Why Pan American Silver, Chefs' Warehouse, and Perrigo Jumped Today
Thursday was one of the worst sessions that the stock market has seen in several months, with major benchmarks falling 1% or more. Investors are growing increasingly nervous about the rising tensions between the Trump administration and North Korea, and skepticism about whether hoped-for domestic policy initiatives will actually take shape in Washington is also on the rise. Even amid difficult market conditions, some companies managed to enjoy good news that sent their shares higher. Pan American Silver (NASDAQ: PAAS), Chefs' Warehouse (NASDAQ: CHEF), and Perrigo (NYSE: PRGO) 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 Pan American Silver finished higher by 10.5% after the silver mining company reported its second-quarter financial results. Rising silver prices were partially responsible for earnings that were better than expected, but even more important was favorable commodity price action in zinc, which is one of the by-products of Pan American's silver production. The miner produced 13,700 metric tons of zinc during the quarter, and prices were up by a third compared to the year-earlier quarter, helping to support a big boost in the bottom line and a drop in all-in sustaining costs. Combine that with strength in precious metals today, and Pan American's big move upward makes plenty of sense.
Image source: Pan American Silver.
Source: Fool.com