Stock Story -
What Happened:Shares of metal packaging products manufacturer Crown Holdings (NYSE:CCK) jumped 10% in the morning session after the company reported second-quarter earnings results. EPS came in ahead of expectations, though revenue missed by a narrow margin. The topline benefitted from "higher global beverage can shipments offset primarily by the pass through of $94 million in lower material costs and unfavorable foreign currency of $13 million." Adding to the positive aspect, free cash flow came in positive, and gross margin ticked up slightly. Overall, it was a strong quarter for the company, with ample reasons for investors to stay positive.
Is now the time to buy Crown Holdings? Find out by reading the original article on StockStory, it's free.
What is the market telling us:Crown Holdings's shares are not very volatile than the market average and over the last year have had only 3 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.
Crown Holdings is down 8.5% since the beginning of the year, and at $83.99 per share it is trading 12.6% below its 52-week high of $96.11 from July 2023. Investors who bought $1,000 worth of Crown Holdings's shares 5 years ago would now be looking at an investment worth $1,326.
![Why Are Crown Holdings (CCK) Shares Soaring Today](https://d68-invdn-com.investing.com/content/pice9ae1bcdcf2d6423b46304f8c654f76e.jpeg)