Orthofix International NV (NASDAQ: OFIX)
Orthofix International is having an incredibly rough start to the trading session today. When the opening bell rang, the stock found itself well into the red. Since then, we’ve seen a continuation of declines, bringing the stock deeper and deeper into the abyss. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to OFIX ahead.
What We’re Seeing From OFIX
As mentioned above, Orthofix International definitely isn’t having the best of days in the market today. When the opening bell rang, the stock quickly found itself in the red. As the day has progressed, we’ve seen further and further declines, compounding on the daily losses. Currently (10:10), OFIX is trading at $32.99 per share after a loss of $3.96 per share (10.69%) thus far today.
Why The Stock Is Falling
As always, as soon as our partners at Trade Ideas informed us that OFIX was making a run for losses, we started to do some digging to see exactly what was causing the movement. It didn’t take long to uncover the story. Unfortunately, some overwhelmingly bad news was released with regard to the company early this morning.
The news was simple. The stock is falling as the result of FDA issues and accounting manipulation. Of course, both of these issues can be overwhelmingly damning to any company. As a result, investors are reacting and sending Orthofix downward dramatically.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team is going to pay close attention to OFIX. Of course, we’re watching for any news that will add to this story. The FDA issue is still undisclosed, we know that it is there, but we don’t know what it is. So, we’re interested to hear more about that. We’ll keep a close eye on the news and bring you the data as it breaks!
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