FXCM Continues Free Fall After CEO, Sterne Agee CRT Comments
Shares of FXCM Inc (NYSE: FXCM) continued to sell off on Thursday and were lower by 5.03 percent at $17.55 shortly after the opening bell.
Shares of FXCM traded above $24 per share on Wednesday. Shares began to move lower after the company's CEO Drew Niv told Benzinga in an email that "nothing has happened" that could possibly explain the recent surge in shares.
Over the past month, FXCM's stock gained more than 166 percent.
Meanwhile, Sterne Agee CRT's Kevin Starke also told Benzinga on Wednesday that it would be hard to value the stock over $5. The analyst noted that he is unsure of what could be contributing to the surge.
Starke also pointed out that FXCM isn't buying its own stock as that would represent a breach of a term agreement.
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