Thermo Fisher Scientific Inc. (NYSE:TMO) shares are trading higher Thursday, touching a fresh all-time high, extending gains built on a strong second-quarter earnings report and raised full-year guidance from July.
- Thermo Fisher Scientific shares are testing new highs. Why are TMO shares at highs?
Thermo Fisher Touches a Fresh All-Time High
Shares touched a new all-time high of $681.55 Thursday, moving beyond the stock’s prior 52-week range of $435.27 to $671.47, before pulling back slightly to trade around $668.
The move extends a rally that traces back to July 23, when Thermo Fisher topped Wall Street’s profit target, posting adjusted earnings of $6.03 a share against a $5.71 estimate, on sales of nearly $12 billion, up roughly 10% year-over-year.
Chairman and CEO Marc Casper told investors at the time that “it’s great to see customer activity continue to strengthen across our end markets.” Thermo Fisher also raised its full-year profit outlook to $24.93-$25.33 per share, up from an earlier $24.64-$25.12 forecast, and lifted its sales guidance to $47.40 billion-$48.10 billion, with management now expecting full-year revenue growth near 4%, the top end of its prior guidance range.
Thermo Fisher Is Outperforming a Leading Healthcare Sector
That momentum is showing up in today’s sector standing as well. Thermo Fisher’s sector, tracked within Healthcare, ranks second among all 11 S&P sectors today, up 0.92%. The stock is outperforming that sector by 0.16 percentage points today, and while the sector is down 2.82% over the past month, it remains up 6.24% over the past 90 days.
Today’s sector leadership is concentrated in Energy, Healthcare and Communication Services, while Technology, Materials and Industrials lag behind, pointing to a rotation away from growth-sensitive areas and toward more defensively positioned sectors.
TMO Shares Are Rising
TMO Price Action: Thermo Fisher shares were up 0.64% at $669.59 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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