FINWIRES · TerminalLIVE
FINWIRES

Formosa Plastics' Revenue Edges Up in March; Shares Rally 9%

-- Formosa Plastics (TPE:1301) logged consolidated revenue of NT$17.4 billion for March, up 1.5% from a year earlier, according to a Friday Taiwan Exchange filing.

Shares jumped about 9% in Monday's afternoon trade.

Monthly, the revenue surged 61.6%, driven by higher sales volume and prices following fewer working days in the prior month due to the Lunar New Year holiday.

The company said demand improved as customers restocked amid supply concerns linked to the US-Iran conflict, while stronger crude oil and petrochemical prices lifted product pricing.

However, price gains were partly offset on an annual basis by lower average selling prices for key products such as PVC, polyethylene and caustic soda, as well as a stronger Taiwan dollar, it said.

Related Articles

Australia

Jefferies Raises Quest Diagnostics Price Target to $225 From $220

Quest Diagnostics (DGX) has an average rating of overweight and mean price target of $219, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $204.33, Change: $+8.02, Percent Change: +4.09%

$DGX
Australia

Truist Securities Cuts Tractor Supply Price Target to $44 From $55, Hold Rating Kept

Tractor Supply (TSCO) has an average rating of overweight and mean price target of $56.19, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $39.92, Change: $-4.90, Percent Change: -10.92%

$TSCO
Sectors

Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index was climbing 1.8%, while the Dow Jones US Utilities Index fell 1.3%.Front-month West Texas Intermediate crude oil was rising 4.8% to $93.94 a barrel, and the global benchmark Brent crude contract was advancing 4.4% to $99.68 a barrel. Henry Hub natural gas futures increased 0.3% to $2.70 per 1 million BTU.In corporate news, Halliburton (HAL) shares gained 4.1% after it reported lower Q1 adjusted net income and revenue that still topped analysts' expectations.

$HAL