Why Blue Apron, General Cable, and Cameco Jumped Today
The stock market saw some signs of internal discord on Monday, as major benchmarks moved in different directions. The Dow Jones Industrials were up triple digits, celebrating the Senate's passage of its version of the tax reform bill late Friday, though they ultimately closed with more modest gains. There was continued interest in shares of companies in the more cyclical areas of the economy. Yet the Nasdaq Composite fell sharply as investors seemed to gravitate away from the high-growth market darlings that have driven returns for quite a while. Amid the volatility, some individual stocks fared quite well, and Blue Apron (NYSE: APRN), General Cable (NYSE: BGC), and Cameco (NYSE: CCJ) 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 Blue Apron climbed 17% as investors continued to react favorably to the meal-kit preparation specialist's decision to replace its chief executive officer. The company said on Friday that outgoing CEO Matt Salzberg would be replaced by CFO Brad Dickerson at the top, and that led to significant gains to close out last week. Today, analysts at Barclays suggested that the move could help Blue Apron establish a low point for its share price and help to stabilize its business going forward, and upgraded the stock from underweight to equal weight and set a $4 per share price target. That's not a huge vote of confidence for a stock that came public at around $10 per share, but the meal-kit service still has to prove it can succeed from a fundamental business perspective.
Image source: Blue Apron.
Source: Fool.com
