The stock market swooned on Thursday, with investors reacting negatively to news from Washington, as well as the ongoing controversy regarding collection of user data by social media and other information-gathering companies. Major benchmarks got hit hard, with even the biggest stocks suffering substantial declines. Investors seemed concerned that tech giants had given up their leadership role in the bull market, and no other sector stepped up to take their place. Reports of potential new tariffs also hurt sentiment. Still, a few stocks managed to post good gains. Lands' End (NASDAQ:LE), Omeros (NASDAQ:OMER), and MGP Ingredients (NASDAQ:MGPI) were among the best performers on the day. Here's why they did so well.
Lands' End finishes the year strong
Shares of Lands' End soared 26% after the retailer announced its fiscal fourth-quarter results. The company said that revenue climbed 11% from the year-earlier period, and it managed to turn around a year-ago loss into a profit for the holiday season. Sales from retail locations were down because of closings of in-store Lands' End shops at Sears locations, but direct revenue from e-commerce and catalog sales jumped 14% to offset brick-and-mortar declines. Even as Sears becomes less relevant, the spun-off Lands' End business is getting its own identity back and stands to gain from a strong reputation among shoppers.
Omeros soars on Medicare reimbursement hopes
Omeros stock skyrocketed more than 35% in the wake of news from the federal government that could lead to a huge boost in revenue for the company. Omeros shares have gotten punished in 2018 after the Centers for Medicare and Medicaid Services adversely changed the reimbursement status for the company's Omidria cataract surgery treatment on Jan. 1, taking away the right for Omeros to collect separate payment from Medicare for use of the drug in cataract surgeries. However, the just-proposed spending bill in Congress would restore reimbursements for it and other treatments that enjoyed pass-through status prior to the end of 2017. If that happens, it will mean huge gains for Omeros' top line.
A toast to MGP
Finally, shares of MGP Ingredients jumped 6%. The contract distillery has been a big winner in the rush among consumers back toward premium spirits, as MGP helps produce what eventually becomes some of the most popular brands of whiskey, gin, and vodka. Now, MGP is set to join the S&P SmallCap 600 index, with S&P Dow Jones Indices announcing that it will happen prior to the market's open on Monday, March 26. The move marks a milestone for the Kansas-based company, but many expect further gains as long as consumers continue to demand new and interesting beverages.