Wij gebruiken een aantal cookies om u de best mogelijke browser ervaring te bieden. Door deze website te blijven gebruiken, gaat u akkoord met ons gebruik van cookies. U kunt hier meer leren over ons cookie-beleid of door op de link te klikken onderaan iedere pagina van onze website.
The headline FY net income came in at $98.5 million – below estimates of $101.4 million. However, there were some positives, with sales relatively in line with estimates while the $0.055 dividend was slightly ahead.
Like other retailers, MYR’s gross profit margin picture continues to deteriorate along with declining sales growth. As a result, MYR was reluctant to provide guidance, but anticipates modest growth in sales and margins.
Regardless, the market was happy to sell MYR off today – we saw a sharp drop at the open, resulting in a big gap. MYR extended its losses into double digit territory, with investors reluctant to catch it at lower levels.
The stock has been in a downtrend since March, taking it all the way down to $1.97 in June. After experiencing a stellar recovery heading into its results, it seems the stock is back to square one. MYR is testing the 61.8% retracement of the June-to-September rise at $2.18.
A close below this level would leave MYR vulnerable to a move towards the $2 mark in the near term. Should $2.18 hold and we see a couple of positive days, then investors could perhaps look to take advantage of the price weakness.