Why Shares of Trex Are Falling Today
Shares of Trex (NYSE: TREX) were down about 9% around 3 p.m. on Monday, a miserable day for markets. There was no company-specific news for the composite-wood manufacturer, but the market is punishing highfliers as fears of a COVID-19 coronavirus-induced recession continue to mount.
Trex has been a rare standout in a tough market, with its shares hitting a new high last week. The company has enjoyed solid growth in its composite decking product, which now makes up roughly one-fifth of total decking installations, and was seen as a potential beneficiary of the coronavirus scare should consumers decide to stay at home, and perhaps renovate, instead of taking vacations this summer.
Image source: Trex.
Source Fool.com
