Why Quanta Services Stock Flew Higher on Friday
It was one of four companies identified by an analyst team as historical outperformers following major storms.
Overview
Veteran construction company Quanta Services (NYSE:PWR) was building incremental wealth in investor portfolios on the last trading day of the week. It was tagged as a stock that typically rises in the wake of major storms, and investors were eager to capitalize on that phenomenon. They enthusiastically bought into the company's shares, and they closed Friday 3% higher.
In a research note published that morning, a team of Citigroup (NYSE:C) analysts issued something of a weather-crisis update on stocks in their coverage universe. This was based on predictions that Hurricane Isaias would soon make landfall on the Gulf Coast.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.