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ResMed: S&P 500’s Top Gainer on January 23

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Top gainers

The S&P 500’s top gainers on January 23 were:

  • ResMed (RMD) rose 14.7%.
  • Mattel (MAT) rose 10.4%.
  • Netflix (NFLX) rose 10%.
  • The Travelers Companies (TRV) rose 5%.
  • Range Resources (RRC) rose 4.7%.
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ResMed

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.

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