Stock market: Crown Holdings falls 30% in the stock market from all-time highs

Crown Holdings, a U.S.-based company, closed its best stock market year on record highs last January. However, since then the multinational has covered 30% of this stock market sum which has taken the manufacturer with factories in Valencia and Murcia to 90.45 ‘greenbacks’ on Wall Street yesterday, Wednesday.

The exchange rate rises and this company’s shares lose value. This has reduced their capitalization to 10,656 million euros, which places this partner between CCK (9,885 million) and Siemens Gamesa (12,172 million). In addition, for the first time since the second quarter of 2019, the chain shows a decline in its share price for the first time so far in 2022.

A fact that contrasts with increases of 10.4% in 2021, 38.1% in 2020 and 74.5% in 2019. It should be remembered that the Philadelphia-based listed company has been one of the strongest New York segments with the latest returns, and all this by taking direct advantage as on May 26 when the payout for its shares was 0.22 dollars.

“Bearish corrections occur when the results of something start to break down, and they appear to be being recommended at the moment. The apparent trend is that the outlook is promising and, as we say the manager, not ultimately to oxygenate the strong bursitic arrival it is starting to have.” The words of the investment manager from Madrid coincide with the idea expressed by this newspaper regarding the financial sector.

The latest proposal to allocate advice found that the ‘greenbacks’ were 139.3 and had a default linkage of a 54% uplift

On July 20, Crown Holdings’ half-year results will report on economic activity. The outlook is bright after the company reported solid financial results from January to March of this year. Next, net sales grew by 23.3% to 3,062 million euros; net income by 29.3% to 209 million; and earnings per share by 40% from 1.25 dollars (1.21 euros) to 1.75 dollars (1.69 euros).

“Results during the first quarter were as expected. Strong results in the North American tinplate and canmaking equipment businesses, combined with solid beverage can shipments in Vietnam, offset notable inflationary pressures in Europe and North America and transitory market weakness in Brazil.” Timothy J. Donahue, appointed executive chairman- (CEO since 2016) last May 2 point out the quarterly accounts he valued the latest financial results.

“New plants are being built in Virginia, Nevada and Brazil to increase production capacities. An additional line is also being installed at the existing plant in Monterrey.”

CCK plans for commercial production of its new aluminum line to begin during the first quarter of 2023. From there it will supply its customers in Spain, becoming a reference and developing its activity in the north and south. It is also noted that the CCK workshop will also operate in Valencia at the parc Sagunt plant, as well as Seville between 2020 and 2021 to recycle steels.