Ferguson shares pull back despite beat-and-raise quarter
-4.65% to $251.51 from $263.78
What moved FERG
- Ferguson’s fiscal second-quarter results beat consensus estimates, and the company lifted its full-year sales guidance.
- The pullback followed a run-up to 52-week highs driven by the stock’s recent addition to the S&P 500 and its strong quarterly results, with traders and institutions booking profits after the initial rally.
- Commentary pointed to concerns about shrinking margins and softness in residential end markets as factors weighing on sentiment despite the earnings beat.
Sources: Zacks · TradingKey · Yahoo Finance