SPX Technologies shares surged 6.45% during intraday trading on Thursday, recovering from the prior session's sharp decline as investors repositioned ahead of the company's second-quarter earnings report.
The rebound follows a 7.08% drop in the previous session, which was driven by uncertainty over integration costs related to the $429.6 million acquisition of Canadian HVAC manufacturer Neptronic, completed on July 23. The company is scheduled to release its Q2 results after market close, with consensus estimates pointing to adjusted earnings of $1.85 per share. SPX Technologies is expected to issue updated full-year guidance that incorporates the impact of the Neptronic deal.
Analysts remain bullish on the stock, with Oppenheimer and B. Riley both maintaining $280 price targets. The intraday surge appears to reflect a technical correction from oversold conditions, as market participants anticipate the earnings release and updated outlook.