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20.05.2019 22:31:00

Why Stitch Fix, Westpac Banking, and HDFC Bank Jumped Today

Monday was a down day on Wall Street, with most major benchmarks falling around 1%. Trade tensions have returned to the spotlight, and the recent move from the U.S. government to prevent companies from doing business with Huawei and others designated as threats to national security had ramifications across the market, especially in the technology industry. However, some political victories in overseas markets were seen as being favorable to the investment community, causing key stocks in those regions to rise. Stitch Fix (NASDAQ: SFIX), Westpac Banking (NYSE: WBK), and HDFC Bank (NYSE: HDB) were among the top performers. Here's why they did so well.Shares of Stitch Fix gained 5.5%, bouncing back from poor performance late last week. The subscription-based clothing delivery specialist has seen tough times for quite a while so far in 2019, as rising competition and concerns about future growth prospects have weighed on the stock price. Yet bullish investors are optimistic about Stitch Fix's plans to enter the U.K. market, marking its first major international expansion effort. Not only could the move help Stitch Fix boost its overall subscriber counts, but it could also build new relationships with prominent global apparel brands that could widen its appeal both at home and abroad. Investors seem to be focusing on those prospects today, even though Stitch Fix faces an uphill climb in the category.Image source: Stitch Fix.Continue reading
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