Ethanol Stocks Continue to Fall Fast
Today's biggest stories surrounding the sector:
-Ethanol stocks plummeted today due to yesterdays news of corn shooting up 14 cents and Bush finally showing concern over corn-ethanol. VeraSun(9.03%) and Aventine(12.02%) hit new 52-week lows while Pacific Ethanol(10.90%) neared its own of $4.20 a share. Assisting the downfall was a report published today by the Wall Street Transcript which set a bleak outlook for ethanol this year. In the report, Pavel Molchanov of Raymond James & Associates stated "a typical ethanol producer will be at best breaking even this year and possibly losing money on the bottom line" due to what has been a persistent margin squeeze. March corn managed to stay unchanged today.
-Ethanol stocks plummeted today due to yesterdays news of corn shooting up 14 cents and Bush finally showing concern over corn-ethanol. VeraSun(9.03%) and Aventine(12.02%) hit new 52-week lows while Pacific Ethanol(10.90%) neared its own of $4.20 a share. Assisting the downfall was a report published today by the Wall Street Transcript which set a bleak outlook for ethanol this year. In the report, Pavel Molchanov of Raymond James & Associates stated "a typical ethanol producer will be at best breaking even this year and possibly losing money on the bottom line" due to what has been a persistent margin squeeze. March corn managed to stay unchanged today.
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