When they are in the market for electrical and industrial construction products and MRO supplies, many of the biggest firms around go to an outfit that represents some 29,000 suppliers and offers more than a million products. It serves about 110,000 customers worldwide.
WESCO International (NYSE: WCC) is a leading distributor of electrical construction products and electrical/industrial maintenance, repair and operating (MRO) supplies. The firm operates seven automated distribution centers and approximately 400 full-service branches around the world. Clients include ConAgra Foods (NYSE: CAG), Goodyear Tire & Rubber (NYSE: GT) and Tyson Foods (NYSE: TSN).
The company pleased investors last week, when it announced that it had completed a $400 million stock repurchase program
and had authorized a new program for the same amount. CIBC World Markets and Bank of America Securities subsequently initiated coverage of the stock with "buy" ratings. The stock popped on the news and has since moved into a bullish "flag" consolidation pattern. Prices frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.
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