The Biofuels Digest Indexâ„¢ (BDI), a basket of 21 major public biofuel stocks, fell 1.49% to 98.67 as enthusiasm over the Fed rate cut waned and investors picked up on their steady flight from Big Ethanol stocks.
Among biofuel stocks, losers led gainers by 5 to 2, but Big Ethanol faced strong declines as Aventine (AVR) dropped 1.11%, VeraSun (VSE) dropped 4.49%, Pacific Ethanol (PEIX) dropped 8.42% and Archer-Daniels-Midland (ADM) fell 1.15%.
Microcaps recorded a mixture of losses and gains, with Environmental Power (EPG) up 6.33% on news that it has agreed with the Benham Companies to construct a major biogas project in Nebraska Facility. Green Energy Resources was up 14.71% to $0.195, while Texcom (TEXC.PK) lost 21.21% of its value to fall to $0.13.
A New York Times editorial on the “discouraging” economics of corn ethanol contributed to the sector’s gloom.
In the broader markets, the Dow Jones industrials lost 48.86 points to 13,766.70, the S&P 500 fell 10.28 to close at 1518.75, and the Nasdaq fell 12.19 points to 2654.29
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