U.S. Concrete shares crumble on short seller report

Caesarstone

17/05/2018 16:10

** U.S. Concrete  USCR.O  shares slip 4.8 pct to $58.25,
falling below their 50-day moving avg price  
    ** Short seller Spruce Point Capital releases https://bit.ly/2ItZa9O
 "strong sell" report on U.S. Concrete, says it expects a 60-90
pct downside for stock
    ** USCR had stable margins and an abnormal capex, raising
big red flags - Spruce Point
    ** Says USCR had many similarities with two of the broker's
"most successful" commodity shorts - Caesarstone  CSTE.O  and
China Integrated Energy
    ** As of April 30, 21.6 pct of U.S. Concrete's free float
was shorted, as per TR data
    ** Shares of other building materials companies also edge
lower - Vulcan Materials  VMC.N  0.3 pct, Martin Marietta
 MLM.N  1 pct and Eagle Materials  EXP.N  0.03 pct
    ** USCR shares down 30.4 pct this year

 (Reporting by Shreyashi Sanyal in Bengaluru)
 ((RM: Shreyashi.Sanyal.thomsonreuters.com@reuters.net))