WISCONSIN (CoinChapter.com) — Stocks increased on Thursday after a crucial inflation measure revealed slower annual inflation increases than anticipated. The Dow Jones Industrial Average increased by 0.7%. The Nasdaq Composite increased by 0.8%, while the S&P 500 increased by 0.8%.
Here are the five best stock market gainers:
Capri Holdings Ltd. (NYSE: CPRI)
Tapestry, the renowned parent company of luxury retailer Coach, has decided to acquire Capri Holdings Ltd. (NYSE: CPRI), which owns illustrious fashion brands such as Michael Kors, Versace, and Jimmy Choo.
The acquisition, valued at approximately $8.5 billion, is touted as a strategic move for Tapestry to gain more influence in the European market.
As a result of this deal, Tapestry can more effectively compete with industry heavyweights like LVMH and Kering. The combined entity, including brands Kate Spade and Stuart Weitzman under Tapestry’s umbrella, is expected to generate robust global annual sales.
Holley Inc. (NYSE: HLLY)
Holley Inc. (NYSE: HLLY), a prominent player in the performance automotive industry, has unveiled its financial results for the second quarter ending July 2, 2023. Net sales saw a minor decrease of 2.3%, falling to $175.3 million from last year’s $179.4 million.
Gross profit also declined by 7.4% to $69.7 million, with a gross margin of 39.8% compared to the previous year’s 42%.
Net income stood at $13.0 million, or $0.11 per diluted share, a significant drop from last year’s $40.6 million or $0.35 per diluted share. However, shareholders were pleased that the adjusted net income increased to $16.0 million compared to $13 million, pushing the stock up 23% today.
Applovin Corp. (NASDAQ: APP)
Shares of software company Applovin Corp. (NASDAQ: APP) experienced a significant increase, jumping 25% in after-hours trading on Wednesday.
This jump resulted from the company’s surprise swing in profit and better-than-expected revenue in its second quarter. The company attributed this performance to the successful rollout of its latest advertising product.
Applovin posted profits of $80 million, or 22 cents a share, in this quarter, a stark contrast to the loss of $22 million, or 6 cents a share, incurred in the same period last year. However, revenue fell by 3% to $750 million.
YETI Holdings Inc. (NYSE: YETI)
Shares of Yeti Holdings Inc. (NYSE: YETI) saw a nice jump in trading Thursday, as the company’s stock gained after a profit beat raised the outlook, despite missing second-quarter revenue expectations. The renowned maker of outdoor products and drinkware posted a net income of $38.1 million or 44 cents per share, a drop from $46.3 million or 53 cents a share in the year-ago period.
However, the adjusted earnings per share, excluding nonrecurring items, stood at 57 cents, outpacing the consensus of 47 cents. A slight dip was observed in sales by 4.2% to $402.6 million due to a negative recall reserve adjustment.
Nonetheless, Yeti’s improved profit and enhanced full-year outlook boosted investor confidence, leading to a one-day hike in its stock by 20.80%.
Macrogenics Inc. (NASDAQ: MGNX)
MacroGenics, Inc. (NASDAQ: MGNX), a leading biopharmaceutical company, provided an update on its corporate progress today. The company remains steadfast in its commitment to develop and commercialize innovative antibody-based therapeutics for cancer treatment.
Scott Koenig, the company’s president, and CEO, highlighted that these programs utilize different yet potentially complementary mechanisms of action.
