Polypore International Inc. (NYSE: PPO) is not finding any love by traders and investors after its day in the ringer. Shares looked like they were trying to bounce after a 30% loss on Tuesday. Shares closed at $38.08 on Tuesday and the 52-week range is $36.60 to $74.21. This stock was at $54.34 on Monday before the news that LG Chemical is planning its own separator plant, a move in which a customer will now effectively become a competitor. At this point it does not really matter that the company issued a statement saying that it is confident in the premises used to justify lithium battery separator capacity expansions associated with demand for electric drive vehicles. Now comes word this morning that Wunderlich Securities has issued a new rating, down at SELL on the stock. This one was trying to bounce earlier this morning but that sell rating seems to have muted some day trader hopes for a trading bounce.
Polypore Woes Continue, May Get Worse (PPO)
By
Jon C. Ogg
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About the Author
Jon C. Ogg →
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
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