Technical Outlook

Symmetrical triangle breakout. SNX broke out of a symmetrical triangle, supported by its near-term 20- and 60-day EMAs and improving momentum. RSI has risen above 60, while MACD is forming a rounding bottom. Price is expected to test resistance at USD286.44 and USD302.13, with immediate support at USD267.02. A break below USD252.85 would invalidate the bullish setup.

Trading Catalysts 

• Record 2Q26 results highlight accelerating technology spending. SNX delivered record 2Q26 revenue of USD19.6bn (+31.0% YoY), while net profit increased 80.7% YoY to USD334m. Non-GAAP diluted EPS rose 62.2% YoY to USD4.85, supported by broad-based strength across its Distribution and Hyve businesses.
• 3Q26 results offer a near-term earnings catalyst. Management expects 3Q26 revenue of USD18.2–19.0bn and non-GAAP diluted EPS of USD4.25–4.75, with results due on 24 Sep 2026. In our view, a beat against guidance, coupled with stronger forward expectations, could support another leg higher following the recent share price recovery.
• AI and cloud adoption are broadening its addressable market. SNX is expanding its AI and cloud solutions ecosystem, including achieving Microsoft’s Frontier Distributor designation and rolling out new AI infrastructure offerings. As enterprises move from AI experimentation towards wider deployment, demand for servers, cloud, cybersecurity and related IT solutions should support SNX’s role as a key technology channel partner.