The major benchmarks all moved higher Thursday, with the Nasdaq Composite producing the biggest gains. The growing devastation left in the wake of Hurricane Harvey still dominated the news. The White House announced that it would tap the U.S. emergency oil reserves, as the U.S. oil industry had lost nearly 20% of its production capacity due to the storm. News from individual companies led to some big moves higher. Teva Pharmaceutical Industries Limited (NYSE:TEVA), Shoe Carnival, Inc. (NASDAQ:SCVL), and Hasbro, Inc. (NASDAQ:HAS) 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.
Teva's drug gets another indication
Shares of Teva Pharmaceutical Industries gained 2.5% in response to an expanded approval by the U.S. Food and Drug Administration. The maker of generic and brand-name pharmaceuticals announced approval for its drug Austedo to treat movement disorders associated with tardive dyskinesia, which augments an earlier approval for chorea associated with Huntington's disease. Both disorders are characterized by uncontrolled, often debilitating repetitive movements.
Chief Science Officer Michael Hayden focused on the flexible dosing regimen of the drug, stating, "We believe physicians treating tardive dyskinesia will appreciate the therapy's dosing flexibility and the ability to focus on directly treating the movement disorder and not disrupt the ongoing treatment for the underlying condition."
The additional indication will add an additional 500,000 patients to the pool of potential users of the drug, giving investors reason to bid the stock up today.
Shoe Carnival bucks the trend
Shoe Carnival stock exploded 27.9% higher before settling for a 22.4% gain after reporting better-than-expected second-quarter earnings. Net sales of $235.1 million increased 1.4% from the year-ago period, bolstered by a comparable-store sales increase of 0.4%. Earnings per share of $0.24 were 9.1% higher than the prior-year quarter and 20% higher than analysts' consensus estimate.
President and CEO Cliff Sifford pointed to improved sales and cost-cutting measures: "We are pleased with the quarterly improvement in our sales trend, particularly given this year's later back-to-school dates in certain markets, which shifted sales from July into August. Our quarterly earnings were driven by the increase in sales along with our ability to efficiently manage our expenses."
Investors cheered the quarter, as it was in stark contrast to recent disastrous results exhibited by other shoe retailers.
Hasbro uses the Force
Finally, shares of Hasbro gained 3.1% in advance of the toymaker's participation in "Force Friday II," the highly anticipated roll-out buying event that will hit retailers Sept. 1. Walt Disney's Star Wars-themed affair comes in advance of Star Wars: The Last Jedi, which will debut in theaters in December.
The sequel to the highly successful 2015 celebration will include midnight shopping at retailers worldwide and a "mass unveiling" of products related to the hit franchise. Hasbro has produced an extensive line of toys for the iconic movie, including action figures, vehicles, and wearable tech.
Samantha Lomow, senior vice president at Hasbro, said, "Toys and authentic storytelling are a crucial part of the Star Wars universe, and we can't wait to provide this for our fan community when we launch our most innovative Star Wars toy line yet. It's incredible that we've been a part of the Star Wars legacy for 40 years, and we're so proud to continue this legacy with Star Wars: The Last Jedi toys being unveiled on Force Friday II."
Investors clearly hope the event will produce the same level of excitement and success as its predecessor.