Trash Is Cash: Waste Management Hits Multi-Year Highs
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Waste Management, Inc. (NYSE: WM) shares are trading higher by $2.97 at $54.26 in Tuesday's session.
The catalyst behind the rally to its highest level since 1999 was the release of Q4 EPS that exceeded Wall Street's expectations ($0.67 vs. Est. $0.60) on slightly lower sales ($3.44B vs. $3.49B).
Waste Management's earnings release showed an indication that the Board will increase its annual dividend from $1.50 to $1.54, and authorize a $1 billion buyback plan.
After close to a $1.00 opening higher Tuesday morning, the stock didn't fall one cent lower, and has since rallied to as high as $54.47. That puts the issue at its highest level since July 1999, when it peaked at $55.44 before swooning to $12.56 by March 2000.
The all-time high for the issue stands at $60.00, which was made on May 4, 1999. The all-time closing high was made on the same day at $59.06.
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