Monsanto Shares Plummet After News of Roundup Resistant CropsOctober 5th, 2010 - 9:21 pm ICT by Angela Kaye Mason
Monsanto was recently named “Company of the Year” by Forbes magazine. That was back in December. Now, with stories out about the horrors of their bio-engineered crops, the company shares have plummeted, causing television stock market commentator to proclaim, “This may be the worst stock of 2010.”
Monsanto is known as the giant of the agricultural biotechnology world. But setbacks in this year has caused analysts to fear that the winning streak which came from creating the very expensive genetically engineered crops has finally come to an end.
Monsanto’s stock had been steadily rising during the last few years had peaked at about $145 a share in the middle of 2008. After news spread of the bio-crops, and their ability to resist the weed killer “Round-up”, the safety of these crops came into question. Lawsuits were filed demanding that these crops be placed on hold until more research can be done. Farmers and environmentalists are concerned that the seeds from these plants will effect other crops, and could create weeds which are impossible to kill.
And now the Monsanto shares have closed on Monday at a poorly $47.77 a share, after a 42 percent fall. It’s fiscal year earnings are expected to be far below the projected numbers and their profit goal has been abandoned.
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Tags: agricultural biotechnology, biotechnology world, company shares, earnings, environmentalists, farmers, fiscal year, forbes magazine, lawsuits, market commentator, monsanto, profit goal, resistant crops, roundup, seeds, setbacks, stock market, weed killer, weeds, winning streak