Major benchmarks extended last week's gains on Monday, with investors maintaining their focus on jobs growth rather than ongoing trade tensions as another corporate earnings season draws near.
But several individual companies enjoyed much greater gains than the broader market. Read on to learn why shares of Groupon (NASDAQ:GRPN), Boeing (NYSE:BA) and Pretium Resources (NYSE:PVG) each jumped today.
Groupon is looking for a buyer
Shares of Groupon jumped 10.8% after Recode reported over the weekend that the online daily deals site is searching for a buyer.
With the caveat that Groupon has "made it known for some time" it was open to considering a sale, Recode elaborated that Groupon and bankers representing the company have ramped their efforts by approaching several prospective acquirers over the past month.
Still, the tech news site cautioned that it's unclear whether Groupon has made any progress to that end, or why Groupon is pushing harder to sell itself now. But with the stock trading at less than $5 per share today -- or less than a quarter of its $20-per-share IPO price in late 2011 -- it will be interesting to see whether any tech giants come forward with an offer Groupon can't refuse.
Boeing's big deals
Boeing stock gained 2.2% following reports of two significant deals for the aerospace conglomerate.
First, according to three sources speaking to Reuters, Saudi Arabian Airlines is considering a potential purchase of Boeing 777X wide-body jets. It's unclear, however, how many of the aircraft would be acquired, though the news would confirm suggestions last year from the state-owned airline that it would be weighing whether to place such an order before the end of 2018.
Second, earlier today New Zealand Defence Minister Ron Mark announced the country's cabinet has approved the purchase of four Boeing P-8A Poseidon maritime patrol aircraft, as well as related simulator training systems, infrastructure, and service costs for approximately $1.6 billion. The new planes will replace New Zealand's six aging Lockheed P-3K2 Orion aircraft, which have been operated by New Zealand's Air Force since the 1960s, and will serve to bolster the country's maritime patrol and surveillance capabilities.
Pretium Resources sparkles
Finally, shares of Pretium Resources soared 14.6% in the wake of encouraging production results from its only operating mine, the Brucejack Mine in northern British Columbia. Pretium revealed that Brucejack has achieved steady-state production, with roughly 187,000 ounces of gold in the first half of the year -- near the high end of its previous guidance for a range of 150,000 to 200,000 ounces -- including 111,340 ounces in the second quarter alone.
"The successful integration of our grade control program into our mining process has resulted in increased grade to the mill with production exceeding grade control estimates for the quarter," added CEO Joseph Ovsenek.
Looking forward, Pretium will increase its focus on operational efficiency to reduce costs, and expects the mine to produce 200,000 to 220,000 ounces of gold in the second half of the year.