Why Mosaic Stock Jumped 16% at the Open on Aug. 4

Shares of plant nutrition specialist Mosaic (NYSE: MOS) rose as much as 16% in early trading on Aug. 4. Although it gave up some of those gains by 10:30 a.m. EDT, it was still holding on to an impressive 12% gain. The big news was earnings, which investors clearly liked.

The headline adjusted earnings number at Mosaic came in at a profit of $0.11 per share for the second quarter of 2020. That was way better than the loss of a penny a share that analysts had been expecting. Although selling prices for the potash, phosphorus, and fertilizer that the company sold were lower year over year in the quarter, the company's volumes were notably higher in two of its three divisions. The company noted that COVID-19 has had a limited impact on its business because food security has been a high priority during the global pandemic.

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Source Fool.com