U.S. equities muddled through the final session of October amid sliding oil prices and rising Treasuries. Stocks finished out the month slight in the red, with the S&P 500 inching marginally lower, the Dow Jones Industrial Average finishing off 0.1% and the Nasdaq Composite slipping 0.02%.
A look at Monday’s best performers shows a number of lesser-traveled names, including Brocade Communications Systems, Inc. (NASDAQ:BRCD), Davita Inc (NYSE:DVA) and Moneygram International Inc (NASDAQ:MGI).
Brocade Communications Systems, Inc. (BRCD)
BRCD shares surged almost 22% on more than six times the average daily volume after the communications networking provider reported that it’s looking to sell itself.
Citing sources close to the situation, a Bloomberg article called BRCD’s sale discussions “advanced.” The article did not identify possible suitors for Brocade beyond Broadcom Ltd (NASDAQ:AVGO), however.
BRCD had revenue of $2.3 billion last year.
DaVita Inc (DVA)
DVA, the provider of kidney care services, jumped 6.2% on more than double the usual turnover after the company announced positive news for its patients enrolled under the Affordable Care Act, aka Obamacare.
Effective immediately, DaVita is suspending “support for applications to the American Kidney Fund (“AKF”) for charitable premium assistance by patients enrolled in minimum essential Medicaid coverage who are seeking additional coverage on a 2017 ACA Plan,” the Denver-based company said in a statement.
The change affects 2,000 DVA patients or 1% of the company’s patients, according to the statement. Due to the fact that Medicaid reimburses at lower rates, DaVita’s operating income could fall by $140 million before offsets are taken into account.
Moneygram International Inc (MGI)
Shares of money transfer provider MGI advanced 5.9% on above-average volume after the company reported better-than-expected third-quarter results.
MGI earned 25 cents a share in the third quarter, beating the consensus estimate of 21 cents. Revenue rose 4% to $383.1 million. Fee revenue increased 3.4% to $378.5 million.
For 2016, MGI expects revenue growth of 7% to 9%.
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.
