Fastenal Company FAST shares are trading lower by $1.80 (4 percent) at $41.79 in Wednesday's session. This a stunning reversal as the stock was trading $3.00 higher off the opening bell.
At first, the Street was impressed with its Q2 beat of 2 cents along with a slight beat in revenues, but quickly changed their minds. After a much higher open, it peaked at $46.60 in the first minute of trading and reversed course. That high matches its May 4 high to the penny.
The ensuing decline has now eclipsed its former low for the move that was made on June 27 at $41.99, so far reaching $41.06. Fastenal's stock hasn't been under $40.00 since November when it bottomed at $38.09 on November 2, just a week ahead of the Trump's victory in the Presidential election.
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