On July 31, Flex Ltd rose 5.31% in pre-market trading, trading at $118.26/share, with turnover of $1.4572 million. The stock continues to recover after a sharp selloff earlier in the week triggered by the company's announcement of a cloud and power infrastructure business spinoff plan and new leadership team.
On July 29, Flex reported Q1 adjusted EPS of $1.00, beating the consensus estimate of $0.91 by nearly 10%, with revenue of $7.928 billion surpassing the $7.557 billion estimate. Full-year adjusted EPS guidance of $4.42-$4.74 also came in above consensus. Despite the strong results, the stock initially dropped nearly 10% on spinoff uncertainty before rebounding 5.48% on July 30 alongside broad sector strength.
Within the Electronic Manufacturing Services sector, TTM Technologies is up 7.4%, Fabrinet up 4.82%, Jabil Circuit up 4.64%, Celestica up 4.2%, and TE Connectivity up 2.69%, indicating continued sector-wide recovery momentum supporting the ongoing rebound.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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