Tuesday was a breath of fresh air for investors, as major benchmarks rebounded from their sharp losses on Monday. Despite moves from China to devalue the yuan against the U.S. dollar, the currency market stabilized, giving market participants some comfort that things might not get out of hand too quickly. Good news from some key individual stocks also helped restore favorable sentiment among investors. Aurora Cannabis (ACB 2.56%), EverQuote (EVER +2.15%), and Shake Shack (SHAK 1.28%) were among the top performers. Here's why they did so well.
Aurora has high hopes
Shares of Aurora Cannabis climbed more than 10% after the Canadian marijuana specialist gave a corporate update for its fiscal fourth quarter. The cannabis producer said that it expects to see revenue soar to more than 100 million Canadian dollars, up from just CA$19.1 million in last year's fiscal fourth quarter. Aurora expects growth in medical and consumer markets both within Canada and internationally, and the company sees production toward the upper end of a range between 25,000 and 30,000 kilos. Those results would put full-year fiscal 2019 revenue at around CA$250 million, and CEO Terry Booth believes that Aurora's vision to be "best-in-class cultivators" is "driving exceptional results today." At least for now, investors like what they're seeing.
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EverQuote gets a lot of Wall Street love
EverQuote's stock soared 49% following a number of positive comments from analyst companies on Wall Street. The online insurance provider reported its second-quarter financial results late Monday, posting strong revenue gains and increasing guidance for full-year sales. In addition to favorable commentary from a half-dozen different analysts, Raymond James boosted its rating on the stock from market perform to outperform, expressing confidence that EverQuote was building positive momentum. CEO Seth Birnbaum is still trying to woo more customers to its marketplace, but shareholders appreciate the success that EverQuote has already seen.
Shake Shack gets tastier
Finally, shares of Shake Shack jumped 18%. The burger specialist said that its revenue rose 31% on a 3.6% increase in same-restaurant sales, and bottom-line performance was better than many had expected. The company also sees itself scoring better revenue and opening more new stores this year than it previously anticipated. CEO Randy Garutti also reported that Shake Shack had entered into a partnership with Grubhub to deliver the company's food. The rollout might take until early next year to complete, but the restaurant chain is optimistic that it could open up entirely new markets in 2020 and beyond.
