Why Vista Outdoor Stock Jumped 12% Today -- Then Gave It All Away
Shares of sporting-goods specialist Vista Outdoor (NYSE: VSTO) closed down 2.15% on Thursday. That doesn't sound so bad, seeing as the entire Nasdaq, for example, closed down 2.13%. What made Vista's stock performance so disappointing is that earlier in the day -- right after reporting earnings -- Vista looked likely to have a much better day, and was at one point trading up 12%.
What explains the swings in Vista's stock price, first up and then right back down? The company reported its fiscal Q1 2018 earnings this morning. Quarterly sales of $569 million exceeded Wall Street's prediction of $553 million -- which was cautious after seeing American Outdoor's numbers last month -- while profits of $0.29 per diluted share were more than twice analysts' expectations of $0.13.
Vista "beat earnings." (Cue stock market ebullience.)
Source: Fool.com
