Why RH, J.M. Smucker, and NetApp Jumped Today

Thursday was a blockbuster day on Wall Street, as investors celebrated progress on the legislative front in Washington and strong results from some of the biggest companies in the U.S. economy. The Dow climbed almost 200 points, and other major benchmarks were up around 1% or more. The big news of the day was that the House of Representatives passed its version of the tax reform bill, meeting its promised timeline and setting the stage to vote on a hoped-for final version of the bill before the end of 2017. Some individual stocks also had strong performances today, and RH (NYSE: RH), J.M. Smucker (NYSE: SJM), and NetApp (NASDAQ: NTAP) 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 luxury furnishings retailer RH soared 26% after it gave a favorable outlook on its sales and earnings. RH now expects fiscal third-quarter revenue gains of 8%, overcoming a 1-percentage-point hit from Hurricanes Harvey and Irma. Adjusted net income should triple from year-ago levels, and adjusted earnings could be as much as half again what the company had expected just a few months ago. RH also boosted its calls for fiscal fourth-quarter earnings, and although sales for the current quarter could take a slight hit due to delays in a key store opening in New York, the retailer gave encouraging early guidance for fiscal 2018 as well. The news suggests that RH's turnaround is in full force and will build momentum in the months to come.

Image source: RH.

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Source: Fool.com