Why Did the Market Sentiment Improve on September 28?

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Part 2
Why Did the Market Sentiment Improve on September 28? PART 2 OF 6

McCormick: S&P 500’s Top Gainer on September 28

Top gainers

The S&P 500’s top gainers on September 28, 2017, were:

  • McCormick (MKC) rose 5.4%.
  • AbbVie (ABBV) rose 5%.
  • Applied Materials (AMAT) rose 3.6%.
  • Freeport-McMoRan (FCX) rose 3%.
  • Eastman Chemical (EMN) rose 3%.

McCormick: S&amp;P 500’s Top Gainer on September 28

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McCormick, which manufactures spices, herbs, and flavorings for retail, commercial, and industrial markets, was the S&P 500’s top gainer on Thursday. The company’s stronger-than-expected fiscal third quarter results gave the stock strength and pushed it higher.

According to the report from McCormick’s management, the EPS (earnings per share) in the third quarter was $1.12 with a profit of $0.85 per share. The EPS was higher than analysts’ forecast of $1.05. McCormick’s third quarter revenue was $1.19 billion—higher than the market’s expectation of $1.15 billion. The upbeat quarterly results strengthened the stock and pushed it to the highest trading levels in more than three months.

McCormick’s strong portfolio of leading brands helps the company maintain consistent growth. The rise in demand for seasoning, spices, and herbs also supported McCormick’s performance. Along with supporting industry trends, McCormick’s marketing investments and acquisitions are supporting its earnings growth. Its Comprehensive Continuous Improvement program focuses on enhancing productivity, decreasing the costs, and launching new products. The program helps McCormick grow consistently.

On September 28, McCormick rose 5.4% and closed the day at $101.65—the highest daily close since June 19.

In the next part, we’ll discuss how AbbVie and Applied Materials performed on September 28.


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