IT Firms Surges 250%+ on Return to Profitability
Daily Stock Market Summary: Major indexes are mixed today, with the Dow losing ground and the NASDAQ and S&P just barely trading in positive territory. Auto stocks like Ford (NYSE:F) and General Motors (NYSE:GM) have jumped on news that China will be lowering its tariff rates on auto and auto-part imports. Stocks are trading in a very narrow range today, however, with most analysts blaming geopolitical uncertainty for the relatively muted overall trading volume: the US President publicly questioned today whether the planned North Korea summit will occur at all. The tug of war between bullish earnings numbers and political risk continues to define the current market environment.
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Today’s Top Performer: Intercloud Systems (NASDAQ:ICLD)
Intercloud Systems is a multiple-services provider in the IT space, particularly focused on cloud networking orchestration and automation solutions/services. Their stock is posing truly dramatic gains today after the release of earnings data for Q1, 2018.
Intercloud has been undertaking a years-long restructuring process, shedding debt and cutting costs after encountering substantial financial difficulties. This leaning down has taken its toll on the firm’s stock, which has retreated from highs over $10.00 in 2015 to a years-long stretch in the sub-dollar range.
Today’s earnings announcement, however, revealed a return to profitability for ICLD, which posted $5.2 million in Net Income for Q1, 2018. Investors are piling into the stock on the news, driving it to gains currently hovering around the 250% mark.
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