Tuesday was a bad day on Wall Street, as political concerns weighed on investor sentiment. More hawkish rhetoric on the trade front and discussions of potential impeachment proceedings erased early gains and sent most major benchmarks to losses of as much as 1.5%. Yet amid the carnage, a few stocks still managed to move up. Fresh Del Monte (FDP 1.66%), Myriad Genetics (MYGN -0.05%), and Jabil (JBL -8.37%) were among the top performers. Here's why they did so well.
Fresh Del Monte earns its ticket
Shares of Fresh Del Monte Produce soared 20% after the company got an invitation it'll be happy to accept. S&P Dow Jones Indices announced that it would add the agricultural company to its S&P SmallCap 600 index, with the change taking effect before the stock market opens on Monday, Sept. 30. The move comes as a result of a vacancy to be created by computer company Cray, which is set to get acquired in the near future. The Cayman Islands-based company will join the index's agricultural products sub-industry group, and investors are pleased to see the fruit and vegetable producer get the recognition it deserves.
Image source: Fresh Del Monte.
Myriad could get a boost
Genetic testing specialist Myriad Genetics saw its stock rise 11% following comments from analysts at Piper Jaffray. There's been considerable uncertainty with respect to pharmacogenomics testing, and industry players have had to deal with pushback from some healthcare coverage providers who've questioned whether reimbursing costs of tests like Myriad's GeneSight was appropriate. Last quarter, Myriad acknowledged in its earnings call that UnitedHealth had made a positive decision on coverage, and Piper believes that favorable regulatory trends could allow Myriad to keep GeneSight on the market. Piper didn't upgrade the stock, but investors were still pleased to see the vote of confidence in a key aspect of its business model.
Jabil keeps gaining ground
Finally, shares of Jabil finished higher by 5%. The manufacturing solutions provider said that revenue jumped 14% in its fiscal fourth quarter compared to year-ago levels, and Jabil reversed a year-ago loss with a profit that was better than many had expected. Jabil's electronics manufacturing services division saw the biggest rise in sales, and CEO Mark Mondello said that he expects key areas like the 5G wireless network rollout and cloud computing to contribute to future growth. The energy and healthcare sectors are likely to help the company grow as well, and guidance for the fiscal first quarter was consistent with an optimistic outlook. With the gains, Jabil stock hit its highest level in more than a decade.
