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Fastenal Under Pressure Despite Better Than Expected Q3 Results

After gapping open notably lower, shares of Fastenal Co. (FAST) continue to see significant weakness in afternoon trading on Wednesday. Fastenal is currently down by 5.9 percent after hitting a three-month intraday low.

The initial drop by Fastenal came even though the industrial and construction supplies distributor reported third quarter results that exceeded analyst estimates on both the top and bottom lines.

Fastenal reported third quarter earnings of $0.69 per share on net sales of $1.28 billion, while analysts had expected earnings of $0.67 per share on net sales of $1.27 billion.

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