What Happened?
Shares of industrial components supplier NN (NASDAQ:NNBR) jumped 20.2% in the morning session after the company reported impressive preliminary guidance, with full-year 2024 new business wins expected to exceed the high end of its previous forecast. Management added, "We will continue this pace of new business acquisition into 2025 and 2026 and have a $720 million pipeline to support it. 2025 is off to a great start with the simultaneous launch of fifty [50] new programs during the first quarter."
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What The Market Is Telling Us
NN’s shares are extremely volatile and have had 40 moves greater than 5% over the last year. But moves this big are rare even for NN and indicate this news significantly impacted the market’s perception of the business.
NN is down 10.8% since the beginning of the year, and at $2.82 per share, it is trading 45% below its 52-week high of $5.13 from February 2024. Investors who bought $1,000 worth of NN’s shares 5 years ago would now be looking at an investment worth $325.64.
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