TREX - Why Did Trex Stock Drop 14% in September
2023-10-04 16:23:28 ET
Shares of Trex (NYSE: TREX) dropped 13.6% last month, according to S&P Global Market Intelligence . The building materials leader endured a sell-off thanks to some macroeconomic data that hurt the outlook for homebuilding activity.
Trex published an impressive quarterly earnings report to start August. The company surpassed Wall Street's estimates for sales and profits, and analysts revised their forecasts higher. Demand was stronger than anticipated, and the company capitalized on top-line strength by slashing expenses to boost income. Trex hasn't published meaningful company-specific news since then, but the stock has struggled against a barrage of troubling economic news that wiped out the optimism generated by the quarterly report.
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Why Did Trex Stock Drop 14% in September