United Rentals, Inc. URI shares are trading lower by $8.00 (6.7 percent) at $111.45 in Thursday's session.
The rout is taking place despite the company reporting an adjusted Q1 EPS beat of $0.08 along with a sales beat of $26 million. Some investors are attributing the steep decline to management's comments that rental rates remained under some pressure.
After a much lower open, United Rentals could only manage a $0.90 bounce to $114.64 before continuing its move lower. So far, the ensuing decline took the issue to $110.60, but rebounded back into the $111.00 handle.
The current low coincides with its January 20 low ($110.44) and January 24 low ($110.53). Its low in between those two sessions on January 23 just over $1.00 lower at $109.41.
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