🔴 Fortrea Holdings is trading 11.82% down today after a $558 million backlog cut

Fortrea Holdings is trading at $22.82, down 11.82%, as a $558 million reported backlog reduction likely overshadowed its earnings beat and raised guidance.

• Q3 revenue was $691.5 million and adjusted EPS was $0.28, beating estimates; the company raised full-year guidance midpoints.
• The backlog reduction followed a review of contracts, including inactive trials. Broader market weakness was also present.