MATX - Why Matson Inc. Stock Rocketed 40% on July 10
Transportation services provider Matson, Inc. (NYSE: MATX) rose a dramatic 40% on July 10. Although by roughly 2:30 p.m. EDT the stock had given back some of that gain, it was still up an impressive 34% for the day. The big price bounce was related to an announcement made after the market closed on July 9.
There's nothing fancy here; Matson provided a guidance update for its second quarter that was fairly upbeat. For starters, it stated that operating income in its ocean transportation division would be roughly double what it was in the year-ago period. The number would also be nearly five-times larger than it was in the first quarter. The company also announced that operating income in its logistics division would be down year over year, but up sequentially from the first quarter. Not as positive, but perhaps not as bad as it could have been.
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