It was a quiet day on Wall Street Tuesday, but there were several Zacks #1 Rank (Strong Buy) stocks making some noise.
And Joe's Jeans Inc. was one of the loudest, with shares surging +8.6% on heavy volume.
As its name implies, Joe's Jeans is a premium denim manufacturer. It sells its products through department stores and boutiques.
Joe's delivered better than expected second quarter results on July 16. Earnings per share came in at 2 cents, beating the Zacks Consensus Estimate of 1 cent. Revenue rose 16% to $28.6 million, ahead of the consensus of $27.0 million. This was driven by a stellar 10% jump in same-store sales.
The solid Q2 beat led analysts to revise their estimates higher for both 2012 and 2013. It became a Zacks #1 Rank (Strong Buy) stock on July 18.
magicJack VocalTec Ltd. (CALL - Snapshot Report) was another hot Zacks #1 Rank (Strong Buy) stock, jumping +4.8% on Tuesday. magicJack VocalTec provides voice-over-IP (VoIP) technology, including the softphone and magicJack.
CALL delivered solid second quarter results on July 30. Earnings per share came in at 51 cents, beating the Zacks Consensus Estimate by a penny. Revenue surged 34% year-over-year to $38.6 million, beating the consensus of $36.0 million. This was driven by a 68% increase in the sale of magicJack and magicJack PLUS.
Analysts revised their estimates higher for 2013 following better-than-expected Q2 2012 results. CALL has been either a Zacks #1 (Strong Buy) or #2 (Buy) Rank since June 15. It has soared more than +36% since then.
Other notable top performing Zacks #1 Rank stocks from Tuesday include: AAC Technologies Holdings Inc. (AACAY), which was up +8.6%, General Communication Inc. (GNCMA), which rose +4.6%, and Ikanos Communications, Inc. (IKAN), which gained +4.3%.
To see the full list of Zacks #1 Rank (Strong Buy) stocks click here.
Todd Bunton is the Growth & Income Stock Strategist for Zacks Investment Research and Editor of the Income Plus Investor service.