MarineMax sinks 23% on climbing crude prices
MarineMax Inc. (NYSE:HZO) plunged 23% Wednesday and sank to a 52-week low as the price of oil climbed to more than $142 per barrel. The recreational boat retailer operates 90 stores that sell new and used boats. The Clearwater, Fla.-based company has felt the impact of record high gas prices and the sluggish economy that has brought down U.S. travel. MarineMax's stock is down more than 67% for the year, as owning and fueling a boat has grown costlier. On Wednesday, MarineMax fell on above-average volume to $5.02, about $1.50 below Tuesday’s close.
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