FLR Told to Stop Refinery Work – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/18404/FLR+Told+to+Stop+Refinery+Work++-+Zacks+Tale+of+the+TapePosted on Friday, March 20th, 2009 | In Stocks to Watch
Fluor Corp. (FLR) stated that Kuwait National Petroleum Co. (KNPC) canceled its contract for an al-Zour refinery, which had a remaining value of $2.1 billion.
Shares have slumped more than 5% today amid volumes that are less-than-half normal levels.
According to a company spokesman, FLR was the overall project manager for the refinery and about 300 employees were performing engineering work on the project.
KNPC has terminated contracts worth more than $10 billion related to the al-Zour refinery project and, besides FLR, 4 South Korean companies are also impacted.
Analysts have reduced earnings estimates for this year by 7 cents over the past month and 8 cents over the past 60 days.
FLR is a Zacks #3 Rank (”Hold”) stock.
“FLR” Free Stock Analysis: Buy? Sell? Hold?
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