Yahoo Finance Why Are Stanley Black & Decker (SWK) Shares Soaring Today
What Happened:
Shares of manufacturing company Stanley Black & Decker (NYSE:SWK) jumped 7.8% in the morning session after the company reported a "beat and raise" quarter. Stanley Black & Decker blew past analysts' EPS expectations this quarter. Its organic revenue also topped Wall Street's estimates. Lastly, the company raised full-year EPS guidance, which is icing on the cake. However, the company provided cautious comments heading into the second half of the year, adding, "As we look to the back half of 2024, we expect mixed demand trends across our markets." Overall, we think this was a really good quarter that should please shareholders.
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What is the market telling us:
Stanley Black & Decker's shares are somewhat volatile and over the last year have had 6 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Stanley Black & Decker is up 5.8% since the beginning of the year, and at $103.76 per share it is trading close to its 52-week high of $103.98 from July 2023. Investors who bought $1,000 worth of Stanley Black & Decker's shares 5 years ago would now be looking at an investment worth $686.35.
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