Shares of outdoor and camping retailer Camping World (NYSE:CWH) rising as much as 10.3% Tuesday, before moderating back to close the day up 7%.
The stock's gain was likely fueled primarily by bullishness in the overall market on Tuesday as investors consider the implications of a gradual reopening of the U.S. economy. In addition, some investors may be betting the company's earnings report this week will bring good news.
Market indices rose somewhat on Tuesday. The S&P 500 was up 0.9% on the day and the Nasdaq had gained 1.1%. Many state governors continued to announce their plans for gradually reopening their states and reducing restrictions. Also driving bullishness in the market, oil prices shot higher for a fifth day in a row, though they remained below $25 a barrel.
At this point, it is still unclear what impact the COVID-19 pandemic has had on Camping World's business. Some investors have wondered whether demand for its products could actually move higher as summer draws closer since camping could be a good social-distancing-friendly vacation activity compared to trips that require air travel or hotel stays.
Investors will get a better idea of how the pandemic is affecting Camping World when the company reports its first-quarter results after market close on Thursday.