The stock market plunged again on Friday, and major benchmarks failed to mount any sort of comeback toward the end of the afternoon as investors continue to worry about perceptions of a slowing economy and trade concerns. The Dow Jones Industrial Average gave up triple-digit gains early in the morning to finish lower by more than 550 points, and the S&P 500 and Nasdaq Composite also suffered losses of around 2% to 3%. Yet even though the majority of stocks were down, some managed to post solid advances despite the gloomy mood on Wall Street. Aurora Cannabis (NYSE:ACB), American Outdoor Brands (NASDAQ:SWBI), and Domo (NASDAQ:DOMO) were among the best performers on the day. Here's why they did so well.
Aurora Cannabis flies higher
Aurora Cannabis saw its stock rise 8% in the wake of positive sentiment throughout the marijuana industry. News of Altria taking a massive 45% stake in Aurora rival Cronos Group helped lift shares of Cronos substantially, and many have seen Aurora Cannabis as a likely takeover candidate if another major player in the consumer goods industry decides to dip their toes into investing in marijuana. Today's gains indicate optimism that Aurora won't be left without a partner as key cannabis players pair off, but as more companies in the space find valuable collaborations, it'll be that much harder if Aurora decides to try to go it alone.
American Outdoor Brands hits the target
Shares of American Outdoor Brands finished higher by 15% following the release of its fiscal second-quarter financial report. The maker of Smith & Wesson guns and a variety of outdoor products said that revenue rose 9%, helping to lift adjusted net income by close to 75% from year-earlier levels. CEO James Debney pointed to strength in both hunting and shooting products as well as cutlery and tools, and promotional bundling helped support American Outdoor Brands' firearms segment. Investors seem pleased with the diversification of the company's business into areas beyond guns, and for its part, American Outdoor Brands is capitalizing on opportunities across its business.
Investors tell Domo: Arigato
Finally, cloud software specialist Domo enjoyed a 30% jump in its stock price. The company said that revenue climbed 30% higher during the third quarter of its 2019 fiscal year compared to the year-ago period, with broad-based strength across its business. "Demand for our products and services continues to grow," said Domo founder and CEO Josh James, "as enterprises around the globe embrace digital transformation and push our products deeper in to their business processes." With a multibillion-dollar opportunity on which to capitalize, Domo's optimistic about its future, and shareholders shared in that feeling today.