Core & Main, Inc. (CNM)
Core & Main, Inc. (CNM) is a leading nationwide distributor specializing in the sale and distribution of essential infrastructure and utility solutions, including pipe, conduit, valves, fire protection products, and other related equipment. The company serves municipalities, contractors, utility companies, and other commercial customers, supporting the installation and maintenance of water, sewer, drainage, and fire protection systems. Established through a strategic combination of acquisitions and organic growth, Core & Main focuses on delivering comprehensive products and value-added services across the United States.
Company News
KODA, the largest custody provider in South Korea, has integrated with Core, the first Proof of Stake (PoS) layer for Bitcoin and the largest Bitcoin DeFi ecosystem. This integration marks a significant step forward in expanding Bitcoin DeFi in Korea, setting the stage for greater adoption and innovation in the space.
Core & Main, a specialized industrial company, reported weaker-than-expected Q2 results, leading to a 21% stock price drop. The company cited weather disruptions and other factors for its disappointing performance and reduced full-year revenue guidance, resulting in analyst price target reductions.
U.S. stock averages dropped on Thursday as the labor market showed signs of cooling, with private sector job growth missing expectations. Tech stocks, led by Tesla, managed to pare losses, while natural gas prices surged. The S&P 500 fell below the 4,500 support level, extending weekly losses.
DOOO, CNM and ARCO have been added to the Zacks Rank #5 (Strong Sell) List on June 28, 2024.