Wall Street had a mixed session on Monday, as major benchmarks moved in different directions. The Dow Jones Industrial Average powered higher on hopes about possible resolutions of disputes with China and other trading partners, but the tech-heavy Nasdaq Composite fell on concerns about the possibility that the long rally in technology stocks could finally be coming to an end. Even with the cross-currents hitting the market, some companies had extremely good news that sent their shares higher. JinkoSolar Holding (NYSE:JKS), Chesapeake Energy (NYSE:CHK), and Weight Watchers International (NASDAQ:WW) were among the best performers on the day. Here's why they did so well.
Shares of JinkoSolar Holding jumped 16.5% in the wake of reports that the Chinese solar company might benefit from a reversal of policy from its home government. Solar stocks took a big hit earlier this year when China said that it had likely already achieved its targets for solar capacity, suggesting that demand for further production could take a big hit. But more recently, some believe that China might boost its target to more than twice what it had initially projected. If the Chinese government were to set a goal for 2020 of having installed solar power capacity of 210 to 270 gigawatts, it could provide a lot more demand for JinkoSolar and its peers in the long run.
Chesapeake gets a break
Chesapeake Energy stock picked up nearly 9%, rebounding somewhat from its recent slump. The energy producer finally got some relief from the crude oil market, which was higher for most of the day, pausing in its streak of substantial declines over the past few weeks. Chesapeake needs energy prices to climb in order for its aggressive strategic approach to work, and investors haven't been entirely confident that the market would cooperate with the company's plans. With some pointing to the potential for a cyclical downturn in the global economy, Chesapeake is taking a on lot of risk in the hopes of delivering a substantial reward.
Weight Watchers gets back on track
Finally, shares of Weight Watchers International rose 7%. The nutrition and weight-loss specialist reclaimed a portion of its big losses from Friday, when it announced its third-quarter financial results. The company saw healthy gains in both revenue and earnings, but they weren't quite as good as the growth that most of those following the stock had expected to see. Rebranding the company from Weight Watchers to WW symbolizes the company's attempt to broaden its scope beyond weight loss, but more subscribers need to come in the door in order to reassure shareholders that everything's still OK.