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Shares of Acuity Brands (NYSE: AYI) had been rising over the past two weeks, but today's earnings report from the company left investors wanting more, and the stock sold off to the tune of 10% after fiscal fourth-quarter earnings were released.
After more than a 15% gain leading up to its earnings release over the past two weeks, shares gave back more than 10% today when the company said sales for the quarter ending Aug. 31, 2020, dropped 5% versus the prior-year period. But it may have been the outlook that also had investors somewhat spooked.