BUZZ-CF Industries set for worst day in 7-1/2 years on weak Q2 results

Thu Aug 4, 2016 11:10am EDT
 
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** U.S. nitrogen fertilizer producer's shares down 14 pct at $21.08

** Stock falls as much as 14.8 pct, biggest intraday percentage fall in more than 7-1/2 years

** Company reports lower-than-expected Q2 profit as fertilizer prices remain weak; net sales fall 14 percent

** CF Industries says fertilizer prices expected to remain weak into next year due to abundant supplies

** Nitrogen prices have been pressured by China's growing exports of urea and new capacity coming on stream in North America

** Canadian fertilizer maker Agrium Inc's U.S-listed shares down 2.3 pct at $88

** Agrium cuts 2016 profit forecast to $5-$5.30 per share from $5.25-$6.25

** Up to Wednesday's close, CF Industries stock had lost nearly two-thirds of its value in past 12 months