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Why Core Laboratories Shares Plunged 11.9% Today

By Travis Hoium - Updated Feb 23, 2021 at 3:43PM

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You can blame oil for most of the drop.

What happened 

Shares of Core Laboratories (CLB 3.57%) fell as much as 11.9% on Tuesday as oil prices and the overall market dropped. Shares gained back some of those losses, but were still down 4% at 2:50 p.m. EDT today. 

So what

The big drop happened early in the day and coincided with a quick nearly 2% drop in oil prices. Oil recovered, and so did Core Labs, but that's why there was a big sell-off early.

Oil drilling at sunset.

Image source: Getty Images.

It doesn't help that the market is down today as well. The Nasdaq Composite is currently down 1% as tech and growth stocks sell off, while the Dow Jones Industrial Average is flat. Core Labs clearly got caught in the selling side of the market. 

Now what

The market is having an odd day with growth and tech stocks getting crushed and more-stable sectors like energy all over the map. Oil stocks generally were hit by the drop in oil prices, but that didn't seem to last, and there's little more than normal volatility in the industry. When it's all said and done, I don't see any reason to change your investment thesis or panic-sell Core Labs shares today.  

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