TD SYNNEX Up Over 5% After Q1 Earnings: What's Going On?
Portfolio Pulse from Nabaparna Bhattacharya
TD SYNNEX Corporation (NYSE:SNX) shares rose over 5% after reporting Q1 earnings per share of $2.99, surpassing expectations of $2.84, despite revenue of $13.975 billion missing forecasts of $14.357 billion. The company announced a $2 billion share repurchase program and a quarterly dividend of $0.40 per share. For Q2, it expects revenues between $13.3 billion and $14.9 billion, with adjusted EPS of $2.50-$3.00. SNX stock has gained 20% in the past year.
March 26, 2024 | 4:44 pm
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POSITIVE IMPACT
Invesco S&P Midcap 400 Pure Value ETF (RFV), which includes SNX, may experience an indirect positive impact from SNX's Q1 earnings beat and proactive shareholder value measures.
Given SNX's inclusion in RFV's portfolio, the strong Q1 results and actions to enhance shareholder value by SNX could positively influence RFV's performance.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Invesco S&P MidCap 400 Revenue ETF (RWK), which includes SNX, may see indirect positive impact due to SNX's strong Q1 performance and shareholder return initiatives.
As SNX is part of RWK's holdings, the positive performance and financial decisions by SNX could contribute to a favorable view of RWK, potentially boosting its value.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
TD SYNNEX reported Q1 earnings above expectations and announced a significant share repurchase program and a quarterly dividend, indicating strong financial health and shareholder value focus.
The positive earnings report and shareholder return initiatives like the share repurchase program and dividend announcement typically lead to increased investor confidence and can drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100