On Tuesday, Allegheny Technologies Inc. (ATI, Financial) opened higher on the back of the company posting its financial results for the fourth quarter of fiscal 2017. For the quarter, the company reported an annual net sales growth of 14.3% to $909.90 million, while its profit advanced to 27 cents per share.
Moreover, the results exceeded analysts’ earnings estimates by 17 cents and revenue expectations by $12.67million.
By segment, sales in the high performance materials and components business reached $518 million, a 9% increase from the prior-year quarter. Flat rolled products' sales were $392 million, 23% higher than the year before.
Chairman, President and CEO Rich Harshman said the fourth-quarter results “represented a solid finish to a year of strategic accomplishments for ATI."
Looking ahead, the company expects revenue growth as well as operating margin improvement in the HPMC segment.
Wynn Resorts Ltd.'s (WYNN, Financial) stock moved into positive territory as analysts at Instinet are more bullish on the company. They raised the stock price target to $195 from $176 on Tuesday. Shares reached $200 for the first time in several years.
McDonald's Corp. (MCD, Financial)Ă‚ was another stock that moved higher after its target price was raised to $198 from $190.
On the other hand, GoPro Inc. (GPRO, Financial) lost ground after Morgan Stanley's Yuuji Anderson downgraded the stock to underweight from equal-weight. The price target was also reduced from $9.50 to $5. The analyst said there needs to be an improvement in the company's cameras as well as the demand.Ă‚
Disclosure: The author holds no positions in any stocks mentioned.
