Why PetMed Express, Seattle Genetics, and Coty Jumped Today
Monday was a good day for the stock market, as investors seemed optimistic on a broad range of topics. Enthusiasm about cooling tensions on the global trade front pointed the way toward a more favorable outcome, and third-quarter earnings have generally been strong thus far. A few stocks managed to post extremely strong gains on good news. PetMed Express (NASDAQ: PETS), Seattle Genetics (NASDAQ: SGEN), and Coty (NYSE: COTY) were among the top performers. Here's why they did so well.
Shares of PetMed Express soared 34% after the online veterinary pharmacy company reported its fiscal second-quarter results. On their face, PetMed's numbers didn't seem all that healthy, as revenue sank 2% compared to the year-ago figure and net income was down by 38% over the same period. Yet the company's key metrics didn't decline as much as some had feared, and encouraging gains in reorders and a sizable boost to margins helped stoke confidence in PetMed's future. With investors having gotten used to poor past performance, PetMed's latest results were a welcome surprise.
Image source: PetMed Express.
Source Fool.com
