BUZZ-Intrepid Potash Inc: Stock hits record low

Tue Oct 27, 2015 1:37pm EDT
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** Potash producer's shares down 23.9 pct at $4.34 in afternoon trading

** Stock touches record low of $4.15, one of the top percentage losers on NYSE

** Company reports bigger Q3 loss, hurt by weakening demand and lower fertilizer prices

** If potash price and slower demand trends continue, it is possible Intrepid will breach its fixed charge coverage ratio covenant for a period beginning mid-2016, company says

** Last month, bigger rival Mosaic Co said it would cut Q3 potash production and lowered its sales outlook citing similar reasons

** "Intrepid could be materially financially restrained," BMO Capital Markets analyst Joel Jackson says

** Shares of Mosaic Co down 3.9 pct, Potash Corp of Saskatchewan down 2.7 pct, Agrium Inc down 2 pct

** Up to Monday's close, Intrepid stock had lost more than half its value this year