Electrolux AB (ELUXB), the world’s second- largest appliance maker, fell the most in over four months after investors reaped profits on the best-performing stock on the OMX Stockholm 30 Index (OMX) this year.
Electrolux fell as much as 5.1 percent, the biggest intraday drop since May 4, and was trading 4.7 percent lower at 163.2 kronor at 12:25 p.m. in Stockholm, where it’s based.
“I think it’s pure profit taking,” Anders Trapp, an analyst at SEB AB in Stockholm, said by telephone today. “This week there have been some minor news that could be interpreted negatively, and this creates profit taking for a share that has performed extremely well this year,” he said.
The maker of Frigidaire refrigerators and AEG vacuum cleaners has gained nearly 50 percent this year as price increases in North America and Europe have taken hold, outperforming the 38 percent rise for Swedbank AB (SWEDA), the second- best performer on the OMX Stockholm 30 Index.
Electrolux fell 1.6 percent yesterday after U.S. shipments of refrigerators, freezers and washers rose less than expected in August. Chief Executive Officer Keith McLoughlin on Sept. 17 reiterated July forecasts that Europe’s wider appliance market may shrink by as much as 2 percent this year and that demand in North America is set to be somewhere between unchanged and 2 percent growth.
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