CLEVELAND (Dec. 19)—A day after PolyOne Corp.'s shares dropped by 50 percent, hitting a 30-year low of $3.20, the company's stock rebounded, closing at $4 on the Nasdaq exchange today. Trading of PolyOne shares remained heavy at 2.58 million shares, compared with normal volume of 368,000 shares. The Dec. 18 stock dive came a day after the company's announcement that it expects to report a loss in its fourth quarter, with revenue tumbling 12 to 14 percent from the third quarter, according to the company. A Merrill Lynch & Co. Inc. analyst changed its rating to "sell" from "neutral" following the announcement.
PolyOne stock makes slight rebound
Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].