Why Ambarella, Foundation Medicine, and Mylan Jumped Today

Friday saw the return of volatility to the stock market, although major benchmarks recovered substantially from their worst levels of the day. At one point, the Dow Jones Industrials were down more than 350 points following news that former Trump administration National Security Advisor Gen. Michael Flynn had pleaded guilty to a charge of lying to the FBI. Flynn's cooperation with the special counsel examining the role that Russia allegedly played in the 2016 presidential election raised fears of what further investigation might expose. Yet throughout the rest of the day, stocks regained lost ground, leading to only modest declines by the close. Moreover, some did quite well, and Ambarella (NASDAQ: AMBA), Foundation Medicine (NASDAQ: FMI), and Mylan (NASDAQ: MYL) 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 Ambarella finished higher by 14% after the camera technology specialist reported its third-quarter financial results. At first glance, the company's numbers didn't look all that strong, with revenue sinking more than 11% and adjusted net income dropping by more than a third from the previous year's quarter. Yet Ambarella's performance was still better than many investors had expected, and positive comments from executives about the prospects for its newest product line led shareholders to conclude that the camera-tech company is in good position to take advantage of demand from areas like automotive, security, and other computer vision applications. Despite continued pressure on the top line, Ambarella is hopeful that it's getting itself turned around.

Image source: Ambarella.

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Source: Fool.com