FAST - Why Fastenal Stock Is Zooming Higher Today
2024-01-18 13:03:39 ET
Size and scale matter in business. The latest example is Fastenal (NASDAQ: FAST) , a component distributor that was able to produce better-than-expected results despite selling into sluggish industrial and construction end markets.
Investors are cheering the results, sending shares of Fastenal up 7% as of 11 a.m. ET.
Fastenal is a distributor of industrial and construction supplies, serving a lot of industries that faced headwinds in 2023. Higher interest rates and questions about the economy led to uneven results among end users of Fastenal products, but it was not enough to slow the company's momentum.
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Why Fastenal Stock Is Zooming Higher Today