Monday was a good day for the stock market, and major benchmarks posted modest gains as the week got off to a solid start. Optimism that this holiday season might finally be a turning point for ailing retailers has helped bolster overall investor sentiment, and the broader picture for the global economy holds good prospects for international markets to catch up with the U.S. in 2018. Some strong individual showings also helped prop up the mood on Wall Street. National Beverage (NASDAQ: FIZZ), Dycom Industries (NYSE: DY), and Hibbett Sports (NASDAQ: HIBB) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
National Beverage bubbles higher
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Shares of National Beverage climbed 7% after the maker of LaCroix sparkling water and other beverage products got favorable comments from stock analysts. Researchers at Susquehanna upgraded their view on the stock from neutral to buy, boosting their price target on the stock to $150 per share. The analysts argued that National Beverage has pulled back somewhat from its highs, making it a bit less richly valued, and they believe that there's a possibility that an acquirer will step in to buy the beverage specialist. There's a lot of doubt as to whether National Beverage can sustain its momentum, but so far, naysayers have taken it on the chin despite competitive threats on the horizon.
Dycom pushes forward
Dycom stock rose 9% in the wake of the company's third-quarter financial report. The specialty contracting services provider said that organic contract revenue fell 8% from year-ago levels, helping to send adjusted net income down by more than 40%. Yet the declines were less extreme than many had expected, and Dycom also said that it thinks it will make further progress toward a full turnaround during the current quarter. Dycom has seen mixed performance lately, but today's numbers suggest that better times could finally be ahead for the company, especially if key customer industries like telecommunications can thrive.
Hibbett keeps winning
Finally, shares of Hibbett Sports climbed another 14%. The sporting goods retailer extended its gains from Friday, when its stock rose 15% after posting better third-quarter results than most had anticipated. Revenue was nearly flat, and net income fell by nearly half from year-earlier levels. Yet in an extremely tough environment for the retail niche, Hibbett's results were unexpectedly good, and the retailer also increased its guidance for full-year fiscal 2018 earnings and comparable-store sales. Hibbett still has a long way to go, especially as comps are still expected to fall by mid-single-digit percentages. Nevertheless, like many retailers, Hibbett has seen its stock pummeled recently, and even the hope of a turnaround has been enough to spur quick share-price jumps.
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