CRH shares plummeted more than 18% in early trading, hitting a fresh 52-week low of $14.76, before rebounding somewhat. With an hour left in the trading session Tuesday the stock was down 15.2% to $15.29.
"Today's pullback reflects
ADRs of Cemex SAB (CX) fell 4.2% while shares of Vulcan Materials (VMC) lost 2.5% and Martin Marietta Materials (MLM) 4.6%. The Vanguard FTSE All-World ex-US (VEU), an exchange-traded fund that counts CRH and Cemex among its holdings, fell 1.4%.CRH pre-released its financial results in early July and indicated that EBITDA in the second half of the year would be an improvement year-over-year. Tuesday's report of official results for the six months ended June 30 caught Wall Street by surprise because the Irish company materially altered that view. CRH said 2010 earnings before interest, tax, depreciation and amortization would be down by around 10% year-over-year, implying a flat-to down second half, Shmois explained. CRH's performance is driven sharply by a weaker construction situation in the U.S., Shmois said. Weaker-than-expected data released Tuesday by the National Association of Realtors did little to boost shareholders' confidence in CRH, though Shmois said home construction materials accounts for a relatively small percentage of its business.
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