Friday saw a mixed end to the week on Wall Street, as the Dow Jones Industrial Average fell 150 points. However, broader market indexes finished barely in the green, as concerns about the prospects for continued trade tensions between the U.S. and China gave way to greater optimism about how the U.S. economy appears to be faring. Moreover, some good news from key companies helped build positive sentiment among investors. Skechers USA (SKX 0.55%), Coty (COTY -0.10%), and Electronic Arts (EA -0.66%) were among the top performers. Here's why they did so well.
Check out the latest earnings call transcript for Electronic Arts, Coty, and Skechers.
Skechers hits the ground running
Shares of Skechers USA jumped 15% following the shoe company's release of its fourth-quarter financial report. Sales rose 11% during the quarter to hit a new record, as a big jump in international business helped Skechers substantially, and executives see the overseas market as the company's greatest opportunity for future growth as well. With adjusted earnings having soared nearly 50% from year-ago levels, it looks as though Skechers has developed strong momentum that it hopes to carry forward throughout 2019.
image source: Skechers.
Coty's stock looks beautiful
Coty saw its stock soar 32% after the cosmetics and beauty products manufacturer reported its fiscal second-quarter financial results. Despite a decline in revenue from year-ago levels, Coty saw encouraging performance in its luxury and professional beauty categories, and it's continuing to make progress toward a recovery in the key consumer beauty area. CEO Pierre Laubies intends to focus on improving margin by managing costs, and investors are confident that with well-known brands like Cover Girl and Max Factor, Coty can get back to its full strength.
Electronic Arts gets back in the game
Finally, shares of Electronic Arts rebounded 16%. Even though the video game specialist took a huge hit after posting poor earnings results earlier this week, today's move higher reflected encouraging reports about the release of its latest game. Apex Legends has reportedly pulled in about 10 million players since its recent debut, helping to reassure investors that EA still has the ability to come out with popular new content. Even though competition remains fierce, Electronic Arts has long been a leader in the space, and today's news makes it more likely that the company will stay there for the foreseeable future.
