Tuesday was a bad day on Wall Street, as investors reacted negatively to new tariffs that went into effect between the U.S. and China. Many market participants had hoped that the two parties would agree to some kind of temporary reprieve to avoid the uptick in trade tensions, but it now appears that no resolution is likely in the immediate future. Nevertheless, some companies benefited from favorable business-specific factors that boosted their shares. Tilray (NASDAQ:TLRY), Conn's (NASDAQ:CONN), and Medicines Company (NASDAQ:MDCO) were among the top performers. Here's why they did so well.
Tilray gets a mixed review
Shares of Tilray soared 17% despite comments from Wall Street analysts that weren't entirely positive. Cowen cut its target price on the stock by a whopping 60% to just $60, citing supply constraints that have prevented the Canadian cannabis market from growing as fast as Tilray and its peers had hoped. Yet even though that's been a particularly big problem for Tilray, Cowen still thinks that the marijuana stock will outperform the market. Moves into the U.S. hemp-derivatives market could be a big growth driver, and the company is doing well internationally. Even if it never returns to its glory days of $300 stock prices, Tilray still has a lot of room to grow.
Conn's gets a rebound
Conn's saw its stock pick up 18% following the release of its second-quarter financial results. The electronics and furniture retailer said that retail sales climbed more than 3% from year-ago levels, leading to 17% growth in earnings per share. CEO Norm Miller was optimistic about Conn's future, noting that the company has managed to post same-store sales growth outside of markets that saw huge upward impact in the year-earlier period due to customers recovering from Hurricane Harvey. Conn's also said it anticipates entering the Florida market, and that could be a big growth driver for the retailer.
Medicines Company has a good trial
Finally, shares of Medicines Company gained 10%. The company reported that its phase 3 trial of cholesterol fighter incliran met the study's primary and secondary endpoints, significantly reducing reductions in LDL-C cholesterol over the course of about a year and half. Incliran's safety profile was also favorable. Medicines Company was happy to see that the treatment, which is given just twice yearly, was effective and safe, and CEO Mark Timney believes that incliran could "address adherence challenges in a way that no other currently used LDL-C lowering medicine can." Stock analysts also liked the news, and investors hope the shares will keep climbing as they approach levels not seen since early 2017.