Why Symbotic Stock Skyrocketed Today
Symbotic (NASDAQ: SYM) stock posted explosive gains in Thursday's trading. The robotics specialist's share price closed out the session up 18.4% and had been up as much as 21.5% earlier in the day's trading.
Symbotic published a press release today announcing that it had entered into contractual agreements with Walmex -- 's division for operations in Mexico and Central America. The new deal will see Symbotic deploy its automation systems in two distribution centers in Mexico.
The recent announcement that Walmex will be adopting new automation systems at two facilities appears to have assuaged investor concerns that Symbotic's growth engine is weakening. Contracts with Walmart account for the majority of Symbotic's revenue, and the robotics specialist's stock has faced pressures amid concerns of weakening demand.
Source Fool.com
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