Why Shares of W.W. Grainger Skyrocketed 20% in July
Reversing course from the 6.7% slide they suffered in June, shares of W.W. Grainger (NYSE: GWW) soared in July. While the S&P 500 climbed 9.1%, shares of Grainger, a supplier of maintenance, repair, and operating products, blasted 19.6% higher last month, according to data from S&P Global Market Intelligence.
Some credit for the stock's rise can be attributed to the overall bullish sentiment that raced through the market last month, but the primary catalyst was the enthusiasm investors exhibited in response to the company's second-quarter 2022 earnings report.
Beating analysts' estimates on both the top and bottom lines, Grainger delighted investors when it reported Q2 2022 earnings on July 29. The market was so impressed, in fact, that the stock closed 8.3% higher on the day of the report than on the previous day. While analysts had expected the company to report revenue of $3.7 billion and earnings per share of $6.65, Grainger reported sales and EPS of $3.8 billion and $7.19, respectively.
Source Fool.com
