Shares of Moody's Corporation (MCO) on Tuesday dropped 6% as investors reacted to a weaker-than-expected outlook from industry peer S&P Global Inc., pressuring sentiment across the ratings sector.
The stock is currently trading at $421.74, down $27.70 or 6.16%, on the NYSE. The stock opened at $416.29 after closing Monday at $449.44. The stock has traded between $378.71 and $546.88 in the past 52-week period. Trading volume was notably above average.
Moody's shares moved lower after S&P Global projected full-year revenue growth of 4% - 6% and adjusted EPS of $16.75 - $17.25, which came in below some market expectations. The softer outlook raised concerns about growth trends across the credit ratings and financial data industry.
S&P Global stock fell about 7% following its guidance, dragging down peers including Moody's.
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