The S&P 500’s top gainers on January 23 were:
ResMed, which is involved in building products that treat sleep apnea, COPD, and other chronic respiratory diseases, was the S&P 500’s top gainer on Tuesday. After gaining for three consecutive trading weeks, ResMed started this week on a weaker note. However, ResMed regained strength on Tuesday, opened the day higher, and rallied to a fresh record high price levels.
The buying pressure in ResMed increased after the release of its fiscal 2Q18 earnings report. The sales surged to $601 million, which is 13% growth year-over-year. It’s higher than the sales forecast of $577 million. The EPS (earnings per share) was $1, which is higher than the expected EPS of $0.78. According to management, the upbeat earnings report is due to the strong global performance of masks produced and rapid growth in cloud-based software.
Management added that the new tax code will benefit the company and lower ResMed’s effective tax rate in 2018. On Tuesday, ResMed gained 14.7% and closed the day at $100.35.
In the next part of this series, we’ll discuss the S&P 500’s top losers on January 23.