SYNNEX Shares Jumped: What You Need to Know (SNX)

SYNNEX Shares Jumped: What You Need to Know

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of SYNNEX (NYSE: SNX ) have jumped by as much as 15% today after the company announced third-quarter earnings last night and gave an upbeat fourth-quarter forecast.

So what: The business process services provider put up revenue of $2.57 billion, rising 18% from last year's $2.18 billion, which resulted in net income of $39 million, or $1.07 per share. Operating income jumped 28% to $66.5 million, and SYNNEX CEO Kevin Murai added that the company's focus on key IT growth markets and value-added services are paying off.

Now what: Next quarter, the company sees revenue to be in the range of $2.78 billion to $2.88 billion and diluted earnings per share between $1.11 and $1.15, compared to the consensus of $2.81 billion and $1.06 per share. A handful of analysts have upgraded the stock and boosted price targets following the results, including Raymond James, Needham & Company, and Merrill Lynch. SYNNEX is performing particularly well given the context of tough macro conditions in IT spending. The company even boasts a coveted five-star CAPS rating. This one is worth watching -- add it to your watchlist today.

Interested in more info on SYNNEX? Add it to your watchlist by clicking here.

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Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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