In This Article:
We recently published a list of Friday’s 10 Worst Performing Stocks. In this article, we are going to take a look at where Uranium Energy Corp. (NYSEAMERICAN:UEC) stands against other Friday’s worst performing stocks.
Wall Street’s main indices bounced back on Friday, erasing the entire week’s losses, as investor hopes were fueled by news that no government shutdown is happening.
The tech-heavy Nasdaq jumped the highest on Friday, adding 2.61 percent, followed by the S&P 500 with a 2.13-percent gain, and the Dow Jones with 1.65 percent.
Ten companies, on the other hand, bucked an overall market optimism, posting modest losses during the day.
In this article, we have named the day’s worst performers and detailed the reasons behind their drop.
To come up with the list, we only considered those with $2 billion in market capitalization and $5 million in trading volume.
A mining worker in a hard hat and coveralls hammering away at the uranium rich walls of the mine.
Uranium Energy Corp. (NYSEAMERICAN:UEC)
Uranium Energy dropped its share prices by 2.12 percent on Friday as investors remained cautious about the impact of President Donald Trump’s tariffs on imports from Canada.
UEC, one of the largest uranium producers with projects in both the United States and Canada, stands to be hurt by higher import prices and possible lower demand for uranium products as a result of the growing trade tensions between the two economies.
Albeit granting a lower 10-percent tariff on uranium products, investors resorted to sell-offs to minimize the risks of Trump’s frequent changes in US tariff policies.
Canada is currently the US’ largest uranium producer, delivering 27 percent of its total supply, followed by Australia and Kazakhstan with 22 percent of deliveries each, according to the US Energy Information Administration.
Late last month, a Canadian uranium miner and producer signaled that prices for US customers could rise by 10 percent if Trump’s tariff threats were to be implemented.
Overall, UEC ranks 9th on our list of Friday’s worst performing stocks. While we acknowledge the potential of UEC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as UEC but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires
Disclosure: None. This article is originally published at Insider Monkey.