It was another lethargic day on Wall Street as stocks moved between gains and losses, with the energy sector providing a drag on broader benchmarks. The S&P 500 was able to eke out a gain of 0.05% while the Dow Jones Industrial Average was slightly better, closing higher by 0.11%. The Nasdaq Composite closed slightly lower.
Gold and oil also finished with modest losses, although the dollar closed lower against several of its major rivals.
A spate of economic data reports are due out this week. If promising, that could give the Federal Reserve room to raise interest rates again, perhaps as soon as next month.
While the overall performance of U.S. stocks today was not that great, super drugs, a super upgrade and super heroes explain why Alder Biopharmaceuticals Inc (NASDAQ:ALDR), Finish Line Inc (NASDAQ:FINL) and Time Warner Inc (NYSE:TWX) are three of today’s best stocks.
Alder Biopharmaceuticals Inc (ALDR)
Shares of Alder Biopharmaceuticals climbed 49.6% on volume that was more than 20 times higher than the daily average after the company said its injection aimed at treating migraine headaches was successful in a mid-stage study. A late-stage trial for ALDR’s ALD403 migraine treatment could begin later this year.
ALDR’s migraine treatment aims to cut doses to four times per year while comparable treatments being worked on by rival pharmaceuticals makers require once-a-month dosing, reports Reuters.
ALDR CEO Randall Schatzman told Reuters that if testing goes according to plan, the company could be selling its migraine treatment in the U.S. by 2019.
Even with today’s surge, ALDR shares are down 22% year-to-date.
Finish Line Inc (FINL)
Athletic footwear and apparel retailer Finish Line saw its shares surge 12.2% on better than triple the average daily volume following an analyst price target upgrade. Jefferies upped its price target on FINL to $24 from $22 while maintaining a buy rating on the stock. That price target implies upside of over 12% from where FINL shares closed Monday.
Last week, Citigroup analysts sounded a bullish tone on FINL, but warned supply chain issues persist for the company.
FINL plans to close 150 stores over the next several years, which Jefferies notes will help bolster the company’s productivity.
Time Warner Inc (TWX)
Media conglomerate Time Warner turned in a heroic performance Monday, rising 3.6% on the success of the new “Batman v Superman: Dawn of Justice” movie, produced by TWX’s Warner Bros. unit. In its opening weekend, “Batman v Superman” grossed over $170 million at U.S. box offices and more than $424.1 million worldwide.
Despite being panned by critics and fans, “Batman v Superman” delivered to TWX one of the best opening weekends on record.
Although it performed slightly better at the box office than recent installments in the Batman franchise, TWX’s “Batman v Superman” earned a score of just 29% on film review site Rotten Tomatoes.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
