Why Waste Management Stock Went Up on the Market's Down Day
Shares of Waste Management (NYSE: WM) went up on Tuesday, even though the market was down sharply. As of 1 p.m. ET, Waste Management stock was up 5.4%, compared with the nearly 1.4% drop for the S&P 500 -- relatively large moves for both.
The reason? The company just beat analyst expectations during its most recent quarter.
In the fourth quarter of 2023, Waste Management generated revenue of $5.2 billion, which was an all-time high and up nearly 6% from the prior-year period. The company generates much of its revenue from garbage collecting and recycling, which isn't necessarily high growth. But it is consistent.
Source Fool.com
