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Mueller Industries Shares Down 8.8% to $55.44
Mueller Industries is down -8.8%, or -$5.38 to $55.44.
Apple Downgraded to Hold with Price Target Cut to $330
Stock futures are lower as renewed weakness in AI-related stocks looks set to erase some of Monday's rebound. Investors remain concerned about the debt and financing costs underpinning the AI infrastructure buildout. Meanwhile, oil prices are climbing, with Brent crude near $111 a barrel and West Texas Intermediate around $100.55, as escalating Middle East tensions and reports of attacks on vessels in the Gulf raise concerns about supply disruptions. Higher energy prices are adding to inflation worries following hotter-than-expected September CPI and PPI readings, while the 10-year Treasury yield is holding near 5.14%. The combination of elevated oil prices and borrowing costs continues to challenge equity valuations, particularly for growth stocks that rely on future earnings to justify current prices.In pre-market trading, S&P 500 futures fell 0.13%, Nasdaq futures fell 0.41% and Dow futures were about flat.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Alvotechup 8% after announcing that the FDA has approved a new manufacturing process for Simlandi, the company's biosimilar to HumiraUP AFTER EARNINGS -Equifaxup 6%Halliburtonup 4%RTXup 2%MSCIup 2%3Mup 1%Northrop Grummanup 1%KeyCorpup 1%DOWN AFTER EARNINGS -Genuine Partsdown 9%General Motorsdown 6%Mueller Industriesdown 4%GE Aerospacedown 3%Synchronydown 2%Hasbrodown 1%LOWER -Appledown 1% after Loop Capital downgraded the stock to Hold with a price target of $330, down from $370
Mueller Reports Q3 Revenue of $1.42B
Reports Q3 revenue $1.42B vs. $1.08B last year. Regarding the results, Greg Christopher, Mueller's CEO said, "For the ninth consecutive quarter, we delivered year over year earnings growth driven by stronger performance across all three of our business segments. Throughout the quarter, demand remained healthy and backlogs grew in each segment, largely propelled by U.S. data center expansions and other commercial building activities. These results are particularly noteworthy given the protracted decline in the residential construction market. Our team has done an excellent job adjusting to shifts in demand and mix, as well as managing price relative to cost escalation.As we approach the finish line for 2026 and look ahead, we remain optimistic as we execute on our key strategic priorities. These include investments in our North American manufacturing operations to reduce costs and reshore production to support shifting demand, along with initiatives to increase our product offerings and expand distribution capabilities across multiple business segments. These actions will keep us well-positioned to capitalize on opportunities when residential building construction recovers in the U.S. and global economic conditions improve."
Mueller Reports Revenue of $1.43B, Up Year Over Year
Reports revenue $1.43B vs. $1.14B last year. Regarding the results and outlook for the business, Greg Christopher, Mueller's CEO said, "We delivered consistent year over year earnings growth and executed at a high level. Business demand continues to strengthen in our commercial, industrial and electrical markets. Backlogs are strong, and we are carrying out our 2030 strategic plan initiatives with a high sense of urgency. During the quarter, we completed two acquisitions in our core metals businesses - Bison Metals Technologies on March 30, 2026, and Chicago Extruded Metals on June 12, 2026. With Bison already having delivered a record second quarter, we expect both to meaningfully contribute in the near term. We are optimistic that the U.S. residential construction markets will eventually improve, and look forward to a resolution of the conflict in Iran, leading to lower energy costs and reduced inflationary pressures. As such, we are anticipating continued strength in our business."
Mueller Reports Q1 Revenue of $1.19B
Reports Q1 revenue $1.19B vs. $1B last year. Regarding the results, Greg Christopher, Mueller's CEO said, "Solid operational execution, including effective raw material and price management and prudent cost controls, along with our diverse end market portfolio, all contributed to the best first quarter earnings in our Company's history. In addition, our continued strong cash generation supported components of our overall capital allocation strategy, including the stock buyback and a 40 percent increase in our quarterly dividend, our sixth consecutive annual double-digit increase. We also were excited to complete the acquisition of Bison Metals Technologies on March 30th, and to welcome Bison's experienced and talented leadership team. The acquisition will immediately provide important synergies that will benefit our entire North American copper tube products platform and enable us to increase our collective copper tube manufacturing capacities. Out of the gate, the integration has been seamless and successful. Business conditions and our outlook remain consistent with those described in our recently published annual report. Shifts in patterns of construction and market effects from tariffs have strengthened demand for higher margin products, and as we adjust to the changes in mix, we expect our production and shipments to further improve. We also look forward to an improvement in economic conditions abroad, and particularly, an improvement in the residential and commercial construction markets in the U.S. Once those markets recover, we are exceedingly well positioned to benefit."
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