X - Why Ulta Beauty Teekay Offshore Partners and U.S. Steel Jumped Today
The stock market gave up a lot of ground on Tuesday, as dismal economic data sent major benchmarks lower by more than 1%. The manufacturing industry showed signs of a cyclical slowdown, and that prompted some to fear that the resiliency of the U.S. economy even in the face of troubled conditions globally could finally be coming to an end. Yet some stocks still powered ahead. Ulta Beauty (NASDAQ: ULTA), Teekay Offshore Partners (NYSE: TOO), and U.S. Steel (NYSE: X) were among the top performers. Here's why they did so well.
Shares of Ulta Beauty picked up 6% after the company disclosed that a key insider had added to his ownership in Ulta. Charles Heilbronn is a member of the board of directors and also an influential executive at global fashion giant Chanel, and disclosures with the U.S. Securities and Exchange Commission showed that he purchased almost 250,000 shares of Ulta in his role as attorney-in-fact for an entity called Mousseluxe SARL, which is associated with Chanel's owners. The move is a much-needed vote of confidence for Ulta, which has struggled as growth prospects for the salon and beauty products retailer have slackened recently.
Image source: Ulta Beauty.