NEW YORK (Associated Press) - Shares of GT Solar International Inc. lost nearly a quarter of their value Friday, their second day of trading
The Merrimack, N.H.-based solar equipment maker launched an initial public offering of 30.3 million shares Thursday priced at $16.50 each, the midpoint of an expected range. The $500 million offering represents the nation's largest IPO this year in the alternative energy industry.
Yet the stock closed Thursday at $14.59, down 11.6 percent for the day.
In Friday morning trading shares continued their downward spiral, shedding $2.59, or 17.7 percent, to $12. Earlier in the day the stock touched an all-time low of $9.30.
Part of the drop may be connected to decreasing prices for crude oil, which have slipped more than $20 per barrel in recent days. During Friday trading, light, sweet crude for September delivery fell $2.01 to $123.48 on the New York Mercantile Exchange.
Friday, July 25, 2008
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