SXI - Why Papa John's International Caleres and Standex International Jumped Today
Tuesday was a weak day on Wall Street, as early enthusiasm about the potential for progress on trade disputes between the U.S. and China gave way to concerns about the course of future monetary policy and a possible economic recession. Despite the fact that most major benchmarks fell, many stocks managed to post solid gains. Papa John's International (NASDAQ: PZZA), Caleres (NYSE: CAL), and Standex International (NYSE: SXI) were among the top performers. Here's why they did so well.
Shares of Papa John's International jumped 9.5% after the pizza chain announced that it would bring in an executive from fast-food restaurant company Arby's to be its new chief executive officer. Rob Lynch will reportedly join Papa John's to try to structure a comeback for the ailing pizza specialist, which has suffered from controversy surrounding the relationship between founder and former CEO John Schnatter and Papa John's board of directors. Yet Lynch will still have his work cut out for him, as Papa John's reaffirmed that it expects comparable sales in North America to fall 1% to 4% this year. Nevertheless, investors are excited that the new CEO could get the company moving in the right direction.
Image source: Papa John's.