What Happened?
Shares of PCB manufacturing company TTM Technologies (NASDAQ: TTMI) jumped 5.1% in the afternoon session after the company reported strong third-quarter results that surpassed analyst expectations on both revenue and earnings.
The electronics manufacturer announced that its net sales reached $752.7 million, a 22% increase compared to the same period in the previous year. TTM also reported a record non-GAAP net income of $71.0 million, or $0.67 per diluted share. The company noted strong demand in its Data Center Computing and Networking markets, which was largely driven by generative AI needs. Additionally, it saw double-digit growth in its Medical, Industrial, and Aerospace and Defense sectors. Following the strong performance, the company projected its fourth-quarter net sales to be between $730 million and $770 million. The positive results also led analysts at Needham to reaffirm a "Buy" rating on the stock while raising the price target to $77.00.
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What Is The Market Telling Us
TTM Technologies’s shares are very volatile and have had 25 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 21 days ago when the stock dropped 2.7% on the news that President Donald Trump threatened to significantly increase tariffs on Chinese imports, reigniting trade war fears. The threat immediately broke a monthslong calm on Wall Street, sending the S&P 500 down 1.2% in its worst session since August. For the industrial sector, which is heavily reliant on global supply chains, the prospect of new tariffs is particularly concerning. Aggressive U.S. trade policies lead to unpredictable input costs and disrupt manufacturing operations. This volatility weighs heavily on companies that depend on a stable international trade for both sourcing materials and selling finished goods, leading to a broad sell-off among industrial giants.
TTM Technologies is up 169% since the beginning of the year, and at $66.21 per share, has set a new 52-week high. Investors who bought $1,000 worth of TTM Technologies’s shares 5 years ago would now be looking at an investment worth $5,583.
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