Why Crocs, Garmin, and MongoDB Jumped Today
Wednesday was a surprisingly quiet day on Wall Street, with major benchmarks rising only modestly higher despite big news from the Federal Reserve. The U.S. central bank continued its rate-cutting trend, reducing its fed funds rate by a quarter percentage point for the third straight meeting. Yet investors didn't take that as particularly good news, especially given the Fed tried to curb expectations for additional future rate cuts. That didn't stop some stocks from posting big gains, though. Crocs (NASDAQ: CROX), Garmin (NASDAQ: GRMN), and MongoDB (NASDAQ: MDB) were among the top performers. Here's why they did so well.
Shares of Crocs soared nearly 16% after the casual-footwear maker reported its third-quarter financial results. Revenue jumped 20% to a record for the period, and adjusted earnings per share tripled from year-ago levels. The back-to-school season was particularly successful for Crocs, helping to lift sales in the Americas by 35% year over year. Revenue growth in Europe was weaker, and sales actually fell slightly in the Asia-Pacific region. However, Crocs is upbeat about the coming holiday season, and investors were glad to see the footwear company boost its guidance for full-year revenue growth. Once left for dead, Crocs has mounted an amazing comeback over the past couple of years and seems to have a long growth runway ahead.
Image source: Crocs.
Source Fool.com
