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