Stocks started the week on a positive note Monday as several major benchmarks pushed further into record territory. The Dow Jones Industrials continued their march toward 23,000, and investors seemed to feel that the beginning of third-quarter earnings season has gone well thus far. Rhetoric from the White House connected to potential healthcare reform rattled the markets briefly during the day, but favorable sentiment quickly re-established itself. Good news from several companies also helped improve the mood. Rite Aid (NYSE:RAD), Hudbay Minerals (NYSE:HBM), and NovoCure (NASDAQ:NVCR) 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.
Rite Aid keeps bouncing back
Shares of Rite Aid rose 7%, adding to its rebound from Friday that pulled the stock up from levels not seen since early 2013. The drugstore chain has lost nearly 80% of its value since early this year, due to a succession of changes to its planned transaction with Walgreens Boots Alliance (NASDAQ:WBA). The latest iteration of the deal involves a sale of only some of Rite Aid's stores, and investors fear that the remaining company will struggle to find ways to compete against its bigger rivals in the space. With major executives now leaving the company, Rite Aid will have to fight harder than ever in order to reassure shareholders that it can recover fully.
Hudbay Minerals shines brighter
Hudbay Minerals stock gained 5% as investors continued to hold a positive outlook on the mining company. Hudbay has rebounded gradually since it announced a secondary offering of stock last month, selling 24 million shares. Prospects for gold and silver seemed weaker today, with gold falling back below the $1,300-per-ounce mark. Yet copper is a more important product for Hudbay, and it climbed to new heights above $3.20 per pound. If the economic recovery continues to gain traction, then it should be a positive influence on Hudbay's earnings, especially given the fact that it has enough cash on hand to handle difficult situations when they arise.
NovoCure fights against cancer
Finally, shares of NovoCure climbed 8%. The cancer-fighting treatment specialist said that it will present several different data presentations at an industry conference in Japan on lung cancer, with topics including advanced non-small cell lung cancer, the design of the company's clinical trials, and the application of the company's Tumor Treating Fields in the areas of immunology and immunotherapy. After giving many patients new hope in fighting difficult diseases, NovoCure hopes that investors will also have hope that the stock can keep climbing and reach its full potential.