The stock market continued its slow trudge lower on Thursday, adding to its losses for the week as investors seemed content with the double-digit percentage gains that most major market benchmarks have posted for 2016. The Dow fell slightly, widening the gap between its closing level and the 20,000 mark to nearly 200 points, and the S&P 500 and Nasdaq also fell tiny fractions of a percentage point. Yet favorable data on jobless claims helped to support the market, and some stocks posted much stronger gains. Among the best performers were Silver Wheaton (NYSE:SLW), Endologix (NASDAQ:ELGX), and PHH Corp. (NYSE:PHH). Below, we'll look more closely at these stocks to tell you why they did so well.
Silver Wheaton gets a precious metals bounce
Silver Wheaton jumped 9% in the wake of favorable action in the gold and silver market. Precious metals were up somewhat on the day, with gold climbing $15 per ounce to $1,156 and silver rising about 15 to $16.13 per ounce. Yet Silver Wheaton's gains outpaced the overall bullion market, and some pointed to the deals that the gold and silver streaming specialist has made in 2016 as reason for optimism even in a tough environment. The Federal Reserve's recent interest rate increase has sent fear into the precious metals markets, but the key for streaming companies like Silver Wheaton is to finance mining operations at the most favorable terms. That often happens during times of stress in the industry. As long as commodities eventually rebound more sharply -- as has already started to happen in the energy arena -- then Silver Wheaton's long-term prospects should be solid.
Endologix starts selling again
Endologix climbed 11% after the medical device maker said that it had started shipping some of its endovascular system products again. The company had halted shipments temporarily earlier in the week in order to conduct an investigation into the manufacturing process for the devices. However, Endologix said that it had gotten positive results in its tests, and as a result, it has removed the hold on all of the sizes of its AFX Endovascular AAA system. The company also restored shipments of some of its AFX2 systems, although some other sizes of the AFX2 device remain subject to the hold. Endologix said that it's still testing the other device sizes, and today's gain only pulled back about a third of its losses when the company first announced the hold.
PHH makes a sale
Finally, PHH Corp. gained 6%. The mortgage solutions company said late Wednesday that it had decided to sell its entire portfolio of mortgage servicing rights to New Residential Investment (NYSE:NRZ). In exchange, PHH will receive $612 million in compensation for the MSR sale, along with $300 million related to servicing advances under the purchase deal. At the same time, PHH and New Residential entered into a subservicing arrangement, whereby PHH will continue to subservice 480,000 mortgage loans under the sold MSRs. As PHH CEO Glen Messina said, "This transaction is an important next step in our strategic review process and enables PHH to efficiently monetize its remaining owned MSR portfolio at the highest available price." Given the losses that PHH has suffered on these positions, investors will be happy that the company has moved on and eliminated any potential for further damage to its financial condition.