The stock market fought its way back from early losses on Friday, with investors taking heart from positive economic data, even as they prepared for the beginning of a new earnings season in the next couple of weeks. At least for now, it appears that policy makers will do their utmost to prevent any huge disruption in the stock market, and that boded well for shareholders today. In particular, shares of Universal Display (NASDAQ:OLED), Taseko Mines (NYSEMKT:TGB), and Organovo Holdings (NYSEMKT:ONVO) were among the best performers of the day, with their excitement helping to carry the whole market higher.
Universal Display jumped 8% after the maker of organic LED technology earned favorable comments from Wall Street analysts. The bullish argument for the company included assertions that the long-awaited launch of new large-screen television displays using Universal Display technology could help boost the company's results in the second half of 2014, and new applications, such as wearable technology, could present other growth opportunities. Universal Display has hoped for its customers to ramp up their demand for a while, but patient investors could be close to earning their reward if analysts are correct.
Taseko Mines rose almost 10% as shareholders favorably considered yesterday afternoon's decision from Canada's highest court regarding the company's key New Prosperity mine in British Columbia. The project has been held up in part by claims from First Nations aboriginal peoples that the New Prosperity mine lies within the boundaries of traditional territorial lands. Yesterday's court decision confirms the Tsilhqot'in First Nation's title to traditional lands beyond its formally defined reserve area, but it leaves the New Prosperity mine beyond those boundaries. Taseko hopes that the decision will remove objections to the development, and improve First Nations' relations with the company going forward.
Organovo Holdings gained another 6%, adding to its impressive 12% rise from Thursday after a well-regarded researcher gave positive remarks about the potential for Organovo's 3-D liver assay test system to detect toxic substances that could do damage to liver tissue, even at relatively low levels. Given the need for tests like this to be sensitive enough to pick up potential problems under ordinary human-body conditions, the results helped bolster Organovo investors' bullish arguments for the stock. Organovo hopes to launch the liver assay test by the end of the year and, although that's ambitious, it's also a good sign that the company understands the need to jump on the opportunity in the 3-D niche while investors still have interest in it.
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