Not to sound like a broken record or anything, but the broad-based S&P 500 (SNPINDEX:^GSPC) hit its fourth consecutive all-time record high.
Like yesterday, economic data had very little to do with the move so much as it improved earnings across a wide swath of industries. In fact, as you'll see below, today's three top performers all rallied because of their earnings results. Tomorrow's Mortgage Brokers Association Index and Thursday's initial jobless claims could be the big S&P 500 catalysts over the coming days, but earnings remain the driver in the meantime.
For the day, the S&P 500 finished higher by 8.46 points (0.52%) to close at 1,625.96.
Leading the S&P 500 higher was fashion accessories maker Fossil (NASDAQ:FOSL), which blew past the Street's estimates in the first-quarter and gained 9% on the day. For the quarter, revenue rose 15% to $680.9 million as adjusted EPS gained 16% to $1.08. Results were driven by double-digit watch growth, a 22% rise in direct-to-consumer sales, and a nice reversal in Europe, where its wholesale business grew 14%. Furthermore, Fossil raised its full-year EPS forecast for the year to a range of $6-$6.26 from its previous outlook of $5.85-$6.15. While I've long been a fan of Fossil, this report could also foretell that a big beat is coming for Michael Kors (NYSE:KORS), with which Fossil has a watch manufacturing agreement.
Oil and natural gas driller EOG Resources (NYSE:EOG) had an incredibly strong day, gaining 7.7% following an estimate-crushing first-quarter report. Revenue for the quarter jumped 20% to $3.36 billion as profits soared 53% to $1.82 per share as it increased its oil production by a third. EOG attributed its success to new refinement techniques in completing wells in the Eagle Ford shale region, which should allow the company to expand faster than its rivals. Comparatively, Wall Street had expected just $3.12 billion in revenue and $1.17 in EPS. Led by a truly incredible CEO in Mark Papa, there's no reason why EOG can't head even higher.
Finally, satellite TV provider DIRECTV (NYSE:DTV.DL) tacked on 6.9% after its first-quarter results also easily topped estimates. Thanks to $1.38 billion in share repurchases as well as the addition of 604,000 net subscribers, DIRECTV reported a nearly 8% increase in revenue to $7.58 billion as EPS increased to $1.43. Analysts, on the other hand, had expected $7.53 billion in revenue but just $1.10 in EPS. The key for DIRECTV is in the differentiation from DISH Networks, which is allowing consumers more choices and helping to increase average revenue per user in a very challenging economic environment. Still priced very reasonably, DIRECTV's run higher may not be over.
Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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