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A sharp rebound in oil prices following Monday's plunge helped the energy and materials sectors lead stocks slightly higher Tuesday, with the S&P 500 advancing nearly a third of a percent. The Dow Jones Industrial Average added 0.27% while the Nasdaq Composite dropped 0.4%.
But it was guidance and analyst upgrades that helped Johnson & Johnson (NYSE: JNJ ), Panera Bread Co (NASDAQ: PNRA ) and Spirit Airlines Incorporated (NASDAQ: SAVE ) become three of today's best stocks.
Johnson & Johnson (JNJ)
Johnson & Johnson rose almost 1.6% and touched an all-time high earlier Tuesday after the member of the Dow Jones Industrial Average boosted its 2016 earnings and sales guidance. New Jersey-based JNJ raised its EPS guidance by 10 cents to $6.53 to $6.68 per share. JNJ increased its revenue guidance by $400 million, from $71.2 billion to $71.9 billion.
For the first quarter, JNJ earned $1.54 a share on sales of $17.48 billion. According to the Associated Press , JNJ said it plans to launch at least nine new products by 2019 that could each account for $1 billion or more in annual sales.
JNJ said it could be shopping for deals if the price is right. JNJ has $17 billion in cash and cash equivalents on hand, according to the AP.
Panera Bread Co (PNRA)
Shares of Panera Bread, the operator of fast-casual restaurants, climbed 2.8% after the stock earned two upgrades from analysts. Jefferies upgraded PNRA to "buy" from "hold." Jefferies also boosted its price target on PNRA to $245 from $195, implying significant upside from Tuesday's close.
The bank expects PNRA's first-quarter same-store sales to rise. PNRA delivers its first-quarter results on April 26.
KeyBanc was the other bank to upgrade PNRA today.
Spirit Airlines Incorporated (SAVE)
Discount carrier Spirit Airlines jumped 5.8% following bullish first-quarter guidance. SAVE updated its first-quarter margin guidance to 21.5% from 19% to 20.5%. SAVE also said it expects cost per available seat mile (CASM) to fall 2%, compared with previous guidance calling for a decline of 2.5% to 3.5%.
SAVE "cited an accrual of a one-time ratification incentive payment of $8.4 million. Absent the accrual, the company's adjusted CASM excluding fuel would have been lower by around 4.5 percent," according to Benzinga .
Shares of SAVE are up 33% year-to-date.
At the time of this writing, Todd Shriber owned shares of JNJ.
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The post Why Johnson & Johnson (JNJ), Panera Bread Co (PNRA) and Spirit Airlines Incorporated (SAVE) Are 3 of Today's Best Stocks appeared first on InvestorPlace .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
