On September 23, Synnex rose 5.45% in regular trading, trading at approximately $298.32 per share, with turnover of $2.54 billion. The rally came on the eve of the company's fiscal Q3 earnings release scheduled for September 24 pre-market, as multiple institutions lifted their profit forecasts.
RBC Capital Markets recently raised its Q3 gross billings estimate by 2.5% to approximately $28.9 billion and projected Q3 revenue of roughly $19.4 billion and adjusted EPS of approximately $4.80, both exceeding street consensus of $18.9 billion and $4.69, respectively. Morgan Stanley similarly expects a strong Q3 beat, placing its EPS estimate about 7% above consensus, citing resilient enterprise hardware spending, robust growth at the Hyve hyperscale-infrastructure unit, and solid margin expansion. In Q2, the company delivered revenue and EPS that beat estimates by 16.5% and 17.2%, respectively, underscoring the momentum investors are pricing in ahead of the report.
Within the Technology Distributors sector, the overall tone was positive. Among peers, Avnet rose 4.07%, Insight Enterprises gained 3.81%, Arrow Electronics climbed 3.38%, Ingram Micro Holding rose 2.53%, and CDW Corp added 1.97%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)