SYSCO Q4 PROFIT TOPS EXPECTATIONS, STOCK RISES
Sysco Corp’s stock is currently trading at 73.23-higher by 4.63% as compared to its previous closing price. In the pre-market trading session, the stock was trading higher by 3.2%. The stock has continued gaining after the opening bell.
Sysco reported its fourth-quarter earnings before the market opened on Monday. The food-service company generated an adjusted EPS (excluding non-recurring items) of $1.10 for the fourth quarter. The EPS was above the market expectation of $1.06. The company brought in $15.47 billion in revenue for the quarter ended on 29th June. The revenue was below the consensus estimates of $15.64 billion.
The food-service company reported better-than-expected earnings due to lower interest expense as well as higher other income. Stocks of Sysco have fallen 5.4% over the past three months. Socks of the company, however, rallied 11.7% year to date.
On the technical front, the RSI is currently at 62.23% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the upper band of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 73.00 TAKE PROFIT AT 74.20 STOP LOSS AT 72.40