Shares of Celestica (CLS) took a nosedive on Wednesday, plummeting 5.06% as investors reacted to news of several top executives at the company recently selling a significant number of shares.
The insider selling activity has raised concerns among investors about the management's confidence in Celestica's future prospects, leading to a sell-off in the stock. Insider transactions are closely watched by market participants as they are often seen as a signal of the insiders' view of the company's outlook.
Wednesday's decline comes on the heels of a broader market selloff, with the stock underperforming the broader indices. The sell-off in Celestica's shares reflects the heightened uncertainty surrounding the company's future performance and the potential impact of the insider selling on investor sentiment.
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