Why PetMed Express, Scientific Games, and Blue Apron Jumped Today
Stocks were generally mixed on Monday, with the Dow Jones Industrials giving up ground but the Nasdaq Composite posting modest gains. Earnings season continued to drive most of the ups and downs within the market, but the global macroeconomic picture also kept playing a role. The euro climbed to a nearly two-year high against the U.S. dollar, extending its recent run higher and imposing some uncertainty among investors about the future of interest rates both in the U.S. and Europe. However, some individual companies had good news that sent their shares higher. PetMed Express (NASDAQ: PETS), Scientific Games (NASDAQ: SGMS), and Blue Apron (NYSE: APRN) 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 PetMed Express jumped 18% after the direct-to-consumer pet medication provider reported its financial results for its fiscal first quarter. The company said that revenue climbed almost 10% from the year-ago quarter, helping to send net income up by more than 40% and sustaining positive momentum from past quarters. Earnings of $0.45 per share were substantially higher than the $0.38 consensus forecast among those following the stock, and CEO Menderes Akdag pointed to strong gains both in new orders from its growing customer base and in reorders from existing customers in driving success. "For the remainder of fiscal 2018," Akdag said, "we will continue to focus on increasing sales and improving our service levels." Investors should expect more aggressive spending on advertising from PetMed Express, but the company believes that its competitive edge is intact because of its willingness to offer both prescription and over-the-counter products.
Image source: PetMed Express.
Source: Fool.com