After last week's losing streak, stock market investors managed to put together a small winning streak Tuesday, extending Monday's gains as reassurances from Russian President Vladimir Putin seemed to calm the nervous tension about the situation in Ukraine. Although rises in the broader market were limited to between half a percent and three-quarters of a percent, shares of AK Steel (NYSE:AKS), FactSet Research Systems (NYSE:FDS), and JinkoSolar (NYSE:JKS) all managed to climb much more substantially in Tuesday's session.
AK Steel gained 6.5% as the steel producer announced yesterday afternoon that it had replaced its existing $1.1 billion credit facility with a new one, extending its maturity three years to March 2019 and helping to give the company more stability in its credit management. Moreover, news that peer ArcelorMittal (NYSE:MT) had raised prices on some of its flat-roll steel products led to greater enthusiasm across the industry. After such a long period of weak demand for steel, signs of rising prices in the industry makes it all the more important for AK Steel to have the financing it needs to make it through tough times and profit from a better pricing environment.
FactSet Research rose almost 10% after the company's fiscal second-quarter earnings report. With sales gains of 6.5%, the provider of investment information and analytic tools boosted its net income by 18% from year-ago levels, citing rising customer counts that grew their fastest in nearly a decade. Better-than-expected sales guidance also helped push shares higher, although investors were initially dissatisfied with the results, having bid shares lower in after-hours trading Monday after the announcement. In the long run, the stability of a solid growth company deserves a premium in a market in which those reliable traits have been hard to find.
JinkoSolar climbed another 8.5%, adding to its 3% gains yesterday. Earnings reports from Jinko's peers have been mixed, with Yingli Green Energy disappointing investors today even after JA Solar (NASDAQ:JASO) climbed sharply yesterday after posting a profit due to rising levels of activity in China and Japan. As the Chinese solar industry shakes itself out into winners and losers, Jinko could see further gains if it can firmly establish itself in the winning camp. With strong earnings and a favorable outlook, JinkoSolar is making its case to be a survivor in Chinese solar.