Why Movado Group, Catalent, and ImmunoGen Jumped Today

The stock market slowly climbed over the course of Tuesday's session as geopolitical events and the continuing aftermath of Hurricane Harvey dominated headlines. Investors were initially rattled by growing tensions on the Korean Peninsula following reports that North Korea had fired an intermediate-range missile over Japan, increasing fears of a potential market correction. However, some companies announced positive news that sent their shares soaring. Movado Group, Inc. (NYSE: MOV), Catalent, Inc. (NYSE: CTLT), and ImmunoGen, Inc. (NASDAQ: IMGN) were among the best performers of the day. Below, we'll look more closely at these stocks to tell you why they did so well.

Shares of Movado Group surged 19.5% higher after the company reported second-quarter financial results that beat analysts' expectations. The high-end watch and accessories retailer increased net sales to $128.8 million, up slightly from $128.1 million in the prior-year quarter. Investors had been expecting a 7% decline in sales. Movado's adjusted earnings per share of $0.43 was nearly double the consensus estimate of $0.23. The company also announced it would pay its quarterly dividend of $0.13 and commenced a new $50 million share buyback program.

Chairman and CEO Efraim Grinberg reflected on the quarter, saying, "Despite a challenging U.S. retail environment, our global team's strong execution of our strategy and our increasing presence around the world led to growth in net sales with particular strength in Latin America, Europe and Asia."

Source: Fool.com