U.S. Silica to layoff 230 employees, idle mines as part of cost-cutting move
U.S. Silica Holdings Inc. SLCA, +0.65% said Friday it is cutting 230 jobs, or about 10% of its workforce, in an effort to "improve efficiencies" given challenges in its energy markets. The stock is still inactive in premarket trading. The job cuts include corporate employees and job losses from the idling of the mines in Utica, Illinois and Tyler, Texas....MOREThis follows on the news that Carbo Ceramics Inc., with a large exposure to Chesapeake, issued its own going concern warning on November 11.
There was a time when sand was the new new thing. From 2012 into 2014 silica replaced silcon on the lips of the au courant crowd:
But, as recounted elsewhere (September 22, 2015, immediately before the resurgence):
***
...We were on the story from the publicly traded get-go (almost), going back to April 2012's "What the Frack? U.S. Silica Up 24% since Feb. 1 IPO (SLCA)". Followed by "Commodities: "Midwest Sees a Sand Rush"". In 2013 growth was so good that a little Ouroboros turnabout was fair play, "More Natural Gas Needed For Frack Sand Suppliers"By 2014 they were fine, strapping businesses:
"Sand: The Hot New Investment Opportunity" (SLCA)
State of Sand, 2014
What the Frac: "The Past Year’s Hottest IPO Is… " (EMES; SLCA)
From MoneyBeat:
The hottest initial public offering from 2013 isn’t a cloud technology stock, or a biotech company with a promising cancer drug.Having concluded that oil and gas were just a passing fad, this is what we were posting the month Emerge came public:
The company behind the top-performing IPO in the past 18 months digs sand.
Through Friday, sand-mining company Emerge Energy Services LP has rallied 462% since its debut on May 8, 2013, for the biggest share-price gain since its IPO among companies that went public last year, according to Dealogic....
The Internet of Things: Huggies App Sends You a Tweet Whenever Your Kid Pees...
The Ethics of Torturing Robots
British Psychologists Bashing British Psychiatrists
Psychologist Psychiatrist
I so wish I were kidding.By January of this year we knew it was ending:
What the Frack: "Good Times Run Out for Sand Producers"with, maybe a bit of forced jollity in March:
Basic Materials: What's New In the Sand Business? (SLCA; EMES)But there was nothing new, it's sand.
Great timing eh, posting stupid pictures of shamans and witch doctors when the hottest IPO of the year came out and then later calling the bottom, at...the...bottom, and just a few months before the group started a run to a triple,
Fortunately the stock we've been pitching, NVIDIA also a bit better than tripled but still, doing this stuff out in public can be a little embarrassing.
See also: Equities: "Being fluent at swearing is a sign of healthy verbal ability"--UPDATED" from the same British Psychological Society that supplied the Shaman/Witch Doctor pics.
Or maybe "Feeling Like You're an Expert Can Make You Closed-minded" also from the BPS and which we linked to a month after the Death of
