Celestica Shares Slide Despite Q1 Earnings Beat

Canadian technology firm Celestica saw its stock price drop sharply in premarket trading despite reporting first-quarter results and guidance that exceeded expectations. The decline suggests that previous massive gains had already priced in the positive news.

• Q1 results and guidance exceeded analyst expectations
• Premarket shares dropped 13.5%
• Stock had surged 50% in the last 30 days
• 12-month return reached 380% prior to the drop
• Market reaction indicates a profit-taking event