SCWX - Why Cloudera G-III Apparel Group and SecureWorks Jumped Today
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.
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.