It was a lethargic end to the week for stocks as disappointing earnings from some technology giants weighed on the broader market, making the S&P 500’s flat finish for the day seem almost impressive. The Dow Jones Industrial Average eked out a gain of 0.12%, but the Nasdaq Composite could not escape the tech wreck and slumped 0.8%.
Although it was not an inspiring end to the week for stocks, Comerica Incorporated (NYSE:CMA), Sarepta Therapeutics Inc (NASDAQ:SRPT) and SunTrust Banks, Inc. (NYSE:STI) stood tall, landing in the best stocks of the day club.
Comerica Incorporated (CMA)
Shares of regional bank Comerica rose about 3.6% on more than double the average daily volume following reports that some investors in the company are pushing CMA executives to sell the bank.
The Wall Street Journal reports at least one hedge fund and other investors are wanting Texas-based CMA to explore a sale of itself. Investors are generally disappointed with CMA’s recent results, which could make the bank ripe for activist intervention.
CMA’s Texas footprint could make the company attractive to potential suitors because the state is the second-largest population and one of the largest U.S. banking markets. A sale of CMA would be one of the largest financial services deals in the U.S. since the financial crisis, according to the Journal.
Sarepta Therapeutics Inc (SRPT)
A day after plunging more than 40%, embattled Sarepta Therapeutics erased a significant portion of that loss, rising 35.6% on more than eight times the average daily turnover on news the Food and Drug Administration is adding voting questions to a documents being used in an advisory panel scheduled for Monday.
On Thursday, SRPT shares plunged when the FDA voiced a negative view on SRPT’s Duchenne muscular dystrophy drug. Among other concerns, the FDA is concerned about possible over-exaggeration of data.
It is unlikely the FDA approves SRPT’s drug, eteplirsen, Monday, but that does not mean the treatment is dead in the water.
SunTrust Banks, Inc. (STI)
SunTrust Banks, the Atlanta-based regional bank, gained 5.2% on more than double the average daily volume after the company’s first-quarter results soundly topped estimates. STI said it earned 84 cents a share in the first quarter, beating the 76 cents a share analysts expected.
STI reported revenue of $2.06 billion, ahead of the $2.04 billion analysts expected. Shares of STI are up over 20% over the past 90 days.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
More From InvestorPlace
- 9 Best Cheap Stocks to Buy Now Under $9.99
- 7 Oil Stocks That Could Go Full Bull
- 7 ‘Recession-Proof’ Consumer Goods to Ring Up