Yahoo Finance Market Pulse: Industrials Selloff Deepens on Worries Over Margin Pressures
Investing.com - Industrials struggled to find their footing in afternoon trading on fears earnings in the sector will be crimped by weaker margins as costs swell.
Sealed Air (NYSE:SEE) fell 9% after posting preliminary earnings Wednesday that fell short of estimates and slashing its profit outlook for the year, blaming higher raw material and freight costs, along with foreign exchange pressures.
Textron (NYSE:TXT) fell 9% after its quarterly earnings of $0.61 per share missed analysts' estimates of $0.76 a share.
The company attributed the miss to a drop in sales of its turboprop aircraft as well as flat deliveries of its flagship Cessna business jets.
United Rentals (NYSE:URI) slumped 10% after the company said its improved full-year guidance did not include a costly $2.1 billion acquisition of rental company BlueLine, stoking investor fears about soft future growth.
General Electric (NYSE:GE), however, weathered the selloff storm, rising nearly 1%.
The S&P 500 Industrials sector was down about 1.66%.
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