Why Electronics for Imaging, Landauer, and G-III Apparel Group Jumped Today
Wednesday was a solid day for the stock market, which rebounded somewhat from Tuesday's broad declines on the back of better news from the financial and energy sectors. Political news was unusually positive, with the White House reaching an agreement with Democrats in Congress on a deal to boost the debt ceiling and fund the government through mid-December, as well as fund relief from Hurricane Harvey, which buys Washington more time to consider other domestic policy issues. Energy prices also rebounded slightly, sending crude oil back above $49 per barrel, and financial stocks also regained some ground. The major U.S. indexes closed the day between 0.25% and 0.31% higher.
Company-specific good news also propelled certain stocks sharply higher: Electronics for Imaging (NASDAQ: EFII), Landauer (NYSE: LDR), and G-III Apparel Group (NASDAQ: GIII) 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 Electronics for Imaging jumped 13.5% after the digital printing specialist gave an update on certain business issues and offered guidance for its fiscal third quarter. The company said it has made progress in assessing the timing of revenue recognition on its accounting statements, and is continuing to conduct an independent review. Although that review isn't yet finished, Electronics for Imaging said it anticipates no material error requiring a restatement of financial numbers. In addition, the company said that it expects sales for the quarter to come in between $255 million and $260 million, with adjusted earnings of $0.55 to $0.60 per share. Investors appeared pleased that the investigation hadn't turned up any more significant problems for the company.
Source: Fool.com