MarineMax sinks 23% on climbing crude prices
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MarineMax Inc. (NYSE:HZO) plunged 23% Wednesday and sank to a 52-week low as the price of oil climbed to more than $142 per barrel. The recreational boat retailer operates 90 stores that sell new and used boats. The Clearwater, Fla.-based company has felt the impact of record high gas prices and the sluggish economy that has brought down U.S. travel. MarineMax's stock is down more than 67% for the year, as owning and fueling a boat has grown costlier. On Wednesday, MarineMax fell on above-average volume to $5.02, about $1.50 below Tuesday’s close.
For detailed price information and recent news stories on MarineMax Inc., click HZO.
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Reporter Dianna Heitz is based in SmallCapInvestor.com's Washington, DC bureau.
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Jul 02 06:19pm
SUX 2 B BILL MCGILL--CEO-MARINEMAX: WHAT A DRAG, BILLY! LOOKS LIKE IT MAY BE TIME TO TURN TO BOATING BASICS. PONTOON BOATS IN MIDWESTERN LAKES. MAXIMIZE ENERGIES TOWARDS PEOPLE WHO WILL STILL BE HAVING FUN ON THE WATER IN THE MIDWEST. (ABOUT THE ONLY PART OF THE NATION THAT CAN STILL AFFORD BOATING--AND DO!)
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