Why Mohawk Industries Stock Was Hitting New Lows This Week
Wall Street was hitting the sell button again this week after new inflation data and earnings results from FedEx pointed to weakness in the economy.
Neither is good news for the leading flooring manufacturer.Week to date, shares of Mohawk Industries (NYSE: MHK) were down 21% as of 1:36 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence.
The week got off on the wrong foot when the U.S. Bureau of Labor Statistics released the August report for the Consumer Price Index (CPI) -- a key data point investors watch to gauge inflation. The higher-than-expected increase in the CPI has raised concerns that inflation will remain high longer than expected, which could harm Mohawk's business.
Source Fool.com
