What Happened?

Shares of digital imaging and instrumentation provider Teledyne (NYSE: TDY) jumped 6.9% in the morning session after the company reported fourth-quarter results, which exceeded analysts' revenue and EPS estimates. Sales benefited from acquisitions and improved demand for TDY's unmanned air systems, surveillance systems, and commercial infrared imaging systems. On the other hand, its EPS guidance for next quarter missed, and its full-year EPS guidance fell slightly short of Wall Street's estimates. Overall, this was still a decent quarter.

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What The Market Is Telling Us

Teledyne’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

Teledyne is up 11.7% since the beginning of the year, and at $511.91 per share, has set a new 52-week high. Investors who bought $1,000 worth of Teledyne’s shares 5 years ago would now be looking at an investment worth $1,363.

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