Why Is Tutor Perini (TPC) Stock Down Today?


  • Tutor Perini (TPC) stock is seeing strange activity on Tuesday morning.
  • The company’s shares are flat after a rally yesterday.
  • That’s despite the stock seeing major losses in pre-market trading.
TPC Stock - Why Is Tutor Perini (TPC) Stock Down Today?

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Tutor Perini (NYSE:TPC) stock is moving on Tuesday despite the company landing a massive New York City jail contract.

According to a press release, the company has been awarded a $2.95 billion contract to design a build a New York City jail. The contract comes from the New York City Department of Design and Construction and is for the NYC Borough-Based Jails System, Brooklyn Facility.

Ronald Tutor, president and CEO of Tutor Perini, said the following about the news:

“We are pleased to be selected and awarded this major design-build contract by the New York City DDC and look forward to partnering with them to deliver a new state-of-the-art facility that will enable DDC’s historic plan to close Rikers Island and replace it with a smaller network of safer modern jails.”

TPC Stock Reactions Today

When this contract was announced yesterday, shares of TPC stock saw a 7.6% rally. However, the stock started to retreat from those gains in pre-market trading. This saw it lose as much as 60% of its value during early morning trading.

Even so, shares of TPC have flattened back out since then. While the stock hasn’t been listed as halted yet, it appears strange that its shares are flat compared to yesterday’s jail contract news and rally. Investors will want to keep an eye on the stock to see what happens when markets open this morning.

Investors looking for other stock market news will also want to keep reading!

We have all of the hottest stock market news traders need to know about on Tuesday! A few examples include why shares of Leju (NYSE:LEJU) and Hour Loop (NASDAQ:HOUR) stock are up, as well as the biggest pre-market stock movers for today. You can find all of that news below!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-tutor-perini-tpc-stock-down-today/.

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