Why Pitney Bowes Stock Dropped as Much as 24% at the Open Today
Shares of Pitney Bowes (NYSE: PBI), a mailing and e-commerce specialist, saw its shares plummet at the open of trading on May 4. The decline hit 24% or so before the stock started to recover. Still, the shares were off by around 11% after an hour of trading. The downward pressure here came from the company's first-quarter earnings release.
From a big-picture perspective, Pitney Bowes' first-quarter results weren't terrible, given the broader market environment -- specifically the global economic impact of COVID-19. For example, adjusted revenues were up 1% year over year in the quarter. Adjusted earnings, meanwhile, were $0.05 per share, down from $0.11 a year ago. That's not great, but these are difficult times.
Image source: Getty Images.
Source Fool.com
