Why American Eagle Outfitters, Advance Auto Parts, and Freeport-McMoRan Jumped Today
Wednesday was another relatively calm day for the stock market, although the business world had to deal with contentious news that involved several key industry leaders. Politics in Washington remained in turmoil as two business advisory councils to the White House came to an abrupt end amid controversy surrounding President Trump's response to the violence in Charlottesville over the weekend. With earnings season drawing to a close, the market continued to look relatively directionless, but news from a few select companies led to some major moves higher. American Eagle Outfitters (NYSE: AEO), Advance Auto Parts (NYSE: AAP), and Freeport-McMoRan (NYSE: FCX) 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 American Eagle Outfitters finished higher by 5%, building on enthusiasm that started yesterday in the wake of a positive analyst move from professionals at FBR Capital. Analysts upgraded shares of the teen retailer from neutral to buy, arguing that any risk from the downward pressure on brick-and-mortar mall retailers is already reflected in the stock's price. Moreover, with investors already expecting little from the company, the potential for positive surprises is greater. Today's favorable earnings news from an industry peer also created some excitement, and the prospect that retail could be hitting bottom is an attractive idea for American Eagle investors.
Image source: American Eagle Outfitters.
Source: Fool.com