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Why Chemours, Greenbrier, and Lloyds Banking Group Slumped Today
The plaintiff in the case suffered from testicular cancer that he alleged resulted from the chemical's presence in drinking water in Ohio and West Virginia ... managers of real estate funds focusing on the region have had to restrict withdrawals after ...
Image source: Chemours.
Investors survived a crisis of confidence on Wednesday, and the stock market bounced back from substantial early losses to finish the day with modest gainsMajor market benchmarks gained about half a percent, and most of the rise came later in the day after the release of the most recent minutes from the Fed's Open Market CommitteeThe central bank affirmed that it will watch global macroeconomic conditions closely, especially in light of the Brexit vote, and investors took that as a sign that they didn't need to worry about imminent sharp interest rate increasesThat was good enough to reassure the markets on the whole, but some stocks nevertheless posted lossesChemours (NYSE:CC), Greenbrier (NYSE:GBX), and Lloyds Banking Group (NYSE:LYG) were among the worst performers in the market on Wednesday.
Chemours loses a big legal battle
Chemical giant Chemours plunged 22% after an adverse decision in a jury trial in OhioThe lawsuit found former parent DuPont, which spun off, liable for $5.1 million in damages related to a chemical associated with the production of TeflonThe plaintiff in the case suffered from testicular cancer that he alleged resulted from the chemical's presence in drinking water in Ohio and West Virginia, and the jury also opened the door to potential punitive damage awardsChemours has agreed to bear the costs of lawsuits on this issue, although some believe that the company might challenge DuPont's rights to indemnificationRegardless, DuPont shares also fell slightly, and investors could take another hit when a trial to determine the amount of punitive damages begins later this week.
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