Why Canadian Pacific Railway, Cree, and Interactive Brokers Group Jumped Today
The stock market continued advancing on Wednesday, although for those who focus on the Dow Jones Industrials, the size of the day's move higher was misleading. The Dow pushed decisively through the 23,000 mark by posting triple-digit gains, but nearly all of the index's gains came from a single stock, IBM. Broader benchmarks showed much more modest moves, but even that reflected the generally positive sentiment that investors have right now. Good news from many individual companies also helped send the market higher, and Canadian Pacific Railway (NYSE: CP), Cree (NASDAQ: CREE), and Interactive Brokers Group (NASDAQ: IBKR) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Canadian Pacific gained 6% after the railroad reported its third-quarter financial results. Earnings jumped by nearly half from the year-ago period as Canadian Pacific made the most of favorable currency moves, efficiency gains, and improvements in various operating metrics to overcome sluggish revenue growth trends. CEO Kevin Creel pointed to favorable trends in coal, which has bounced back substantially after several years of weakness during the downturn in the energy sector. Canadian Pacific hopes to keep offering service advantages over its competitors, and its strategic position in North America gives it a great opportunity to participate in economic growth across the continent.
Image source: Canadian Pacific.
Source: Fool.com
