Why Uranium Energy Stock Is Plunging Today

Key Points

A slump in oil and gas prices is hurting investor sentiment in uranium stocks.

What happened

Uranium Energy ( NYSEMKT:UEC ) stock cracked on Monday and sank as much as 13.2% as of 12:20 p.m. ET. Today’s drop brings the red-hot uranium stock’s unstoppable rally to a grinding halt — Uranium Energy shares had jumped a whopping 90% since Feb. 1 through the end of last week. So what Ironically, the price of uranium is soaring even as I write this. In fact, uranium spot prices have hit their highest level since March 2011 and are hovering around $60 per pound, according to TradingEconomics.com.March 11, 2011 was an historical day that overturned the growth story for uranium companies, thanks to a major earthquake that caused one of the world’s worst nuclear accidents yet at Japan’s Fukushima Daiichi nuclear power plant. Japan shut down its nuclear reactors […]

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