The stock market continued to move into overdrive on Thursday, pushing higher into all-time record territory as investors remained confident in the staying power of a holiday rally. The Dow Jones Industrials now stand less than 400 points from the 20,000 level, and major market benchmarks all gained between a quarter percent and a half percent on the day. Posting even larger gains were Tailored Brands (NYSE:TLRD), Ciena (NYSE:CIEN), and Time (NYSE: TIME), which 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.
Tailored Brands gives investors a good fit
Tailored Brands soared almost 40% after the company behind the Men's Wearhouse and Jos. A. Bank men's clothing lines reported its fiscal third-quarter results. The company said adjusted earnings came in at $0.68 per share, jumping 36% from year-ago levels. Although comparable sales were weak, Men's Wearhouse did manage to post a 0.1% gain, and even the ugly 9.8% drop for the Jos. A. Bank chain wasn't as bad as the company had feared. Tailored Brands narrowed its full-year earnings guidance to the top half of its previous range, and closures of unprofitable stores kept the retailer on track for its $50 million cost-savings target for fiscal 2016. The company isn't out of the woods yet, but investors were pleased to see Tailored Brands making significant progress and pushing forward with key initiatives for growth.
Ciena climbs on backlog numbers
Ciena rose 15% in the wake of its fiscal fourth-quarter financial report on Thursday morning. Revenue gains of 3.5% were in line with what most investors had expected to see from the network specialist, and even though adjusted net income gains were smaller than anticipated, Ciena nevertheless was able to build up its backlog of orders to $1.15 billion. Ciena also believes fiscal 2017 should be a solid year for the company, with considerable revenue growth to come. Some skeptics have noted that the network specialist can't necessarily count on very strong sales to the telecom industry, where its potential customers are looking at major mergers and acquisitions that will likely distract them from more basic operational issues like buying equipment. Nevertheless, if Ciena can stay broadly positioned, it should be able to navigate a post-consolidation environment without being too vulnerable to particular industry players being taken over by rivals.
Time looks to the future
Finally, Time picked up 8%. Reports about the magazine and media company suggested that it has looked to professionals in the investment banking world to advise it on how to potentially move forward with possible strategic moves. In particular, Time might be trying to figure out whether companies might be willing to buy the publisher, or if a partnership with one or more outside companies might be the better fit for Time. The stock steadily fell during 2015 and has failed to regain lost ground this year, which is consistent with the generally downbeat attitude among print media industry companies right now. For long-suffering investors, a buyout might be the best way to conclude Time's story as a publicly traded company.