Why Lumber Liquidators Holdings, Sprint, and International Game Technology Jumped Today
The stock market continued its bull run on Tuesday, with major benchmarks posting modest gains that nevertheless sent the Dow Jones Industrials to yet another all-time high. International markets joined the party as the global economy has now started to follow the lead of the U.S. with signs of a more aggressive recovery, and weakness in the U.S. dollar bolstered domestic companies that make money from exporting their products overseas. Earnings season also continued to give indicators of how individual companies are faring, and the overall tone across the past several weeks has generally been positive. Lumber Liquidators Holdings (NYSE: LL), Sprint (NYSE: S), and International Game Technology (NYSE: IGT) 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 Lumber Liquidators Holdings skyrocketed by more than a third after the company reported second-quarter financial results. The flooring retailer said that sales grew 11% on an 8.8% rise in comparable-store net sales, with impressive increases in traffic and average sales per customer. The big shock came on the bottom line, where Lumber Liquidators defied expectations for more red ink by posting a profit of $4.5 million. CEO Dennis Knowles attributed the move to "investments that we made to broaden and strengthen our assortment with innovative products while also ensuring the right mix of those products were available in our stores." Lumber Liquidators still hasn't been able to resolve completely the controversial issues related to product safety that sent its stock into a tailspin, but with management taking steps to end outstanding legal disputes, investors are hopeful that the future will look brighter for the flooring retailer.
Image source: Lumber Liquidators.
Source: Fool.com
