Shares of New Fortress Energy LLC (NFE) tumbled 11.76% in pre-market trading on Wednesday following news of the company's disqualification from a crucial power generation auction in Puerto Rico. This setback has significantly impacted investor sentiment, leading to the sharp decline in the stock's value.
According to a Bloomberg report, New Fortress Energy was disqualified from participating in an auction held by the Puerto Rican government to secure temporary power generation. This development comes as a major blow to the company, which has been actively seeking to expand its presence in the energy sector.
The disqualification from such a significant opportunity is likely to have substantial implications for New Fortress Energy's growth prospects and revenue expectations in the near term. Investors appear to be reacting strongly to this news, reassessing the company's market position and future potential in light of this setback.
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