Major benchmarks continued to churn on Thursday, with few catalysts affecting the market as a whole. Most investors remained focused squarely on earnings reports, which have come fast and furious throughout the week. Some companies were able to announce great news on the earnings front, lifting shares. Yet there were also different reasons why some stocks gained ground. Align Technology (NASDAQ: ALGN), Tilray (NASDAQ: TLRY), and PayPal Holdings (NASDAQ: PYPL) were among the top performers. Here's why they did so well.
Shares of Align Technology jumped 15% after the orthodontic appliance manufacturer reported its third-quarter financial results. Revenue rose 20% to hit a new record high, lifted by a 21% gain in unit volume. Although net income climbed just 2% from year-ago levels, investors were prepared for a big increase in the company's promotional spending, and they're optimistic that the investments will produce faster growth in the future. Align's outlook was also favorable, as it expects sales growth to remain around 20% or more during the fourth quarter of 2019 as well. After a period of uncertainty, it looks like Align has straightened up its act once again.
Image source: Align Technology.