Thursday was a good day on Wall Street as investors celebrated news that trade negotiations between the U.S. and China appear likely to move forward despite rising tensions between the two nations. Even a small boost to chances of an eventual resolution of trade issues was enough to send major market benchmarks sharply higher. Moreover, some key events for individual companies sent certain stocks up even more strongly. Cloudera (NYSE: CLDR), G-III Apparel Group (NASDAQ: GIII), and SecureWorks (NASDAQ: SCWX) were among the top performers. Here's why they did so well.
Cloudera makes a move
Shares of Cloudera jumped 14% after the enterprise data cloud specialist reported its second-quarter financial results. Revenue soared 74% from year-ago levels, and the company kept making progress on generating more recurring sales, seeing that figure climb at a 16% annualized rate over the same period. Adjusted net losses narrowed to just $0.02 per share, and Cloudera said that the initial release of its data management and analytics platform went well. Favorable guidance for the coming quarter also gave shareholders greater confidence that things are turning around at Cloudera, and the company's newly announced acquisition of business intelligence specialist Arcadia Data should only accelerate its growth.
Image source: Cloudera.
G-III is A-1
G-III Apparel Group shares soared 26.5% following second-quarter financial results that were better than many had feared. Revenue gains were limited to 3% compared to year-earlier levels, but even a modest gain in adjusted earnings was enough to satisfy investors. G-III's wholesale segment did especially well, posting sales growth of greater than 8%. The company also boosted its revenue projections for the full year, although it cut its expectations for adjusted earnings. G-III still has a long way to go to make up for its share-price declines from earlier in the year, but today's news is a step in the right direction for the apparel company.
SecureWorks delivers the goods
Finally, shares of SecureWorks gained 15%. The cybersecurity specialist said that sales in the second quarter rose 6% year over year, with adjusted net losses coming in at just $0.01 per share. SecureWorks boasted especially strong growth abroad, as international revenue climbed almost 27% from the year-ago period. CEO Michael Cote said that the recent launch of its cloud-based Red Cloak threat detection and response software application has gone well, and improved margin levels are bringing the company closer to profitability. With solid guidance for the rest of the year, SecureWorks shareholders are feeling confident in the future.
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