Why Did MarineMax Jump 6%?
MarineMax (NYSE: HZO) is on the rise today. But without any news pointing to a source, questions remain as to why the company experienced a sudden spike.
Benzinga reached out to MarineMax to get the company's official comment on the matter.
The company replied with the following statement: "People are appreciative of the value the company represents and are starting to understand that as the leader in the industry they make a very smart decision as an investment…"
That's all well and good, but that's not a strong enough reason to cause the stock to jump. So what's the cause?
Yesterday afternoon, I interviewed Robert G. Pedersen II, the co-founder and CEO of ZAGG (NASDAQ: ZAGG). During our discussion, he spoke about a new waterproofing technology (which ZAGG acquired) that allows the company to waterproof smartphones, most notably iPhones. The company wouldn't comment specifically on which smartphones may or may not receive the waterproof treatment, but Pedersen claimed that ZAGG was working with "all of the manufacturers," and uses the iPhone to promote the tech in its promo video.
The name of the waterproofing system (or "water blocking," as ZAGG calls it) just happens to be HZO -- the same three letters that make up MarineMax's ticker.
Is this one giant coincidence? Did investors buy into MarineMax for some unrelated reason? Or were they confused by the HZO name?
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