In what apparently is its biggest single-day drop ever, the stock price of The Andersons Inc. plunged $12.37, or nearly 12 percent, yesterday to close at $92.30 on the Nasdaq National Market.
The close below $100 was the first in a month. There were no obvious reasons for the drop or the volume of 1.3 million shares, four times recent numbers.
The Maumee agribusiness has had a huge jump in share price in the last six or seven months because of its investment in plants to produce the alternative fuel ethanol. The stock, launched 10 years ago, long traded below $15, but starting climbing two years ago. Late last summer, it was at $30 and has more than doubled this year.