PNR - Pentair Helios Stanley Black & Decker touch multiyear lows as industrials tumble

Pentair ( NYSE: PNR ), Helios Technologies ( HLIO ) and Stanley Black & Decker ( SWK ) on Friday hit multiyear lows as industrial stocks led market declines. A revenue warning from delivery giant FedEx, a barometer stock for the economy, added to selling pressure.

Water-services company Pentair fell as much as 2% to $42.73 a share, the lowest price since July of last year. Its second-quarter revenue rose 8.4% from a year earlier to $1.02 billion, but missed estimates by $30 million.

Hydraulics and electronics company Helios Technologies ( HLIO ) dropped at the start of regular trading by as much as 3.2% to $49.85 a share, the lowest in two years. It rebounded to $50.50 by 10:48 a.m. ET. The company this week agreed to acquire hydraulics company Daman Products for an undisclosed sum.

Stanley Black & Decker ( SWK ) slumped as much 2% to $83.89 a share, the lowest level since the pandemic triggered a selloff in the first quarter of 2020. The company disappointed investors in July when it reported a decline in net income and slashed its full-year guidance.

The Industrial Select Sector SPDR ETF ( XLI ), whose holdings consist of large-cap industrial companies, fell as much as 2.8% to $88.55 a share, the lowest since late July. Industrial stocks have been under pressure as a 40-year high in inflation pushes the Federal Reserve to raise interest rates.

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