Top 20 Falling Stocks with Unusual Volume

17. Snap-on Incorporated (NYSE:SNA)

Snap-on Incorporated is a manufacturer and provider of equipment, repair information, systems solutions, diagnostics, and tools for professional users. The company operates in Snap-on Tools Group, Financial Services, Commercial & Industrial Group, and Repair Systems & Information Group segments. The stock is down 5.25% in a week on a relative volume of 4.33.

Analysts at Longbow Research upgraded the stock at the end of the last month from Neutral to Buy. The Research firm expressed confidence in SNA’s favorable macroeconomic conditions, strong franchise, and growth potential. Key drivers behind this upgrade were automotive trends, strong core business, manufacturing efficiency and high margin growth, and European recovery. As a result of this upgrade, the company’s shares surged 2.3%.

A few days ago, the firm reported its latest quarter results, delivering a 3.5% decrease in net sales from the previous year. Sales went down by $13.9 million due to unfavorable foreign currency exchange. Organic sales also declined by 2.3%. Gross margin improved slightly, but as a result of the weak earnings, the firm’s share price significantly dropped.

Driven by increasing household spending on car repairs and an average vehicle age of 12.6 years, management stays optimistic about the vehicle repair market. The company plans to prioritize innovative, quick-payback tools that meet technician needs and can help the company stay relevant in the existing market trends.