Procter & Gamble stock fell in pre-market despite upbeat quarterly figures

Procter & Gamble (PG.US ) stock fell more than 2% in pre-market despite the fact that the consumer products giant posted upbeat quarterly figures. Company earned $1.61 per share, slightly above analysts' estimates of $1.59 per share. Revenue also beat market expectations. However the company warned that higher commodity and freight costs would take a bigger bite out of earnings. The company still upheld its annual profit forecast, saying it would raise prices for more of its staples.

Procter & Gamble (PG.US) shares were marked 2.0% lower in pre-market trading immediately following the earnings release. Stock price is currently testing local support at $139.15 which coincides with upward trendline. Source: xStation5