GulfMark Offshore, Inc. (NYSE: GLF)
GulfMark Offshore wasn't off to the best of days in the market today. In fact, the stock was having an overwhelmingly rough one. After a flurry of bad news yesterday, the stock was trading in the red at the opening bell. While there was a slight push to the green, the stock quickly went back to declines, giving up nearly half of its value. Then, minutes ago, the stock was halted with news pending. Below, we'll talk about what we're seeing from GLF, why, and what we'll be watching for ahead.
What We're Seeing From GLF
As mentioned above, GulfMark Offshore is having an overwhelmingly rough day in the market today. At the opening bell, the stock was trading on bad news over liquidity concerns. While the stock did bump up slightly from there, it quickly reversed and went back into the red. Only this time, it remained on the downward path, giving up a big chunk of its market share. Then, at 1:27, the stock was halted at $0.40 per share after a loss of $0.28 per share or 41.49% thus far today.
Why We're Seeing The Halt
First and foremost, it's important to give credit where credit is due. Our partners at Trade Ideas were the first to inform us of the halt on GLF. As soon as we received the alert, the CNA Finance team started digging to see what was causing the halt. While the news with regard to the halt is still pending, we are expecting to see an update surrounding liquidity, as that's what sent the stock on the downward spiral today.
What we do know is that the stock was halted, and that in itself is big news. After all, stocks don't stop trading in the middle of a session for little things. So, whatever it is, it's likely going to be big.
What We'll Be Watching For Ahead
The CNA Finance team will be keeping an incredibly close eye on GLF ahead. In particular, we're watching for any news related to the halt. As always, we'll be following the story like a hawk and we will continue to bring you the updates as they break!
Update 2:21: The halt was result of news that GLF failed to make a $13.7 million interest payment. The stock has reopened and is trading significantly low on the day. Currently, the stock is trading at $0.38 per share after a loss of $0.30 per share or 44.51%. We will continue to follow the story closely and bring you any updates as they break!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Pixabay]