Maritime Shipping and Container Stocks
The top five (5) MarketSmith relative strength candidates for Tuesday’s scan featured maritime shipping container and dry-bulk carrier stocks. Star Bulk gained 6.60%, followed by Genko Shipping and Trading rising more than 6.0%.
MATX, EGLE, and GSL followed with more than 5.3%, 4.9%, and 3.5% gains respectively.
Matson Maritime Shipping
The stock broke out Tuesday printing fresh 52-week highs at 101.72 closing up 5.28% for the day at 102.32.
MATX is now up more than 15.73% in two trading days.
RS Line rose from 94 on Friday to 97 on Tuesday, a new high.
Matson has posted seven straight quarters of earnings growth, while the last five recorded triple-digit % gains. It has also reported five quarters in a row of revenue growth.
Matson’s expedited services have been in demand throughout 2020 and 2021, with Q3 earnings rising nearly 380% to $6.53, while sales jumped 66% to 1.072 billion.
Operating income in the third quarter was $377.9 million vs. $98.4 million in the year-ago period.
Revenue grew 81.0% on a year-over-year basis.
Matson guided Q4 estimates sharply higher, contributing to a move back above the 50-day on Wednesday, just 4 days ago.
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Happy Trading,
Vinny
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