Shares of STAAR Surgical Company (STAA 0.56%) are rising sharply on Tuesday, up by 10.8% as of 12:42 p.m. EST, after jumping by as much as 13.8% earlier in the day. However, there doesn't seem to be any company-specific catalysts for these gains. The implantable lenses manufacturer did not report any news that sent its stock price soaring, and the jump isn't attributable to bullish commentary from Wall Street analysts either. The most likely explanation for STAAR Surgical's good fortune today is that the broader market, particularly the tech-heavy Nasdaq Composite, seems to be rebounding after losing altitude in the past week (or so).
Lawmakers in the U.S. are getting closer to passing the next stimulus bill, which, among other things, will put much-needed cash in the hands of Americans and help spur economic activity. As a result of these developments, all three major U.S. market indexes are up today (as of this writing), and STAAR Surgical is simply riding that wave. But investors need not worry about daily fluctuations in the prices of securities. It is best to focus on a company's financial results and overall prospects.
On that front, STAAR Surgical is certainly worth a look. The company released its fourth-quarter 2020 earnings report on Feb. 24, and its net sales of roughly $46 million -- and adjusted earnings per share of $0.14 -- both came in above consensus analyst estimates. And while STAAR Surgical did not provide any guidance for the fiscal year 2021, the company's CEO, Caren Mason, expects strong year-over-year growth during the first half.
If STAAR Surgical can maintain the momentum it has been riding since the end of last year, its stock could see even better days ahead. In short, investors would do well to keep an eye on this healthcare stock.