CARG - Friday's 2 Big Stock Winners Have This in Common
Stock markets had gotten beaten down badly in February, but Friday brought some relief to those who'd seen their portfolios take big hits. Many uncertainties remain, but investors took a more optimistic view of how things are likely to turn out in the long run, and that led to sizable gains across the market. As of 2:30 p.m. ET, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 771 points to 33,995. The S&P 500 (SNPINDEX: ^GSPC) gained 83 points to 4,371, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 142 points to 13,615.
A couple of stocks showed truly outsized gains that stood out even on a strong market day. CarGurus (NASDAQ: CARG) kept rising as the strength of the automotive market continued, while Farfetch (NYSE: FTCH) mounted a nice rebound as shareholders had more confidence in the online fashion specialist's business prospects. They're in different industries, but what they have in common is strong financial performance that lifted their shares today. You'll find the details below.
Shares of CarGurus soared 44% in Friday afternoon trading. The online auto marketplace saw great success from its having pivoted away from a pure listings-based business toward directly enabling transactions, and that success showed up in its fourth-quarter financial results.
For further details see:
Friday's 2 Big Stock Winners Have This in Common