What’s Driving Oclaro, Gilead, Eaton, Boot Barn Holdings & Viavi Higher on Wednesday?

Yet another stock moving on its earnings report on Wednesday is Eaton Corporation, PLC Ordinary Shares (NYSE:ETN), which was up by more than 6.5% in the afternoon trading. Before the market opened, the power management company posted earnings of $1.17 per share, well above the Street’s $1.09 consensus. However, the revenue of $5.06 billion was down by 9% year-over-year and missed the estimates of $5.08 billion.

Also driving the spike in Eaton Corporation, PLC Ordinary Shares (NYSE:ETN)’s shares were news about new share repurchase plan and cost-cutting initiatives. Among the funds betting on this stock, we could highlight Andreas Halvorsen’s Viking Global, which started a position, comprising 4.07 million shares, over the third quarter of 2015.

Boot Barn Holdings Inc (NYSE:BOOT) is one of the biggest gainers on Wednesday, having advanced by 28%. The retailer delivered earnings of $0.45 per share for the last quarter, $0.05 higher than a year ago, and well above the Street’s consensus of $0.06 per share, and revenue of $193.84 million, versus an estimate of $139.8 million.

However, as of the end of September, the number of hedge funds in our database that had long stakes in Boot Barn Holdings Inc (NYSE:BOOT) reached only seven, down from 11 a quarter earlier.

Finally, there’s Viavi Solutions Inc (NASDAQ:VIAV), a small cap tech company that was trading up by 16.3% in the afternoon. After the market closed on Tuesday, the firm reported earnings of $0.11 per share, beating the Street’s consensus estimate of $0.07 per share, on revenue of $232.1 million, which was $11.82 million above the estimates.

Also Viavi Solutions Inc (NASDAQ:VIAV)’s stock growth might be fueled by the announcement of the appointment of a new CEO Oleg Khaykin, a former Senior Advisor with private equity firm Silver Lake Partners, who will replace Richard Belluzzo.

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.