The fundamentals may not be particularly strong but the technical set up is.
The golden cross is a much sought after buy indicator, added to that the stock is breaking out of a 1 year congestion phase, technically the next step higher such replicate that range.
Cabot Corporation CBT reported profits of $33 million or 55 cents per share in the fourth quarter of fiscal 2019 (ended Sep 30, 2019), down from $94 million or $1.51 per share in the year-ago quarter.
Barring one-time items, adjusted per share were $1.05, up from $1.00 in the year-ago quarter. However, per share missed the Zacks Consensus Estimate of $1.10.
Net sales fell around 2.7% year over year to $827 million in the quarter. It lagged the Zacks Consensus Estimate of $847.8 million.
Growth in new business sales, strong commercial execution and cost-reduction actions helped the company to reduce the impact of continued weakness in the China business and global automobile production.
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