Sanmina Corporation (NASDAQ: SANM)
Sanmina Corporation (SANM), an integrated manufacturing solutions company yesterday reported their fiscal first quarter 2017 financial results. Sanmina reported first quarter earnings of $0.75 per share which beat analyst estimates of $0.67 per share. Sanmina reported first quarter revenues of $1.72 billion which beat analyst estimates of $1.69 billion.
Sanmina Corporation CEO’s Comments
“Solid execution and growth in our end-markets were key drivers for our improved financial results in the quarter. Revenue was up 3 percent sequentially and 12 percent year over year,” stated Jure Sola, Chairman and Chief Executive Officer of Sanmina Corporation. “Our value-added services, diversified markets and innovative technologies are key differentiators for Sanmina which allow us to capitalize on opportunities with new and existing customers. Based on our results for the first quarter and our outlook for the second quarter, we are optimistic that fiscal 2017 will be another growth year,” concluded Mr. Sola. PR Newswire
SANM Technical Analysis
SANM opened trading yesterday at $36.70 which was down from the previous day’s trading close of $36.80. SANM closed trading yesterday at $37.25 and spiked up after market to $41.20, equivalent to a 10% increase from the closing price. Taking a look at the daily chart we can see that the last time SANM traded above these levels we have to go all the way back to the month of January 2005 when it traded at highs of $52.08.
Taking a closer look at the daily chart we can see that before the spike up SANM had already been in an overall upward trend dating back to November 4th, 2016 when it traded at $28.05. SANM has a float of 72.2 million shares and traded 1.65 times the normal daily trading volume on Monday. For trading purposes, I would like to see SANM open trading on Tuesday above $40.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up. Check out these links for more information on Warrior Trading and the penny stock trading strategies we implement in their chat room!
Sanmina Corporation provides integrated manufacturing solutions, components, products and repair, logistics, and after-market services worldwide. The company offers product design and engineering solutions comprising concept development, detailed design, prototyping, validation, preproduction, and manufacturing design release; manufacturing solutions of components, subassemblies, and complete systems; final system assembly and test services; direct order fulfillment and logistics services; after-market product service and support; and supply chain management services.
It also provides interconnect systems, such as printed circuit board fabrication, backplane, and cable assemblies; and mechanical systems, including enclosures, precision machining, and plastic injection molding; non-volatile DIMMs, solid state drives, and DRAM solutions; defense and aerospace products; storage products; and optical and radio frequency modules. The company offers its services to original equipment manufacturers in the communications networks, computing and storage, multimedia, industrial and semiconductor capital equipment, defense and aerospace, medical, energy and clean technology, and automotive industries. The company was formerly known as Sanmina-SCI Corporation and changed its name to Sanmina Corporation in November 2012. Sanmina Corporation was founded in 1980 and is headquartered in San Jose, California. Yahoo Finance