Insteel: Shares melt as results miss, co cites tariffs

Insteel Industries

18/10/2018 17:13

** Insteel Industries  IIIN.O  biggest loser in S&P 1500
index  .SPSUP  Thurs after co's qtrly report and comments on
tariffs
    ** IIIN down ~14 pct at $29.00, on track for biggest one-day
pct fall in two years; stock drops below its 200-DMA ($33.15)
    ** Co misses Q4 top and bottom line estimates, saying
reduction in shipments due to competitive pricing pressures,
operational issues at certain locations and raw material
availability  urn:newsml:reuters.com:*:nPn3t0zK3a
    ** Says remains positive heading into fiscal 2019, but adds
business conditions becoming "increasingly challenging" due to
Trump administration's imported steel tariff program
    ** Today's drop cuts stock's YTD gain to 3 pct vs S&P 600
Building Products index's  .SPSMCBUI  8 pct loss
     

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