Update: Fuling Global shares fell 7 cents, or 2.9 percent; all in all, not a big move for this little company. Trading was very light, just 13,300 shares, about 8 percent of the daily average for the last 65 days.
Shares of Fuling Global Inc., the China-based maker of disposable cutlery that has a plant in Allentown, fell 3 percent today after U.S. President Donald Trump renewed threats of tariffs.
Tariffs on Chinese products could take effect on Friday, the president said yesterday. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq were all down just more than 1 percent at 10 a.m. Eastern time.
Fuling Global (NASDAQ: FORK) closed at $2.45 on Friday, and was trading at $2.38 at 10:10 a.m. About 5,800 shares had been traded. The stock’s 52-week range is $1.87 to $4.29.
The company has a market value of about $37 million. In a message to shareholders last month, Fuling Global said it would start producing in Mexico to help avoid potential U.S. tariffs. The U.S. is the company’s biggest market.
