Friday was a positive day for Wall Street, as market participants celebrated apparent progress in trade negotiations between the U.S. and China toward a potential resolution. The Dow Jones Industrial Average crossed the the 26,000 mark, and other major benchmarks gained nearly 1%. Earnings season continued apace, and some stocks saw nice moves upward as a result of their reports. AMC Entertainment Holdings (AMC 4.36%), Zscaler (ZS 1.86%), and Foot Locker (FL 1.57%) were among the top performers. Here's why they did so well.
AMC has a blockbuster 2018
Shares of AMC Entertainment Holdings climbed 14% after the movie theater operator reported its fourth-quarter financial results. Revenue for the quarter was relatively flat and adjusted pre-tax operating earnings fell from year-ago levels, but investors were nevertheless pleased with how well the company did amid a weak slate of movie releases from Hollywood. CEO Adam Aron pointed to AMC's record performance for the year as "the best ever in our 98-year history." With a much better calendar of expected hit movies over the coming year, AMC's prospects look strong.
Zscaler scales up
Zscaler saw its stock rise 22% following the release of its fiscal second-quarter financial report. The cloud security specialist said that revenue soared 65% on a 74% jump in calculated billings compared to the previous year's period, and Zscaler posted a modest adjusted profit, reversing a year-ago loss. CEO Jay Chaudhry celebrated the results, as he believes the company is "seeing success in disrupting the traditional network security market with a globally distributed cloud security platform that consistently applies policies and protections no matter the device or location." With so much need for cybersecurity protection, it's no surprise that Zscaler is seeing a lot of demand among clients.
Foot Locker gets moving
Finally, shares of Foot Locker jumped by 6%. The footwear retailer said that revenue climbed 3% during the fourth quarter of 2018, overcoming the negative impact of store closures by posting a 9.7% rise in comparable-store sales. Foot Locker had predicted that its holiday quarter could be strong, but few expected a rebound of this magnitude. With the results, Foot Locker is making its case that its turnaround efforts are paying off more quickly than anticipated, and that could bode well for 2019 and beyond for the shoe and apparel retailer.