Varco International Stock Plummets 14%
ORANGE — The price of Varco International’s common stock dropped 14% Tuesday, a day after the Orange-based oil drilling toolmaker said it expected its fourth-quarter earnings to fall 50% below analysts’ expectations.
Varco shares closed Tuesday at $9.25, down $1.50 for the day in heavy trading on the New York Stock Exchange. Nearly 2 million shares changed hands, about 15 times the stock’s average daily volume for the past three months. Varco made the announcement after the stock exchanges closed Monday.
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