The stock market saw considerable volatility on Wednesday, dropping early in the session and ending up with losses following a brief afternoon rally. Investors were initially pleased with the Federal Reserve's decision to keep interest rates steady, but later, they seemed to grow nervous about the implications of the decision with respect to the health of the economy. Some stocks saw strong performance on good news. Chesapeake Energy (CHKA.Q), Nutanix (NTNX 2.38%), and Nevro (NVRO -0.26%) were among the top performers. Here's why they did so well.
Chesapeake likes higher oil prices
Shares of Chesapeake Energy gained 3% in the wake of strong performance in the energy markets. Crude oil prices climbed more than $1 barrel to finish above the $60 mark for the first time in four months, with market participants pointing to unexpected reductions in oil inventories. Chesapeake shares have nearly doubled since December, as investors have liked the company's move toward higher-margin production, and with the energy company having placed a substantial bet on oil's future with its recent strategic shifts, it's good news that the markets are cooperating with a crude recovery.
Nutanix gets back some momentum
Cloud software specialist Nutanix's stock rose more than 6% as shareholders focused on the company's investor day presentations. Investors had been concerned about Nutanix following its quarterly report three weeks ago, which suggested that growth could be slower going forward than most had expected from the cloud specialist. Yet with CEO Dheerej Pandey and his executive team setting out how the company looks to bounce back from some of its recent challenges, shareholders in Nutanix have new confidence that its long-term prospects remain favorable.
Nevro gets a new leader
Finally, shares of Nevro soared nearly 36%. The medical device company said that it had hired Keith Grossman to become its new CEO effective immediately. Grossman has a history in the industry, including having served as an executive at two other medical device companies that subsequently received buyout bids. In addition, two new independent directors came onto the Nevro board, including a representative from the private equity industry. It's evident that some shareholders believe Nevro is setting itself up to attract takeover interest, but only time will tell whether the company will succeed with any such efforts.