GTLS - Why Shares of Chart Industries Plummeted This Week
While the S&P 500 dipped 1% lower this week, shares of Chart Industries (NYSE: GTLS) fared much worse. As of the market's close today, shares of Chart Industries, a manufacturer of equipment used in energy and industrial gas applications, fell 9.4% since last Friday's trading session, a ccording to data provided by S&P Global Market Intelligence .
Evidently, the company's acquisition of Howden and the bearish opinions echoing on Wall Street this week regarding the stock spooked investors, causing the sell-off.
A little over a week ago, Chart announced its $4.4 billion acquisition of Howden , and investors didn't respond well. The stock dropped steeply on the day of the announcement as investors fretted about the steep price tag and the prospect of shareholder dilution resulting from the deal. Investors continue to wrestle with the acquisition; Chart's stock has fallen more than 18% since the day of the announcement.
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Why Shares of Chart Industries Plummeted This Week