Why Matson Shares Are Surging Today?
Portfolio Pulse from Shivani Kumaresan
Matson Inc (NYSE:MATX) shares surged after the company announced strong preliminary Q2 2023 results, with expected net income and EPS of $76.3 million-$81.5 million and $2.14-$2.28, respectively. The company also reported a decrease in consolidated operating income due to lower contributions from China service. During Q2, Matson repurchased approximately 0.6 million shares for a total cost of $42.4 million.
July 21, 2023 | 4:09 pm
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Matson Inc's strong preliminary Q2 2023 results and share repurchase program could boost investor confidence, potentially driving the stock price up in the short term.
The company's strong preliminary Q2 2023 results exceeded consensus estimates, which could boost investor confidence and drive the stock price up. Additionally, the company's share repurchase program could also contribute to a rise in the stock price as it indicates the company's confidence in its own stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100