Shares of Celestica Inc. (CLS) plummeted by around 7% in the pre-market trading session on Thursday, as concerns over recent insider selling activity at the company weighed heavily on investor sentiment.
The sell-off was triggered by news that several top executives at Celestica had recently sold a significant number of shares, raising doubts among investors about the management's confidence in the company's future prospects. 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.
The selling activity has heightened uncertainty surrounding Celestica's future performance and the potential impact on investor sentiment, leading to a broader sell-off in the stock. The plunge reflects the heightened concerns among investors over the company's ability to deliver on its growth targets and maintain its competitive position in the market.
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