The stock market posted lackluster performance on Monday, as investors focused on economic and industry data in advance of the beginning of first-quarter earnings season. In particular, some weaker-than-expected performance from the auto industry put pressure on the overall market, and major market benchmarks closed the day with modest losses that marked a significant recovery from their worst levels of the day. Helping to ease the negativity in the market was good news from several individual companies, and NovoCure (NASDAQ:NVCR), Lumber Liquidators (NYSE:LL), and SodaStream International (NASDAQ: SODA) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
NovoCure climbs on encouraging data
Shares of NovoCure soared almost 40% in the wake of good news concerning the latest information on the company's ongoing clinical trials. On Friday, NovoCure said that its proprietary Tumor Treating Fields therapy had shown solid results in several different applications, including in combination with paclitaxel for recurrent ovarian cancer, as well as with gemcitabine and nab-paclitaxel for advanced pancreatic cancer. Another phase 2 trial will combine TTFields with other medications in fighting malignant mesothelioma. Then yesterday, NovoCure said that its phase 3 EF-14 trial adding its Optune TTFields system to standard chemotherapy improved survival rates for newly diagnosed glioblastoma patients. The combination of results encouraged investors that NovoCure has a lot of potential going forward, and shareholders are reaping the rewards.
Lumber Liquidators keeps building
Lumber Liquidators stock climbed 7%, adding to substantial gains from last week. For the past couple of years, the wood-flooring specialist has suffered from multiple controversies, but investors appear increasingly confident that the retailer has turned the corner and can start to enjoy the benefits of an ongoing strong housing market and appetite for home-improvement projects. In particular, Lumber Liquidators has shown renewed growth characteristics over the past couple of quarters, bouncing back from huge declines in same-store sales and regaining its footing. The stock has clawed back about half of its losses since early 2015, but it could have further room to run if its financial results continue to improve markedly.
SodaStream International says April Fool!
Finally, shares of SodaStream gained 6%. The home-carbonation system seller did an April Fool's Day prank over the weekend, engaging Hollywood celebrity Paris Hilton to roll out the fake launch of a new type of beverage called NanoDrop. In revealing the joke, SodaStream emphasized that the problems involved in plastic water bottle pollution are real, and although Hilton's solution was a prank, the beverage system-maker's carbonators can achieve real-world gains in fighting the same problems. Whether the joke will pay off in sales remains to be seen, but it appears that the campaign got at least some attention from investors and shoppers alike.