Why Quanta Services Stock Flew Higher on Friday
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.
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