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Non-Tech : Metabolix [MBLX] a Full Disclosure Thread

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From: tnsaf1/13/2012 10:34:35 AM
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Metabolix shares tank after ADM calls off joint venture

Fri Jan 13, 2012 9:38am EST

(Reuters) - Shares of Metabolix Inc ( MBLX.O) more than halved on Friday morning, a day after agricultural processor Archer Daniels Midland Co ( ADM.N) terminated a joint venture with the bio-based plastics maker.

Metabolix shares were down 56 percent to $2.64 in early trade on Friday, making it the top percentage loser on the Nasdaq.

Jefferies downgraded the company -- which makes plastics, chemicals and energy from non-food crops like switchgrass -- to "hold" from "buy," saying the termination illustrates "one of the challenges faced by the capital-intensive renewables sector."

On Thursday, ADM said it will end its relationship with Metabolix as projected financial returns were "too uncertain."
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