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Stock Alert: Eaton Surges To Cross 5-year High

Eaton Corp. (ETN) shares touched a new high of above $100 at opening on Tuesday.

ETN opened at $95.06 on Tuesday. It had closed Monday's session at $95.49. Currently, the stock is trading at $100.16, up 5.26 percent.

The company sees first-quarter and full year 2020 earnings in line with analysts' estimates.

The power management company projects adjusted earnings per share for the first quarter of 2020 to be between $1.16 and $1.26, a 4 percent decrease at the midpoint from the year-ago period. Analysts polled by Thomson Reuters expect the company to report earnings of $1.2 per share.

For fiscal 2020, Eaton expects adjusted earnings per share of between $5.60 and $5.90, excluding the 2019 vehicle warranty costs. The company forecast organic revenues to be between down 1 percent and up 1 percent versus 2019. The Street expects earnings of $5.74 per share for the year on revenues of $20.28 billion.

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