Monster Beverage Rises on Heavy Volume
Shares of Monster Beverage (NASDAQ: MNST) were hit by a sharp sell-off last week after the company reported second-quarter earnings results. On Tuesday, however, shares of Monster Beverage rallied after its board of directors announced authorization of a $250 million increase to the company's share repurchase program.
The company reported quarterly earnings per share last Wednesday of $0.59 versus $0.45 in the year-ago period. This missed analysts' consensus earnings per share estimate of $0.61.
Revenues came in at $592.6 million compared to $462.1 million in last year's second quarter. This also missed analysts' consensus estimate of $596.1 million.
Shares of Monster Beverage gained close to 10 percent Tuesday to $58.59. Nevertheless, shares were still down more than 14 percent over the last 5 trading sessions.
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