AXTA - Omicron Is Creating a Buying Opportunity in These Stocks
Omicron is starting to bite, and investors should brace themselves for a slew of near-term lousy news during the current earnings season. That's the initial conclusion from what management at paint and coatings companies PPG (NYSE: PPG) , Sherwin-Williams (NYSE: SHW) , and Axalta Coating Systems (NYSE: AXTA) are saying. Does that mean investors should dump the stocks or look to buy? Here's the lowdown.
Axalta and Sherwin-Williams have already given preliminary fourth-quarter headline numbers, and PPG has reported full results. Unfortunately, it's not great news. Starting with the preliminary announcements, Sherwin-Williams met its sales guidance for Q4. However, overall earnings were weaker than expected due to a sales and earnings shortfall in its core Americas Group segment. It came down to a combination of a lack of raw material availability, supply chain issues, and labor challenges due to the omicron variant.
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Omicron Is Creating a Buying Opportunity in These Stocks