After watching his stock slide to half its value in the last month, NewMarket CEO Philip Verges was probably puzzled. He had a month of good press. He’d put out good news time and again; $4M in sales to Movistar, plans for $100M in recurring revenue, long term contracts, appearing at conferences and the like. So why was the stock taking a hit?
One might speculate that it was due to general consumer confidence, or lack thereof, and all stocks suffered somewhat during that period, but this is not the case. As always, even during dour economic times, we have stocks that do well and stocks that do not, primarily based on their fundamentals.
In light of these things, it makes sense that Philiip Verges would conclude that shareholders had misunderstood his prior communications, in addition to questions received at the company’s headquarters. So Verges wrote a press release, which basically describes the 3 strategic areas where New Market is focusing. It remains to be seen whether this clarification improves the stock price of New Market or not.
To view the complete press release, please visit the following link: http://biz.yahoo.com/iw/080619/0408986.html
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