Shares of Monaco Coach Corp. hit 12-year low on Wednesday as the high cost of oil and the weak economy continues to take a toll on recreational vehicle makers.
The stock tumbled 35 cents, or 10.1 percent, to close at $3.10. Earlier in the session, shares touched $3.06, a level not seen since 1996. It has dipped to new lows in the past four consecutive sessions.
RV makers such as Monaco have suffered acutely from record-high fuel prices. Last week, Winnebago Industries Inc. reported a sharply lower fiscal third-quarter profit due to weaker motor home sales and high gas prices.
Shares of Monaco declined even as oil prices fell. Light, sweet crude for August delivery fell $2.45 to settle at $134.55 on the New York Mercantile Exchange. Gas prices remained above $4 a gallon.
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