Market Overview

Einhorn Brings The Pain on Martin Marietta

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Shares of North Carolina-based Martin Marietta Materials (NYSE: MLM), a producer of granite, limestone, sand, gravel, and other products used for construction and infrastructure projects, plunged 8.2% today on volume that was roughly eight times the daily average after Greenlight Capital's David Einhorn made negative comments about the company at the Ira Sohn Conference.

Martin Marietta was recently rebuffed in its hostile takeover bid for rival Vulcan Materials (NYSE: VMC), prompting comments from Einhorn that compared the company to Yahoo (Nasdaq: YHOO).

Einhorn's bearish view of Martin Marietta forced a circuit breaker halt in trading of the stock this afternoon. The hedge fund manager, whose bearish bets include Green Mountain Coffee Roasters (Nasdaq: GMCR), Dick's Sporting Goods (NYSE: DKS), and Herbalife (NYSE: HLF), compared Martin Marietta CEO Howard Nye to former Yahoo CEO Scott Thompson, calling Nye a megalomaniac along the way.

With Tuesday's slide, shares of Martin Marietta have lost about 25% in the past three months.

 

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