Why Costamare Stock Popped 10% This Morning
Containership-operator Seaspan Corporation (NYSE: SSW) missed on earnings yesterday, reporting $0.11 per share in Q3 profit instead of the $0.17 that Wall Street expected. Investors punished Seaspan stock for the miss, sending its shares down more than 4% in Thursday trading. This morning, they're rewarding the stock of one of Seaspan's rivals instead.
In mid-afternoon trading, shares of Seaspan competitor Costamare (NYSE: CMRE) are up 7.9% as of 2:50 p.m. EST -- and were up more than 10% earlier in the day. Costamare reported its own earnings more than two weeks ago, and they were pretty great -- sales up 36% year over year and earnings more than double from a year ago.
Image source: Getty Images.
Source Fool.com
