Monday began the week on a solid note for the stock market, with the Dow Jones Industrial Average posting another triple-digit gain as the Nasdaq Compositeclosed at a record high. Despite ongoing nervousness regarding trade, most investors remain convinced that the strong U.S. economy will be able to lead the way forward, pointing to Friday’s employment report as the latest evidence of sustainable momentum. Good news regarding a host of companies both in the U.S. and abroad also helped buoy the market’s mood. Fossil Group (NASDAQ:FOSL), Companhia Siderurgica Nacional (NYSE:SID), and Immunomedics (NASDAQ:IMMU) were among the best performers on the day. Here’s why they did so well.
Fossil gets wound up
Shares of Fossil Group gained nearly 9% after getting positive comments from a stock analyst company. Analysts at KeyBanc kept its overweight rating on the watchmaker’s stock and boosted their price target from $25 per share to $32, pointing to Fossil’s efforts to reinvent itself as having been largely successful. Fossil has worked hard to position itself in the wearables market, and it’s been rewarded with millennial shoppers starting to make both wearables and traditional watches more of a fashion statement. That should feed into Fossil’s business model in the long run, giving the retailer a chance to recapture more of the ground it’s lost in recent years.
Image source: Fossil Group.
This stock is steeling its resolve
Companhia Siderurgica Nacional stock jumped almost 15% in the wake of a favorable report from analysts at Credit Suisse. In upgrading the stock from neutral to outperform, the analyst company pointed out that the Brazilian steelmaker continues to enjoy solid business fundamentals, even as the industry has gotten a lot of attention following the White House’s decision to make steel one of the initial products involved in early tariff proposals. Brazil’s economy has been volatile in recent years, with weak commodities markets having put substantial pressure on the nation’s resource-rich mining and energy companies. If Brazil can keep rebounding, then steel demand could rise, giving Companhia Siderurgica Nacional good prospects for continued growth.
Immunomedics makes a deal
Finally, shares of Immunomedics climbed 10%. The clinical-stage biotech said that it had entered into a clinical collaboration with Clovis Oncology (NASDAQ:CLVS) to investigate a combination of two of the companies’ candidate treatments in a phase 1/2 study of patients with two specific types of cancer. For Immunomedics, testing its sacituzumab govitecan antibody-drug conjugate will give researchers a good chance to see if it can perform well as part of a combination therapy. Following good results in a phase 2 trial of breast cancer patients last year, Immunomedics will want to carry forward its positive momentum in this study, and shareholders seem to think that outcome is likely.