Gushan Environmental Energy falls 12% on downgrade
Gushan Environmental Energy Limited (NYSE:GU) is down more than 12% today after analysts at Merrill Lynch downgraded the biodiesel producer to “neutral” from “buy.” The China-based company produces biofuels using a variety of feedstocks. Extreme weather conditions in the U.S. Midwest have driven the price of many commodities, such as corn and soybeans, to record highs. Both crops often are used in the production of biofuels. Shares of Gushan Environmental Energy are at $10.76 at 12:17 ET, down about $1.46 from Wednesday’s close.
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