At a Glance: Featured Market Highs and Lows
Today about 65 companies (only including companies with mkt cap >$1.5B, due to volume) reached their 52-week highs while about 30 hit their 52-week lows. Industrials led with the most highs while the health technology sector saw the most lows. Let’s take a further look at a high and low of today’s market.
Provider of electrical construction services in the US and Canada, MYR Group, Inc. (MYRG) recorded a new 52 week high today reaching $119.75/share. The stocks previous 52 week high was $102.03. Its 52-week low remains at $74.77. MYRG closed the day at $112.18, a 14.5% gain on the day. The positive move comes on the heels of the company’s recent earnings announcement that delivered a surprise to the Street with a Q4 EPS of $1.46 vs Factset $1.03 and Q4 revenues of $864M vs Factset $741.5M.
The revenue jump was attributed to higher transmission and distribution demand. The earnings call this morning cited a positive forward outlook. Company CEO Swartz stated, “Market indicators remain positive, and we look forward to positioning the company for increased success in 2023. Our corporate values coupled with a commitment to our clients’ success will be the foundation upon which we will continue to grow.”
SpartanNash (SPTN) is a distributor of grocery products to military commissaries in the US and operates through military, food distribution and retail segments. The perishable providers stock soured today recording its new 52-week low hitting $24.81. The stocks previous 52-week low was $25.99. Its 52-week high remains at $37.75. SPTN closed the day at $26.46, a 15.6% loss on the day. The lag in price is likely due to its recent earnings miss and choppy retail/grocery earnings season. The company reported Q4 EPS of $0.28 vs Factset $0.32. Q4 revenues beat at $2.31B vs Factset 2.25Bn. Q1 guidance cited that the company intends to cycle an inflation-related price change benefit of ~$10M and an additional $4M in retail wage investments.
SPTN expects to benefit from its supply chain and merchandising transformation initiatives, but they do not foresee that they will fully offset the upcoming headwinds of 2023. Company CFO Jason Monaco stated, “Despite uncertainties in the broader market, we’ve built a strong foundation and continue to execute on our winning recipe. The actions we’re taking through our supply chain transformation, merchandising transformation and other key initiatives are positioning us to effectively manage through this volatility.”
