Why Citigroup Inc (C), Tata Motors Limited (ADR) (TTM) and Five Prime Therapeutics Inc (FPRX) Are 3 of Today’s Best Stocks

C, TTM, and FPRX were driving their stock prices higher today

U.S. markets were extending earlier gains today as traders shrugged off a miss on earnings and revenue by Goldman Sachs Group Inc (NYSE:GS), along with some soft economic data that could delay the Fed rate hikes until 2016.

stock market todayGoldman Sachs missed analysts’ expectations for EPS by a penny, and revenue of $6.86 billion was shy of the street’s view of $7.13 billion, but still the street sent GS shares higher to set today’s bullish tone.

In economic news, the Bureau of Labor Statistics said the Consumer Price Index (CPI) for September was down 0.2%, which was in line with expectations. In addition, the Labor Department reported that weekly jobless claims fell 7,000 to a seasonally adjusted 255,000, a 42-year low.

Also, the October Empire State business conditions reading came in at -11.36. A reading below zero indicates worsening conditions. However, in September the index was even worse at -14.67.

Nevertheless, the Dow Jones Industrial Average was up 1.3%, but the S&P 500 was 1.5% higher, and the Nasdaq gained 1.8%. Sectors were higher across the board, with healthcare, financials and utilities back on top after some recent tepid performance.

Along with Goldman Sachs, Citigroup Inc (NYSE:C) was also a market leader. Citi, along with Tata Motors Limited (ADR) (NYSE:TTM) and Five Prime Therapeutics Inc (NASDAQ:FPRX) made the list today’s best stocks.

Citigroup Inc (C)

C stock jumped more than 4% higher on strong volume of 30 million shares after beating analyst estimates on both EPS and revenue. The big bank has been cutting costs and straightening out its books in the wake of the 2008 financial crisis.

Citigroup reported third-quarter earnings of $1.35 per share on $18.7 billion revenue, beating analysts’ estimates of $1.28 per share on $18.54 billion. It was also higher than the 88 cents per share achieved in the year-ago Q3, although revenue came in lower than the $19.7 billion seen a year ago.

Tata Motors Limited (ADR) (TTM)

Investors drove TTM stock more than 7% higher today after the India-based company announced a 21% increase year-over-year to 97,102 vehicles for wholesale sales in September, including the Jaguar Land Rover. Furthermore, analysts are expecting that new Jaguar models, such as the Jaguar XE and Discovery Sport will boost more than 500,000 sales in the 12-month period ending March 2016.

This is a marked improvement over recent months, and TTM’s stock price — which had fallen from $40 per share to $22 over a four-and-a-half month period — reflected the jubilation.

It’s also worth noting that several hedge funds have been snapping up shares lately as the stock price has declined.

Five Prime Therapeutics Inc (FPRX)

Today’s biggest winner was Five Prime stock, blasting up 65% after it was announced they have agreed to an exclusive licensing and collaboration deal with Bristol-Myers Squibb Co (NYSE:BMY), in which they will collectively develop and market treatments for cancer.

Under the terms of the deal, Five Prime receives $350 million in cash upfront, and potential future development and milestone payments, which could eventually total $1.74 billion, for a drug called FPA008, which is still in Phase 1 development.

FPA008 is one of a new class of immunotherapy drugs that work by getting the body to fight the cancer with its own immune system.

FPRX had recently slid from $26 to $15, as biotech stocks pulled back, but today’s action put it right back above recent highs.

As of this writing, Ethan Roberts does not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/10/best-stocks-c-ttm-fprx/.

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