The stock market posted modest gains on Monday, seeking to power back toward its recent record-high levels. Global macroeconomic and geopolitical issues remain in play on Wall Street, but investors don't seem to have a good sense of which way they're likely to push stocks once they start to get resolved. Market participants largely focused on individual companies, some of which saw strong gains for their shares. Luckin Coffee (NASDAQ:LK), Beyond Meat (NASDAQ:BYND), and Achillion Pharmaceuticals (NASDAQ:ACHN) were among the top performers. Here's why they did so well.
Luckin heads abroad
Shares of Luckin Coffee climbed 8% after the Chinese coffee specialist announced plans to expand into nearby markets. The company said Monday that it will set up a joint venture with Kuwait Food Company Americana, with the intent of launching a new retail coffee business in the greater Middle East region and India. Americana is a leading food product company in the Middle East, with half a century of restaurant operational expertise, and Luckin hopes to capitalize on its experience in the region as it looks to grow its geographical footprint. With coffee competition starting to build up in its home market, Luckin is smart to look to take advantage of its growing brand awareness by planting roots across the globe.
Beyond Meat gets more hype
Alternative protein producer Beyond Meat saw its stock climb 10%, flirting with another record high after the company got a favorable mention in Barron's over the weekend. Beyond Meat is set to report its first quarterly earnings results as a publicly traded company next week, and some stock analysts believe that the report might prove to be the catalyst for yet another move higher for its share price. Despite the growth-producing moves that the company has made lately, Beyond Meat's stock volatility stems largely from the limited supply of shares it put on the market in its IPO. Until secondary stock offerings make it easier for people to invest, shareholders can expect big moves in both directions for the foreseeable future.
Achillion sees good results
Finally, shares of Achillion Pharmaceuticals jumped over 16%. The biopharmaceutical company said that a phase 1 trial of its ACH-5228 treatment produced positive results, with healthy volunteers seeing inhibition of their alternative pathway system. Achillion is looking to help patients suffering from complement-mediated diseases, which attack a portion of their immune systems. The company aims to follow up with phase 2 trials for a variety of potential indications related to hematology, neurology, ophthalmology, and nephrology -- and shareholders hope that this is the first step toward bringing in a blockbuster for the biopharma.