Quanta Services rises 3% on Friday as buying momentum follows post-storm trend
PWR Quanta Services Inc
$705.94 +3.01%
View chart & analysis → - 1Quanta Services shares rose 3% on Friday as investors bought the stock.
- 2Citigroup analysts released a weather crisis update on the stock based on predictions that Hurricane Isayas will make landfall on the Gulf Coast.
- 3Four construction stocks recorded approximately 2% excess returns compared to the S&P 500 index in the 10 days following major storms.
So what's the key point?
Quanta Services shares rose 3% because construction-related stocks tend to go up after storms pass. This means investors bought more of this company's stock based on expert predictions.
Source The Motley Fool +1 · View original ↗
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