Why National Oilwell Varco, Trex, and Chegg Jumped Today
The stock market gave up ground on Tuesday, falling in light of some discouraging comments from President Trump relating to the current status of trade negotiations between the U.S. and China. Bullish investors have hoped that tariff disputes might be close to a possible resolution, but the latest move from the White House to encourage a faster finish signaled that progress hasn't been as strong as hoped. Still, some stocks bucked the downward trend in the market. National Oilwell Varco (NYSE: NOV), Trex (NYSE: TREX), and Chegg (NYSE: CHGG) were among the top performers. Here's why they did so well.
Shares of National Oilwell Varco rose 11% after the oil-field services company reported its second-quarter financial results. Varco's numbers looked ugly at first glance, as the company saw minimal revenue growth and posted a massive $5.4 billion loss. However, most of that loss was due to a huge one-time revaluation of key assets. Operationally, Varco did reasonably well, with sales gains in the wellbore and rig technologies segments. Investors were happy to see the energy company held up as well as it did in what's been a tough industry environment for a long time. That boosted share prices, but Varco will still have to rediscover growth opportunities to do well in the long run.
Image source: National Oilwell Varco.
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