Why New Fortress Energy Stock Sank Today

Shares of New Fortress Energy (NASDAQ: NFE) fell on Wednesday. The company's stock plummeted 14.5% as of market close. The leg down comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) lost 1.6% and 1.4%, respectively.The liquefied natural gas (LNG) company will not be able to take part in a key government auction in Puerto Rico. It was revealed late yesterday that New Fortress has been disqualified from a Puerto Rican government auction to secure temporary power generation, according to reports. New Fortress had bid on an 800-megawatt contract aimed at stabilizing the U.S. commonwealth's unreliable electric grid.The company has sent a letter to Puerto Rico Governor Jenniffer González-Colón requesting reconsideration, but the initial news was enough to send New Fortress Energy's stock lower, especially given recent developments for New Fortress.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool