PBI - Why Pitney Bowes Stock Rallied 24% at the Open Today
Shares of Pitney Bowes (NYSE: PBI) , which offers mailing products and services, rose sharply out of the gate on Thursday, gaining a huge 24% in the first few minutes of the trading day. The news driving that gain was the company's first-quarter 2021 earnings update. It wasn't all good, but there was clearly plenty of upbeat information as far as investors were concerned.
Pitney Bowes' sales totaled $927 million in the quarter, up roughly 1% from the first quarter of 2021. That's a modest increase, to be sure, but two of its three divisions (representing just over 60% of revenue) reported sales gains, so there was notable strength in the business. And the lone weak spot, the SendTech Solutions division, only witnessed a 3% top-line drop. It was hardly a bad quarter from a big-picture perspective.
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Why Pitney Bowes Stock Rallied 24% at the Open Today