Major benchmarks rose modestly on Tuesday, with market participants remaining optimistic as the Thanksgiving-shortened week continued. Despite a drop in consumer confidence and declining new home sales in the U.S., enthusiasm about a possible trade deal with China took center stage once again. Several individual stocks saw sharp moves higher. Nutanix (NASDAQ:NTNX), Dick's Sporting Goods (NYSE:DKS), and ChemoCentryx (NASDAQ:CCXI) were among the top performers. Here's why they did so well.
Nutanix climbs in the cloud
Shares of Nutanix soared over 16% after the enterprise cloud computing specialist gave upbeat results in its fiscal first-quarter financial report. Revenue rose at a modest rate of less than 1%, but that reflected Nutanix's strategic decision to shift away from one-time sales of networking components toward software that generates recurring revenue. Subscription-based revenue jumped 72% year over year, and the company closed 66 deals worth $1 million or more. With almost 15,000 customers and plans to keep enhancing its platform, Nutanix has a lot of potential growth ahead of it.
Dick's plays to win
Dick's Sporting Goods saw its stock climb 19% following a favorable outlook from the retailer. Same-store sales jumped 6% in the third quarter, as both traffic and average purchases per transaction rose. Dick's also said that it now expects better earnings for the full year, boosting its previous guidance by roughly 5%. CEO Edward Stack said that he's enthusiastic about Dick's prospects for the holiday season, and with the help of e-commerce expansion, new store openings, and smart inventory management, the sporting goods retail giant seems to be on track to overcome potential adversity and do well in the near future.
A triple for ChemoCentryx
Finally, shares of ChemoCentryx skyrocketed 281%. The biopharmaceutical company said that a phase 3 trial of candidate vasculitis treatment avacopan achieved both of its primary endpoints, including clinical remission at key points in time and superiority over the standard of care. Avacopan also demonstrated reduced toxicity, improved kidney function, and better indicators of quality of life. With real advantages over what's been available in the past, avacopan could be a game-changer, and shareholders hope that ChemoCentryx will eventually reap the rewards.