Solid Earnings, Solid Profits: Friday Top Performer
So far, 2018 trading has been defined by the same trend that defined 2017: a raging bull market that refuses to be slowed down by macro-news events. Despite a quarterly GDP report for the US that came in below expectations, investors continued broad-based buying. Most major indexes were up solidly at the time of this writing. Blue chip industrials have been leading the rally with excellent earnings reports over the last several days.
Pharmaceutical stocks continue to dominate our same-day Top Performer blogs, but today we take a break from clinical trials to take a look at a stock that shot up after posting solid earnings news.
Based in San Jose in the US, Altigen Communications provides Microsoft-based cloud solutions to a customer list spanning North and South America, and Europe. They specialize in VoIP and Call Center-scale telephone solutions that integrate various service offerings.
Their stock is up over 25% so far during today’s trading, with investors piling into the stock since ATGN released Q1 earnings results early this morning. Total revenue is up 10% year to year, to $2.3 million, with profit margins comparable to the previous year.
Investors appear to be betting on an increasingly stable earnings situation for this nanocap stock, which has now posted two quarters of consistent positive earnings after struggling to maintain adequate cash flows several quarters ago. More than a bet on explosive growth, this rally likely represents a correction of a perceived undervaluation after recent struggles.
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