Last Week's Biggest Movers: Movado Clicks, WWE Slammed
Movado (MOV) -- Up 28 percent last week
These aren't the best of times to be a maker of luxury wristwatches, but Movado's making the most of its borrowed time. Movado impressed the market by posting better-than-expected quarterly results. It may not seem all that great on the surface: Sales and profits declined 4 percent and 13 percent, respectively, since the prior year. However, analysts were forecasting much larger declines.
Folks just aren't wearing fine watches the way they used to, as smartphones do more than merely tell time. Things might also get hairy with the Apple Watch rolling out later this month. However, Movado appears up for the challenge, offering up a stronger-than-expected profit forecast for the new fiscal year and hiking its dividend.
J.C. Penney (JCP) -- Up 20 percent last week
Shares of the struggling department store chain moved higher after an analyst boosted its prospects for the retailer. Piper Jaffray now sees comparable-store sales for the current quarter ending later this month climbing 3 percent. It was previously modeling a mere 1 percent uptick. Piper Jaffray is boosting its price target on the shares from $13 to $14, suggesting a gain of better than 50 percent.
Freshpet (FRPT) -- Up 13 percent last week
We're willing to spend a little more to feed our dogs and cats. Freshpet, a provider of high-end refrigerated pet food, climbed higher after posting a strong financial report. Revenue soared 38 percent in its latest quarter since the prior year, as the number of Freshpet fridges in grocery stores and pet shops rose 23 percent to 13,386.
Freshpet also essentially broke even on an adjusted basis. Wall Street was settling for a small loss.
World Wrestling Entertainment (WWE) -- Down 17 percent last week
Shares of World Wrestling Entertainment were slammed to the mat after the company provided an update on its video streaming service. The WWE rolled out its Web-based service 14 months ago, and its subscriber base has nearly doubled over the past year to 1.3 million on the strength of WrestleMania 31 two weekends ago. That's not shabby, but WWE's guidance suggests that near-term growth will be harder to come by.
Carbonite (CARB) -- Down 14 percent last week
The data backup specialist tumbled on Friday after J2 Global -- the company that abandoned plans to buy all of Carbonite last month -- disclosed that it's trying to buy Carbonite's endpoint business subsidiary. This would seem to be a positive development for Carbonite shareholders in theory, but it also suggests that J2 truly has no interest in acquiring the entire company. Some investors were apparently holding out in hopes that J2 would return to the bargaining table after its initial offer was rebuffed.
TrueCar (TRUE) -- Down 12 percent last week
An analyst initiated coverage of TrueCar last week, and it wasn't very flattering. B. Riley is slapping a sell rating and a $10 price target on the company that makes it easy for car buyers to secure haggle-free discounted pricing on new automobiles. TrueCar has been growing quickly, but B. Riley is concerned that it has already added many of the leading car dealerships to its platform. It's also concerned about the cyclical nature of auto purchases.
Motley Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends TrueCar. Try any of our Foolish newsletter services free for 30 days. Check out our free report on one great stock to buy for 2015 and beyond.