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Friday’s Most Surprising Winners in Stock

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TThe stock market was mixed on Friday to end the week, with Dow Jones Industrial Average (DJINDICES: ^DJI) And Standard & Poor’s 500 (SNPINDEX: ^GSPC) It rises to an all-time lofty. In fact, the Nasdaq Composite (NASDAQINDEX: ^ IXIC) He played an unusual role in disqualification amid widespread gains.

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index

Percentage change (decline)

change point

daw

0.41%

144

Standard & Poor’s 500

0.17%

7

Nasdaq Composite

(0.40%)

(59)

Data source: Yahoo! finance.

A lot of well-known stocks posted big gains on Friday to aid drive the market higher. But there were also some surprising companies that rose significantly. Below, we will look closely at Jeanette (NYSE: GCI) And HCI . group (NYSE: HCI) To find out why they joined the list of big winners.

Read all about Janet

Gannett’s shares gained more than 14% on Friday. The media company that publishes USA TODAY Other news outlets reported second-quarter financial results that showed progress toward embracing the changing paradigm of digital technology.

Two people, one reading a newspaper and the other looking at a smartphone.

Image source: Getty Images.

Revenue increased 5% year over year, to exceed $800 million. Digital revenue made up nearly a third of that whole, and Gannett was profitable, with adjusted net income of $30.1 million and earnings of $0.10 per share. Most of them expected the newspaper’s publisher to lose money for that period.

Digital subscriptions were essential to Gannett’s success. Digital-only subscribers rose 41% to 1.4 million by the end of June, with an average of 174 million visitors per month for the second quarter. Furthermore, revenue from digital marketing increased by 21.5% on a year-over-year basis.

Like it or not, Gannett has had to adapt to changing preferences among news consumers for modern digital formats that are easily accessible via a computer or moveable device. The publisher still has a lengthy way to go to claim a triumph, but even getting this far is a vast triumph for a company in an industry that has faced existential challenges for years.

HCI makes investors feel at home

HCI Group saw its stock rise 18%. The company reported powerful second-quarter results, but investors were mostly happy to see it considering part of the insurance technology sector through an IPO.

HCI includes many distinct companies, including home and real estate insurance as well as software development. Overall, net premiums earned from the insurance business were up 27% year over year, but big jumps in claims losses and policy acquisition costs led to net income of nearly 60%. Resulting earnings of $0.24 per share decreased from $1.08 in the prior year period.

However, HCI made it clear that it sees the most value in the TypTap insurance group segment. CEO Paresh Patel explained, “As TypTap continues to expand, we are making significant investments to maximize TypTap’s opportunities.”

In a divide announcement, HCI said it has submitted a confidential dossier for the S-1 public offering of TypTap to be made public. Shareholders were pleased that the company appeared to be looking to unlock the packed value of the technology insurance unit, although there were no specifics in the press release about the terms of the IPO.

HCI and Gannett show how significant it is to look at stocks even in areas of the market that you won’t necessarily pay much attention to. If you don’t, you may miss out on interesting opportunities.

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Caplinger has no position in any of the listed stocks. The Motley Fool does not have a position in any of the stocks mentioned. Motley Fool has a disclosure policy.

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.

Referensi: www.nasdaq.com

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