LONGVIEW, Wash. (Dow Jones)Shares of FreeMarkets Inc. (FMKT) was trading higher Monday, the day it releases thirdquarter earnings after the market closes.
While the Pittsburgh company said Sept. 27 that it would release earnings Monday, one analyst said portfolio managers have been so busy during earnings season that they sometimes don't focus on a stock until the day it reports.
"When you see a stock is flat yeartodate in software that has made its estimates all year and actually raised its estimates for the quarter, it's a pretty safe haven," said Jamie Friedman, an analyst for Fulcrum Global Partners LLC.
Lisa Fleming, a spokeswoman for the electronic sourcing software provider, said FreeMarkets has released no news beyond announcing the timing of its thirdquarter earnings release. She said the company doesn't comment on stock price movements.
Analysts said FreeMarkets' stock might also be benefiting from the fact that military contractors are major customers, it has a strong market niche and it gives customers who buy its software a quick return on investment.
FreeMarkets Inc. operates realtime, online auction markets for industrial parts, raw materials, commodities and services, Its eMarketplace product includes online auction technology, technical operations and call center support to buyers and sellers.
Shares recently traded at $17.79, up 6.5%, or $1.08, on volume of 1 million compared with average daily volume of 985,400.
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