Procter & Gamble share falls in pre-market trading despite positive quarterly figures
Procter & Gamble (PG.US) shares fell more than 2% in pre-trading, despite the fact that the consumer goods giant had posted good quarterly results. The company earned $ 1.61 a share, slightly above analyst estimates of $ 1.59 a share. Sales also exceeded market expectations. However, the company warned that higher raw material and freight costs would weigh more heavily on profits. The company nonetheless upheld its profit forecast for the year, saying it would hike the prices of its staple foods.
Procter & Gamble (PG.US) shares fell 2.0% in pre-trading hours immediately after the results were released. The stock price is currently testing the local support at $ 139.15, which coincides with the uptrend line.