At one point in the first 90 minutes of trading on Wednesday, Pitney Bowes (NYSE: PBI) stock price was up by 11%. At another, it was down about 29%. And at just past noon EST it was off by 22%. And that’s still small potatoes, since the stock rose by around 50% on Tuesday.
That’s a huge amount of volatility in a very short period of time. Yet no news of material note came out of the company.
Even after all of the ups and downs, Pitney Bowes shares are still up an impressive 60% or so over the past five days. Analysts are expecting to see a 35% year-over-year earnings decline for the fourth quarter when it reports in early February. And other than a holdings update from BlackRock, which looks like it is related to the asset manager’s exchange-traded fund business, there doesn’t appear to be anything that would justify the recent price action here.