Why Camping World Holdings, Carvana, and Twitter Jumped Today
The stock market again saw volatility on Wednesday, as major benchmarks moved higher early in the session but ultimately finished lower. The Dow lost more than 200 points, with particularly strong fear in the aerospace industry about the possibility of more extensive trade disputes resulting in retaliatory action against U.S. businesses in response to recent tariffs on steel and aluminum. Yet even as investors tried to figure out the direction for the broader market, many individual stocks managed to gain ground. Camping World Holdings (NYSE: CWH), Carvana (NYSE: CVNA), and Twitter (NYSE: TWTR) were among the best performers on the day. Here's why they did so well.
Camping World goes trekking
Shares of Camping World Holdings gained 10% following a couple of pieces of news. The RV and outdoors retail specialist updated its fourth-quarter financial results, making a minor restatement to reflect more accurately the impact of tax reform. Also, on the mergers and acquisitions front, Camping World said it would purchase Arkansas-based River City Recreation World, expanding its presence within the state and giving itself additional distribution capacity. COO Brent Moody noted that he expects Camping World to "actively pursue opportunities in our existing markets over the next few years to expand market share, grow our database, and add additional distribution points for our products and services," and investors like the steady expansion that the RV retailer has delivered thus far.
Carvana drives higher
Carvana stock picked up nearly 13%, adding to its gains from last week following the company's fourth-quarter financial report. Revenue for the online used car retailer soared almost 150% compared to the previous year's quarter, and although the company's losses widened, investors in Carvana saw a lot to be excited about. Gross profit per vehicle sold has been on the upswing, and Carvana expects to open locations in between 30 and 40 markets during the coming year. With demand for vehicles remaining solid and customers gravitating to the company's unique business model, Carvana could have further room to accelerate going forward.
Twitter takes flight
Finally, shares of Twitter added another 7%. A key company executive made comments on a financial news show Tuesday night that revealed some insight about the social media giant's potential future strategy, noting that making video a bigger part of the Twitter experience will be an essential component of the service's evolution. Twitter also hopes to make it easier for advertisers to take advantage of the audience on the social media site, and news that the company is working on integrating camera functions into its core platform could be the next step toward more fully monetizing Twitter's viewership going forward. Add to that measures to fight against false information, and investors are getting excited about the service once again.
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Dan Caplinger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Twitter. The Motley Fool recommends Camping World Holdings. The Motley Fool has a disclosure policy.