MANU - Why Box AVX and Manchester United Jumped Today
The Wednesday before Thanksgiving is often a quiet day on Wall Street, and this year was no exception. Trading volume was muted compared to typical levels, with many investors sitting the holiday-shortened week out. A lack of huge market-moving news kept major benchmarks to modest gains. However, there was no shortage of companies seeing good news lift their share prices. Box (NYSE: BOX), AVX (NYSE: AVX), and Manchester United (NYSE: MANU) were among the top performers. Here's why they did so well.
Shares of Box rose more than 11% after the enterprise software specialist reported its third-quarter financial results. Revenue rose 14% from the year-earlier quarter, and adjusted losses narrowed to just $0.01 per share. The company announced some high-profile business wins with clients, including Impossible Foods, Los Angeles World Airports, and the National Hockey League, and Box also gave upbeat guidance for the fourth quarter. CEO Aaron Levie was excited about the company having more than 1,000 customers doing at least $100,000 in business, and Box is optimistic that the continued popularity of cloud computing will prompt more enterprise clients to turn to it for useful solutions.
Image source: Box.