The stock market managed to score solid gains on Friday, with major benchmarks finishing up more than 1%. Worries that have surrounded the market throughout the week about possible interest rate increases from the Federal Reserve seemed to dissipate as 10-year Treasury yields fell back below the 2.9% mark. Meanwhile, hope for economic expansion led by lower tax rates helped improve the mood among investors. Good news from key companies also fed positive sentiment, and Nordstrom (JWN -3.77%), The Trade Desk (TTD -2.68%), and Planet Fitness (PLNT 0.26%) 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.
Game on (again) for Nordstrom?
Shares of Nordstrom picked up more than 6.5% as investors speculated that a long-discussed leveraged buyout of the retailer might finally happen. Talks about a potential buyout from the Nordstrom family, which already controls a substantial stake in the company, started last year, but they got put on hold during the holiday season. Now, though, a Reuters report suggests that the Nordstroms are once again looking for financing sources to help provide capital for a buyout. The company hasn't commented on any potential deal, but investors have wondered whether the members of the family, several of which still hold key leadership positions within the retailer, would want to follow through on their earlier efforts.
Trade Desk gets a big win
Trade Desk stock soared 24% after the programmatic advertising services specialist reported fourth-quarter financial results. The company posted a more-than-40% rise in sales, helping to push profits higher by 70% from year-ago levels. Trade Desk's guidance for 2018 also confirmed expectations for continued strong growth in key business metrics over the next year, albeit at slightly slower rates than in the past. With clients increasingly seeing the value of targeted digital advertising efforts, Trade Desk has great potential for the future.
Planet Fitness bulks up
Finally, shares of Planet Fitness gained 12%. The fitness center network reported a 15% rise in sales that helped lift adjusted net income by nearly 20% from year-earlier figures. Same-store sales surged 11.6% coming into the key beginning-of-year season for people making fitness-related resolutions, and Planet Fitness' guidance for 2018 showed its belief that it could cash in on those potential new customers. Combined with an expanded stock buyback authorization, Planet Fitness seems to be poised to keep picking up speed in the months to come.