Why Bed Bath & Beyond, Frontier Communications, and Neptune Technologies & Bioressources Jumped Today
The stock market got off to a slow start to the week on Monday, with major benchmarks mostly falling. As we've seen repeatedly in recent months, trade concerns were at the top of the list for nervous investors, and it's unclear to many whether the tactics that the Trump administration is using are meant to be mere negotiating levers or permanent measures with the intent of evening the playing field for international commerce. Regardless, some individual stocks had good showings despite the market's choppiness. Bed Bath & Beyond (NASDAQ: BBBY), Frontier Communications (NASDAQ: FTR), and Neptune Technologies & Bioressources (NASDAQ: NEPT) were among the best performers on the day. Here's why they did so well.
Bed Bath & Beyond gets some good coverage
Shares of Bed Bath & Beyond picked up 6% after the big-box home furnishings retailer got favorable comments from stock analysts. Raymond James issued an analyst report, boosting its rating on the stock from underperform to market perform. The report suggests that Bed Bath & Beyond will probably be able to post better same-store sales performance than investors expect when it releases its fiscal second-quarter financial numbers next week, due in large part to a healthier consumer environment broadly. Despite the upgrade, many investors remain convinced that Bed Bath & Beyond will eventually become another casualty of the shift to online retail.
Frontier gets through Florence
Frontier Communications stock gained 10% in the wake of good news from the Eastern Seaboard. The telecom company said that it had resumed its operations in South Carolina following the passage of Hurricane Florence, with Frontier having moved on to what it calls its "recovery and assessment" phase of repair work. Meanwhile, in North Carolina, Frontier was able to keep service uninterrupted during the storm. Given how many businesses and residents were adversely affected by the hurricane, it's definitely good news for Frontier in the short run that it managed to ride out the storm without major consequences to its infrastructure.
Neptune's ready to go in Canada
Finally, shares of Neptune Technologies & Bioressources jumped 10%. The Canadian health and wellness company said that it had gotten a letter from Health Canada regulators confirming its readiness to become a licensed producer of cannabis oil under the nation's Access to Cannabis for Medical Purposes regulations. CEO Jim Hamilton noted that adding cannabis oil to its lineup of omega-3 oil and other health products should "truly provid[e] us with a strong competitive edge to become a leading player in this burgeoning market." Given the huge amount of competition in the space, it's far too early for Neptune to declare victory. But a quick first move is exactly what investors want to see in a winning stock, and that's what Neptune seems ready to do right now.
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Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.