Why Ralph Lauren, LendingClub, and FibroGen Jumped Today
Tuesday was a letdown for investors, with stocks spending much of the day in positive territory but then giving up ground toward the end of the trading session. Major benchmarks fell roughly 0.15% to 0.25%, with growing concern among some market participants that a long-awaited correction might be imminent. Yet many individual stocks bucked the trend, and Ralph Lauren (NYSE: RL), LendingClub (NYSE: LC), and FibroGen (NASDAQ: FGEN) 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 Ralph Lauren jumped 13% after the retailer announced its fiscal first-quarter financial results. The company said that revenue fell 13% compared to year-earlier figures, with lower sales in both the retail and wholesale channels and a comparable-store sales decline of 8% in both North America and Europe. Yet adjusted net income inched higher, and Ralph Lauren continued to make progress in its efforts to overcome the industry's challenges and grow the business. Even though further sales declines are expected throughout the rest of the year, Ralph Lauren is inspiring investors to believe that the long-term future for the company remains sound.
Image source: Ralph Lauren.
Source: Fool.com