Martin Marietta Falls Most Since 2008 After Einhorn Criticism
Martin Marietta Materials Inc. fell the most in more than three years, triggering a circuit breaker that halted trading, after Greenlight Capital co-founder David Einhorn said the sand-and-gravel producer had problems.
“Recent earnings benefited from one time fiscal stimulus that is about to wind down,” Einhorn said at a conference in New York.
Martin Marietta slid 6.6 percent to $69.76 at 3:47 p.m. in New York, after plunging as much as 15 percent for the steepest intraday decline since November 2008.
Vulcan Materials Co. (VMC), the target of a failed hostile takeover by Martin Marietta, also tumbled, dropping 9.1 percent to $34.88.
To contact the reporter on this story: Joshua Fineman in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Ed Dufner at email@example.com