Major benchmarks didn't make any big moves on Tuesday, as market participants largely turned their attention toward the latest maneuverings among Wall Street's institutional investors. Quarterly disclosures created some volatility within individual stocks, as they revealed a number of high-profile portfolio moves among well-known investors, including Warren Buffett. In addition, some good news from several companies sent their share prices substantially higher. Wynn Resorts (WYNN -0.69%), Extreme Networks (EXTR -0.09%), and Calumet Specialty Products Partners (CLMT -0.33%) 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.
Deutsche Bank thinks Wynn is a good bet
Shares of Wynn Resorts climbed more than 6% after the casino resort giant got favorable comments from analysts at Deutsche Bank. The analyst company upgraded Wynn stock from hold to buy and boosted its price target on the stock to $150 per share, representing another potential 10% gain even after today's jump. Deutsche Bank thinks that concerns about China and Macau have been overblown, and analysts cited moves to change the configuration of the floor at the new Wynn Palace casino in Macau as improving walk-in business. The move comes as a nice counterpoint to Wynn's earnings report, in which Wynn Palace's growth seemed to slow, and investors are now looking forward to better infrastructure in Macau helping to make the new resort more accessible to visitors.
Image source: Wynn Resorts.
Extreme Networks does extremely well
Extreme Networks stock gained 11.5% in the wake of the enterprise networking company's fiscal fourth-quarter financial report. Extreme Networks said that revenue rose more than a quarter from year-ago levels, and adjusted earnings per share more than doubled over the period. Organic growth within Extreme Networks' core businesses has been solid, but the company is also moving forward with large acquisitions to bolster its size further. As long as it can continue to make smart internal management decisions to keep margins up, Extreme Networks' future looks quite promising, given the huge demand for enterprise network services across the industry.
Calumet keeps climbing
Finally, shares of Calumet Specialty Products Partners finished higher by 9%. The producer of specialty hydrocarbon and fuel products continued its recent climb following news yesterday that it would sell off a Wisconsin refinery to a subsidiary of Husky Energy. The deal will give Calumet $435 million in cash plus a payment to be determined to compensate for working capital, inventory, and other assets. Calumet CEO Tim Go said that the sale "is in line with Calumet's strategic vision to become the premier specialty petroleum products company in the world" by freeing up resources for reinvestment in its core business. Investors have gotten more excited about Calumet's turnaround plan recently, and things are continuing to go well for the company.
