NewLead Holdings (NEWL) Stock Drops After Three Straight Days of Gains

NEW YORK (TheStreet) -- NewLead Holdings  (NEWL) dropped off Thursday after shares of the shipping company had soared for three consecutive days.

The company announced on Monday it had received deliver of NewLead Albion, an eco-type handysize vessel with a capacity of 32,318 dwt. Shares promptly exploded 305.2% on Monday and continued to rise Tuesdya and Wednesday in the wake of the news. NewLead also said it expects NewLead Albion to generate $2 million EBITDA per year assuming $1.73 million yearly OPEX.

NewLead agreed to purchase two eco-type vessels in March and paid $18.5 million for Albion. The second vessel is scheduled for delivery in July.

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The stock was down 8.95% to $4.01 at 10:10 a.m.

NEWL Chart

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