Consumer products and media firm Xcel Brands Inc (NASDAQ:XELB) was in considerable focus among investors on Wednesday despite there being no news about the company. The stock rallied strongly and ended the day with gains of as much as 24.50%.
In this sort of situation, it might be a good idea for investors to take a look at some developments from the past in order to make some sense of the rally. It was back on June 1 that the company announced that Heather Bogen was going to join Xcel Brands in the capacity of the President of Wholesale Apparel.
It is a major appointment for the company considering the fact that Bogen is going to be responsible for Xcel Brands successfully acquiring lifestyle brands. Her considerable experience in the fashion industry is expected to be a major factor behind the successful completion of these deals. In addition to that, it is also necessary to note that Bogen has worked in the industry for many years and has a reputation of being a leaders as well as someone who is a seasoned sales strategist.
Although it is unlikely that her appointment was the reason for the rally, it might be a factor behind any optimism that investors might have.
Market Reaction:
On Wednesday, XELB stock soared 24.60% to $2.99 with more than 1.85 million shares, compared to its average volume of 2.39 million shares. The stock has moved within a range of $2.6400 – 3.1100 after opening the trade at $2.64 Over the past 52-week, the stock has been trading within a range of $0.6450 – 4.1500.
 Stock Soars 25%: Here is Why){kind=link}