Shares for Wabash National (WNC, Financial), Allegheny Technologies (ATI, Financial) and Home Depot (HD, Financial) were down mid-afternoon on downbeat earnings reports. Here’s what you need to know:
Wabash National’s third quarter results miss expectations
Shares for Wabash were down 11.9% early Tuesday, trading at $11.77 after posting third quarter results that missed expectations.
The company posted revenue of $464.3 million, which fell short of expectations of $479.9 million.
Adjusted earnings per diluted share, however, beat projections at 50 cents versus 48 cents projected EPS.
Third quarter trailer shipments failed to meet projections, coming in at 15,450.
Wabash now projects total units for 2016 to fall in the lower end of its guidance of 60,000 to 62,000.
Nearly 4 million Wabash shares changed hands by mid-afternoon Tuesday. The stock’s average 30-day volume is 836,911 shares.
Allegheny Technologies misses analysts’ estimates
Alleghany Technologies plunged 15.39% on Tuesday to $15.06 during heavy trading early afternoon. The company posted disappointing third quarter results, which sent the stock plummeting.
Before the opening bell, Allegheny reported an adjusted loss of 21 cents per share, beating estimates of 9 cents per share. But revenue came in at just $770.5 million, far below analyst estimates of $821.9 million.
Allegheny announced that it will be closing its Midland, Pennsylvania facility, which employs 360 people. It will also close its facility in Bagdad, Pennsylvania, which has 250 employees.
The company projects that it will incur $11 million to $21 million in charges related to the facility closings in the fourth quarter.
Over 3.36 million shares of Allegheny changed hands on Tuesday. The stock’s average 30-day volume is 2.03 million shares.
Home Depot falls on disappointing results from Whirlpool and Sherwin-Williams
Shares for Home Depot were lower early afternoon after the home improvement companies Whirlpool (WHR, Financial) and Sherwin-Williams (SHW, Financial) posted downbeat results for the third quarter. The poor results sent shares for other home improvement companies tumbling.
“People seem to be holding off on home improvement spending,” said a spokesman for Opteck, an online trading platform that offers CFD (Contracts for Difference) trading. “Higher insurance premiums and an uncertain political climate may be pushing people to curb their spending.”
The company is expected to post its results on Nov. 15. It last posted its results in July, with earnings per share beating forecasts by one cent.
The company has strong earnings per share growth, good cash flow and a notable return on equity.
Jacob Maslow has no holdings in any of the stocks discussed.
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