Why Purple Innovation, Presidio, and InMode Jumped Today
The extreme volatility in the stock market continued on Wednesday, and this time, most major benchmarks posted big losses. The bad news came on the macroeconomic front, as investors reacted badly to a big drop in long-term interest rates that triggered fears of a recession. Yet even though popular indexes fell about 3%, some stocks managed to post gains. Purple Innovation (NASDAQ: PRPL), Presidio (NASDAQ: PSDO), and InMode (NASDAQ: INMD) were among the top performers. Here's why they did so well.
Shares of Purple Innovation jumped 19% after the maker of mattresses, pillows, and cushions reported strong results in its second-quarter financial report. Purple said that revenue soared 36% compared to year-ago levels, with a big reduction in operating costs helping the company narrow its losses significantly from the same period last year. CEO Joe Megibow attributed the gains to better marketing and more partnerships with wholesale distributors. Investors can also look forward to a promising rest of the year, and Purple Innovation believes that it's moving in the right direction to achieve its long-term growth goals.
Image source: Purple Innovation.
Source Fool.com
