The stock market ended the week with modest losses, as various major benchmarks posted small declines. Many investors remain optimistic about the prospects for continued economic growth, but with some uncertainty about the future course of interest rates, the coming earnings season that begins next month could give critical information about how the broader economy will fare. Today, though, some individual companies came into the spotlight as their shares climbed dramatically. Crocs (CROX 0.50%), Overstock.com (OSTK 4.79%), and PBF Energy (PBF +1.71%) were among the top performers. Here's why they did so well.
Crocs gets an upgrade
Shares of Crocs ran up 8% after the shoemaker got favorable comments from Wall Street analysts. Baird upgraded Crocs stock from neutral to outperform, citing expected new products that could drive interest in the company for the remainder of the year and even into next year. Despite finding extensive domestic success, Crocs hasn't yet made the most of its international prospects, and efforts to expand its customer base to a new set of potential buyers could help it boost price points and increase margins. After a terrible performance lately due to tariff concerns, Crocs is ready to jump forward again and try to make up for lost time.
Image source: Crocs.
Overstock gets more bullish on crypto
Overstock.com saw its shares rise 15.5% following the one-time e-commerce challenger's latest comments about its efforts to get more heavily into the cryptocurrency industry. CEO Patrick Byrne has been excited about the prospects for crypto for a long time, and late yesterday, the executive said that the company has gotten a couple of offers to buy out its e-commerce retail segment. That would leave Overstock.com with pure-play exposure to blockchain technology through its Tzero trading business. Skeptics fear that Tzero's tiny revenue wouldn't be sufficient for Overstock.com to thrive, but with many cryptocurrencies having climbed recently, investor excitement is driving interest in the stock.
PBF bounces higher
Finally, shares of PBF Energy gained 11%. The downstream refinery company's stock appeared to be the beneficiary of bad news at a competing business, as an explosion devastated the privately held Philadelphia Energy Solutions facility in South Philadelphia. Some energy market participants predicted that the accident could have an impact on gasoline prices in the vicinity of the facility, although they expect that any increases would be modest rather than approaching price-gouging levels. For PBF, which has a refinery in New Jersey, greater demand could lead to at least a short-term profit boost, and that seems to be driving shares higher.
