Why SunPower, Myriad Genetics, and Cirrus Logic Jumped Today
Thursday was an extremely volatile day on Wall Street. Major benchmarks initially rose as investors got more comfortable with the Federal Reserve's quarter-point rate cut on Wednesday, but they then reversed course after President Trump threatened to impose new tariffs on China effective Sept. 1. Most indexes fell about 1%, but some stocks managed to gain ground on good news for their respective businesses. SunPower (NASDAQ: SPWR), Myriad Genetics (NASDAQ: MYGN), and Cirrus Logic (NASDAQ: CRUS) were among the top performers. Here's why they did so well.
Shares of SunPower soared 24% as investors were generally pleased with its second-quarter financial results. The solar specialist saw revenue fall modestly year over year, and its losses widened from year-ago levels. Yet those numbers were better than most analysts had expected, in large part because SunPower has been able to raise prices on solar panels and reap the rewards of new products and business strategies. The uncertainty in trade relations between the U.S. and China has a big impact on the solar industry, but investors are betting that SunPower can make the most of its opportunities regardless of the industry environment.
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