Metabolix, Exco and Encana Stocks Drop to New Low Price Points
Shares of Metabolix (NASDAQ:MBLX) — the bio-based plastics maker — tanked to a new low a day after agricultural processor Archer Daniels Midland Co (NYSE:ADM) terminated their joint venture. Shares have traded in a 52-week range of $3.28 to $10.95, and closed at $2.54, down $3.45 or 57.6% on the day.
The receipt of the $30.1M distribution from Exco Resources (NYSE:XCO) has been announced by Ivanhoe Australia (NYSE:IVN). The distribution is comprised of a capital return and special dividend, and follows the finalization of the sale of Exco’s Cloncurry Copper Project to Xstrata. Summing up, approximately $31M has been invested by Ivanhoe Australia during the past four and a half years in Exco shares and exploration work on the Ivanhoe Australia/Exco joint venture tenements. Ivanhoe Australia currently holds 22.6% of Exco resulting from this investment, plus an 80% interest in the joint-venture tenements and the receipt of the distribution in December. XCO has traded in a 52-week range of $8.53 to $21.04, shares closed at $8.39, down $0.15 or 1.76% on the day.
UBS downgraded Encana Corp. (NYSE:ECA) to Neutral from Buy. The downgrade sent shares to fresh 52 week lows. Shares have traded in a 52-week range of $17.64 to $35.22, closed at $17.49, down $0.41 or 2.29% on the day.
JP Morgan has downgraded France Telecom S.A. (NYSE:FTE) to Underweight from Neutral. Again, shares could not withstand the wrath of Wall Street. Shares have traded in a 52-week range of $14.85 to $23.70 and closed at $14.86, down $0.37 or 2.43% on the day.
Quicksilver Resource (NYSE:KWK) was downgraded by Tudor Pickering. The firm changed it’s recommendation to Hold from Accumulate. Shares have traded in a 52-week range of $6.17 to $15.98 and closed at $5.79, down $0.47 or 7.51% on the day.
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