SYSCO Q3 PROFIT TOPS EXPECTATIONS, STOCK ABOVE ALL MAs
Sysco’s stock is currently trading at 71.46-higher by 1.32% as compared to its previous close. In the Premarket trading session on Monday, the stock was trading lower by 2.86%. The stock has pared all of its earlier losses after the opening bell.
The foodservice company reported its fiscal third-quarter earnings before the market open on Monday. Sysco generated an adjusted EPS (excluding non-recurring items) of 79 cents for the third quarter. The EPS was above the market expectation of 70 cents.
The company’s revenue rose 2.2% to $14.66 billion in the third quarter. The revenue was, however, below the consensus estimates of 14.77 billion. The company reported lower-than-expected Q3 revenue, as its U.S. foodservice sales rose 4.1% while international sales dropped 1.5%. Stocks of Sysco has risen 12.5% year to date through Monday.
On the technical front, the RSI is currently at 68.06% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 73% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- STOP BUY AT 71.80 TAKE PROFIT AT 72.40 STOP LOSS AT 71.50