Bloomberg News

Martin Marietta Falls After Einhorn Criticism

May 16, 2012

David Einhorn, president of Greenlight Capital Inc. Photographer: Peter Foley/Bloomberg

David Einhorn, president of Greenlight Capital Inc. Photographer: Peter Foley/Bloomberg

Martin Marietta Materials Inc. fell the most in more than three years, triggering a circuit breaker that halted trading, after Greenlight Capital co-founder David Einhorn said the sand-and-gravel producer had problems.

“Recent earnings benefited from one time fiscal stimulus that is about to wind down,” Einhorn said at a conference in New York.

Martin Marietta slid 6.6 percent to $69.76 at 3:47 p.m. in New York, after plunging as much as 15 percent for the steepest intraday decline since November 2008.

Vulcan Materials Co. (VMC:US), the target of a failed hostile takeover by Martin Marietta, also tumbled, dropping 9.1 percent to $34.88.

To contact the reporter on this story: Joshua Fineman in New York at jfineman@bloomberg.net

To contact the editor responsible for this story: Ed Dufner at edufner@bloomberg.net


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Companies Mentioned

  • VMC
    (Vulcan Materials Co)
    • $65.2 USD
    • -0.75
    • -1.15%
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