Why Celanese Stock Was Crushing the Market Today
Celanese (NYSE: CE) clearly happened upon the right formula to please shareholders on Tuesday. The chemical company's stock was soaring almost 10% higher in late-session trading that day, following the release of satisfying first-quarter results. That performance was in marked contrast to the benchmark S&P 500 index, which was in negative territory with a 0.4% slide.Celanese published those quarterly figures after market hours Monday, and investors wasted little time the following day pushing into the stock. This, despite the fact that net sales slumped by nearly 9% year over year to slightly under $2.4 billion, and the company flipped to a generally accepted accounting principles (GAAP) net loss of $21 million from the year-ago profit of $121 million. Image source: Getty Images.Continue reading
Celanese (NYSE: CE) clearly happened upon the right formula to please shareholders on Tuesday. The chemical company's stock was soaring almost 10% higher in late-session trading that day, following the release of satisfying first-quarter results. That performance was in marked contrast to the benchmark S&P 500 index, which was in negative territory with a 0.4% slide.
Celanese published those quarterly figures after market hours Monday, and investors wasted little time the following day pushing into the stock. This, despite the fact that net sales slumped by nearly 9% year over year to slightly under $2.4 billion, and the company flipped to a generally accepted accounting principles (GAAP) net loss of $21 million from the year-ago profit of $121 million.
Image source: Getty Images.
