The S&P 500’s top gainers on July 24 were:
Avery Dennison, which is a leading provider of adhesive technologies, display graphics, and packaging materials used to engage customers and manage inventories, was the S&P 500’s top gainer on July 24. After gaining for two weeks, Avery Dennison started this week on a weaker note by declining to ten-day low price levels on Monday. However, Avery Dennison opened higher on Tuesday and rose to four-month high price levels.
The buying pressure in Avery Dennison increased on Tuesday following the release of upbeat second-quarter earnings data. According to management, excluding special items, the adjusted EPS in the second quarter was $1.66—better than analysts’ EPS forecast of $1.55. The revenues in the second quarter rose to $1.85 billion—13.5% growth compared to revenues of $1.63 billion recorded in the same period last year. Management expects the fiscal EPS to be $5.95–$6.10 in 2018.
On July 24, Avery Dennison gained 11.08% and closed the day at $114.37. Avery Dennison is part of the S&P 500 materials sector, which gained 1.3% on Tuesday.
Harley-Davidson was the S&P 500’s second-best performer on Tuesday. After losing strength last week, Harley-Davidson started this week on a weaker note. However, Harley-Davidson opened higher on Tuesday and rose to one-month high price levels.
The market sentiment on Harley-Davidson improved on Tuesday after management announced that there wasn’t a decline or weak sales patterns amid the criticism from President Trump. A month ago, Harley-Davidson announced plans to shift part of its production from the US to overseas following the announcement of the European Union’s tariffs on US-made motorcycles. President Trump claimed that Harley-Davidson was using the European Union’s tariffs as a reason to shift jobs overseas. According to Harley-Davidson executives, customer research shows that President Trump’s criticism didn’t impact the company’s sales.
On Tuesday, Harley-Davidson gained 7.67% and closed the day at $44.63. Next, we’ll discuss the S&P 500’s top losses on July 24.