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Short-Term Investor Stock SNX Gains 52%

The stock, SYNNEX Corp. (SNX), featured on our 'Short-Term Investor' on June 26, 2019, at an opening price of $96.78. Today, the stock touched a new 52-week high of $147.46, representing a gain of 52.4%. The stock is currently trading at $146.52.

Why we published this stock?

SYNNEX reported strong Q3 guidance and upbeat Q2 profit.

Q3 Guidance

The company then projected third-quarter revenue in the range of $5.55 billion - $5.85 billion, net income of $99.0 million - $105.0 million or $1.92 - $2.04 per share, and non-GAAP net income in the range of $144.2 million - $150.2 million or $2.80 - $2.92 per share.

Wall Street analysts then estimated earnings of $2.79 per share and revenue of $5.58 billion for the quarter.

Q2 Results

The company's second-quarter net income was $114.5 million or $2.23 per share compared to $93.7 million or $2.34 per share last year.

Non-GAAP net income rose to $146.8 million or $2.86 per share from the previous year's $95.4 million or $2.38 per share.

Analysts polled by Thomson Reuters expected earnings of $2.71 per share for the quarter. Analysts' estimate typically exclude certain special items.

Revenue for the quarter amounted to $5.72 billion, an increase of 16.6%, compared to $4.91 billion generated a year ago.

"We delivered strong results in our second quarter as both of our business segments exceeded expectations and set quarterly records," said Dennis Polk, SYNNEX President and CEO. "Our Concentrix business continued its momentum post the Convergys acquisition by delivering solid results, while executing ahead of schedule on our integration plan."

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