Why GrafTech Stock Is Down Today

Why GrafTech Stock Is Down Today

GrafTech International (NYSE: EAF) reported in-line quarterly results, yet the stock fell 10% at the open on Wednesday morning. The company's majority shareholder is continuing to sell down its stake, putting pressure on the shares. GrafTech's graphite electrodes are a key component of steel manufacturing, and despite the pandemic the company is seeing demand for its product hold up pretty well.