U.S. Stocks Jump, Skechers Soars on Earnings Beat

U.S. Stocks Surge, Skechers Soars on Earnings Beat

U.S. stocks closed higher on Friday, with the Dow Jones Industrial Average jumping over 150 points. The rally was driven by strong earnings reports from several companies, particularly in the retail and technology sectors.

Skechers U.S.A.

(SKX) was the standout performer of the day, with shares soaring 16% to $68.20. The company reported first-quarter earnings per share (EPS) of $1.33, beating analyst consensus estimates of $1.10. Skechers also raised its full-year sales and EPS outlook, citing strong demand for its athletic and lifestyle footwear.

Other notable gainers included

Universal Logistics Holdings

(ULH), which surged 45.2% to $47.76 after reporting better-than-expected first-quarter financial results.

Exponent

(EXPO) climbed 28.5% to $102.41, driven by positive earnings and revenue growth in its first quarter.

Snap

(SNAP) jumped 23% to $14.02, fueled by better-than-expected earnings and a bullish outlook for second-quarter revenue.

Tutor Perini Corporation

(TPC) rose 22.2% to $16.98 after reporting strong first-quarter results and issuing guidance for the full year.

U.S. Silica Holdings

(SLCA) gained 20% to $15.67 following the release of its financial results and the announcement of a definitive agreement to be acquired by funds managed by affiliates of Apollo.

Cullinan Therapeutics

(CGEM),

ATRenew

(RERE),

ZIM Integrated Shipping Services

(ZIM),

AppFolio

(APPF),

Newell Brands

(NWL), and

ResMed

(RMD) also recorded significant gains on Friday, ranging from 13.7% to 19.5%.

The rally in the U.S. stock market was supported by positive economic data, including a strong jobs report for April and signs of easing inflation. Investors remained optimistic about the outlook for corporate earnings, despite concerns about the impact of rising interest rates on economic growth.

Overall, Friday’s session was a positive one for U.S. stocks, with gains across a broad range of sectors. Skechers U.S.A. led the way, driven by its impressive earnings performance and upbeat outlook. Investors will continue to monitor earnings reports and economic data in the coming weeks to gauge the direction of the market.