Fluor Stock Declines on Analyst’s Warning
- Share via
Shares of Fluor Corp. slumped nearly 8% Friday, the second sharp decline this week, after Merrill Lynch & Co. recommended that investors sell the stock because the company’s profit this year and next will be less than analysts’ forecasts.
Shares of the Aliso Viejo engineering and construction-services company fell $3.74 to $45.04 on the New York Stock Exchange after Merrill analyst Fritz Von Carp cut his rating to near-term “reduce” from “accumulate.”
He said the petroleum-refining market, Fluor’s greatest revenue source, has been slower to improve than expected. Fluor shares fell 14% Wednesday amid concern that federal caps on electricity prices will blunt power plant construction.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
