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Masco shares drag homebuilders after earnings miss

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Masco shares shed 9 percent on Tuesday after the company reported quarterly results that missed analyst expectations.

The company reported earnings per share of 40 cents on $1.9 billion in sales. Wall Street had expected Masco to post earnings of about 44 cents a share on sales of $1.92 billion, according to a consensus estimate from Thomson Reuters.

The stock dragged down the SPDR S&P Homebuilders ETF (XHB), which saw its worst daily performance since Sep. 9 when it shed 4.5 percent.

Whirlpool was the only stock in the ETF performing more poorly than Masco as it shed 11 percent. Whirlpool shares also saw their worst day since Oct. 28, 2011.

Even with Tuesday's declines, Masco and Whirlpool shares have outperformed the ETF so far this year, gaining more than 7 percent and 3 percent, respectively, while the XHB has fallen 7 percent during the same period.