MSGN - Why Ambarella MSG Networks and Dell Technologies Jumped Today
The stock market inched higher the last trading day of August, as investors seemed to want to go into the weekend in a more defensive stance. The past month has been extremely volatile, and it wasn't a surprise to see only small moves for most major benchmarks after a strong rebound earlier in the week. Some stocks had big gains in the wake of company-specific news. Ambarella (NASDAQ: AMBA), MSG Networks (NYSE: MSGN), and Dell Technologies (NYSE: DELL) were among the top performers. Here's why they did so well.
Shares of Ambarella climbed 18% after the video sensor chip manufacturer reported encouraging second-quarter financial results. Both sales and adjusted net income fell from year-earlier levels, but the unfavorable cyclical pressures throughout the semiconductor industry made that unsurprising, and Ambarella's numbers looked a lot better than many investors had feared. Guidance for the current quarter was also encouraging. Even though Ambarella still has to deal with tough conditions and an uncertain geopolitical environment, shareholders are starting to believe in a turnaround for the chipmaker.
Image source: Ambarella.