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Coty: S&P 500’s Top Gainer on February 8

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Feb. 9 2018, Published 8:07 a.m. ET

Top gainers

The S&P 500’s top gainers on February 8 were:

  • Coty (COTY) rose 14.2%.
  • Viacom Inc Cl B (VIAB) rose 7.2%.
  • Fiserv (FISV) rose 3%.
  • Kellogg (K) rose 2.8%.
  • Cardinal Health (CAH) rose 2.3%.
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Coty   

Coty, which is a beauty products manufacturer, was the S&P 500’s top gainer on Thursday. After declining for three consecutive trading weeks, Coty started this week on a weaker note. However, Coty regained strength as the week progressed amid improved sentiment. On Thursday, Coty opened the day higher and rallied to two-week high price levels.

The buying pressure in Coty increased on Thursday amid the release of the stronger-than-expected earnings report. According to management, the earnings per share in 2Q18 was $0.32. The earnings were better than analysts’ forecast of $0.23. The revenue in the second quarter was $2.64 billion—higher than the revenue forecast of $2.47 billion and an increase of 14.8% year-over-year. The key revenue drivers in the second quarter were the luxury and consumer beauty segments.

With improved revenue, management expects accelerated growth in organic revenue and new initiatives in e-commerce. On February 8, Coty rose 14.2% and closed the day at $19.96. Coty is part of the S&P 500 Consumer Staples sector, which declined 2.2%.

In the next part, we’ll discuss how Viacom (VIAB) and Fiserv (FISV) performed on February 8.

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