Fred's Stock Jumps Over 13% In A Day, 2 Things You Must Note
Zacks Investment Research | Apr 17, 2018 09:27PM ET
Investors are keeping a close watch on Fred’s Inc. (NASDAQ:FRED) as the discount retailer is gearing up to report fourth-quarter fiscal 2017 results. However, there are two things investors must note before they take a stock of the results. Firstly, Fred’s has rescheduled its earnings announcement date, and the second thing to note is why the company took this step.
Well, Fred’s revealed that its fourth-quarter earnings are now slated to be reported on May 4, which will be followed by management’s conference call. Management clarified that this postponement is solely connected to Fred’s plans to divest its specialty pharmacy business, which will soon form part of the company’s discontinued operations.
Notably, these revelations spurred investors’ sentiment, as shares of the company gained a solid 13.3% during yesterday’s trading session. This gave a major respite to the stock that was otherwise in the red zone for a while. Incidentally, Fred’s has lost close to 79% in a year, as against the Original post
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