Frack-Sand Supplier Tumbles After ‘Going Concern’ Warning
- Company’s biggest frack-sand buyer says it’s halting purchases
- Weakening demand for fracking services portends bleak 2020
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Carbo Ceramics Inc. plunged 47% after warning investors it may fail as a going concern in part because its largest frack-sand customer halted purchases.
The slump on Monday was the fracking sand provider’s worst since its 1996 debut as a public company. The Houston-based company issued the warning in a statement after equity markets closed on Nov. 8.