Installed Building Products (IBP) Acquires Three Companies, Shares Rise 5.7%

Installed Building Products (IBP) shares surged 5.7% after the company announced three acquisitions, expanding its national footprint and diversifying revenues and cash flows. The residential insulation installer is expected to post quarterly earnings of $2.83 per share, down 2.4% YoY, and revenues of $739.72 million, down 1.4% YoY. Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.