Why Pitney Bowes Stock Rocketed 36% Higher on Aug. 3
Shares of e-commerce, shipping, and postage company Pitney Bowes (NYSE: PBI) jumped an incredible 36% in early trading on Aug. 3. The stock was still holding on to those gains at roughly noon EDT. The stock is now up more than 50% over the past five trading days ... and the only material news out of the company today was a $5 million contract.
Pitney Bowes reported second-quarter results on July 30, with adjusted earnings of $0.04 per share. That was down materially from the $0.19 per share earned in the same period of 2019 -- but above the analyst consensus estimate of a $0.01 loss. So Pitney Bowes didn't do well, but it didn't exactly do badly, either, during what has so far been the worst of the COVID-19-related global economic shutdowns.
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Source Fool.com
