Flowserve shares plunge 12.59% and underperform rivals
Updated
Updated · MarketWatch · Apr 30
Flowserve shares plunge 12.59% and underperform rivals
13 articles · Updated · MarketWatch · Apr 30
The stock closed at $73.64 on Thursday, its third straight daily loss, as the S&P 500 rose 1.02% and the Dow gained 1.62%.
Flowserve ended 20.31% below its 52-week high of $92.41 reached on 26 February, while trading volume jumped to 8.8 million shares from a 50-day average of 1.9 million.
Among peers, IDEX rose 0.23% and Graco gained 0.88%, while Parker Hannifin fell 4.02%, leaving Flowserve the clear laggard in an otherwise positive session.
After a 12% plunge, can Flowserve's strategy overcome its revenue miss and geopolitical headwinds?
Can activist pressure help Flowserve achieve its ambitious 20% margin target despite current setbacks?
Is Flowserve's $50 million hit from Mideast conflict a warning for the entire industrial sector?