud some time ago.
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Why NuScale Power Stock Got Thrashed on Thursday