United Rentals Stock Declines
Shares of United Rentals, Inc. (NYSE:URI) and other equipment rental companies fell after Ashtead Group (LON:AHT), a UK-based rental company, lowered its yearly guidance due to weak conditions in the US market. This news led to a 4% drop in United Rentals' stock, a 5% decline in Herc Holdings (NYSE:HRI), and a 4% decrease in H&E Equipment Services (NASDAQ:HEES).
Mircea Dobre, an analyst at Baird, noted a growing slowdown in rental demand, which may worsen by 2025, indicating that United Rentals faces the highest risk among its competitors. Dobre also mentioned Ashtead's plan to shift its primary listing to the US.
The impact of Ashtead's revised guidance reverberated through the sector, with Caterpillar Inc (NYSE:CAT) experiencing a 1.6% drop in its shares. Additionally, construction machinery companies Oshkosh (NYSE:OSK) and Terex (NYSE:TEX) both saw declines of over 2%. This reflects broader industry effects stemming from current market conditions.
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