Why Applied Optoelectronics, MBIA, and Forterra Jumped Today
Wednesday was another calm day for the stock market, although major benchmarks generally posted modest gains from where they began the day. Investors reflected on the rise in the financial markets since the presidential election one year ago, and despite numerous concerns and uncertainties on the geopolitical and macroeconomic fronts both in the U.S. and across the globe, no major disruptions have threatened the nearly 9-year-old bull market. Positive results from many individual companies have helped bolster sentiment, and Applied Optoelectronics (NASDAQ: AAOI), MBIA (NYSE: MBI), and Forterra (NASDAQ: FRTA) 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 Applied Optoelectronics soared 15% after the Texas-based fiber-optic access network products manufacturer reported its third-quarter results late Tuesday. Applied Opto said that though lower demand from one of its major customers hurt its performance, the company nevertheless saw record revenue from its cable television business, and solid gains for the data-center division also helped lift the overall company's growth. Revenue climbed 27% and adjusted net income more than tripled from year-ago levels, and Applied Opto gave favorable guidance for the fourth quarter as well. Some fear that choppy sales could continue to plague the company, but for now, Applied Optoelectronics is producing the results that most investors want to see.
Image source: Applied Optoelectronics.
Source: Fool.com
