2023-07-27 06:55:00 ET
Share of Prologis (NYSE: PLD) fell around 4% across two days after the company's first-quarter earnings release. Normally, that would be an indication that a company had a bad quarter, but that wasn't the case at all. It seems investors are ignoring the obvious strength in the company's business and management's indications that the robust performance is likely to continue into the future.
In fairness, Wall Street got a story in its head during the early days of the coronavirus pandemic. Basically, more people hiding out at home meant more people shopping online. And more online shopping meant an increased need for the warehouse properties that Prologis owns and operates as a real estate investment trust (REIT). The story was on target and resulted in a huge stock price advance.
For further details see:
Prologis Is Rocking It, but Investors Sent the Shares Rolling