Tuesday was an exciting day for the stock market, to say the least. Why? Because it was able to rise sensibly to recover from losses experienced during the past two trading sessions. Key benchmarks were up half a percent, Dow Jones Industrials ($DJI) and S&P 500 (INDEXSP:$.INX) reached record highs, and surprisingly, there were a number of stocks who did even better. On Tuesday, the top stocks of the day were Tesla (NASDAQ:$TSLA), Omeros (NASDAQ:$OMER), and Hertz Global Holdings (NYSE:$HTZ). Keep reading for a brief overview on why these 3 stocks did as well as they did.
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Tesla Inc.
Acclaimed billionaire investor, Ron Baron, gave Tesla a long-term bullish outlook which resulted in Tesla’s shares jumping nearly 5%. Baron believes that Tesla’s shares will soar above the $1,000 mark by the year 2020. If this were to happen, this would be almost triple its current share price ($370) in a three-year time period. Additionally, Baron noted that car production volume should be increasing over the next few years, especially with the plans for Model 3 to be released to the public in the summer. Keep in mind that Tesla has spared a number of opinions from both bullish investors and bearish investors, and shareholders will endure a bumpy ride ahead even if Tesla’s long-term success prevails in the end.
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Omeros.
The Seattle-based company’s stock increased 14.5% following the release of positive news from the FDA. According to Omeros, their OMS721 monoclonal antibody has been approved for therapy designation from the FDA for the treatment of immunoglobulin A nephropathy. This decision was made based on phase 2 clinical trial data which evaluated the drug for treatment of immunoglobulin A nephropathy and other kidney diseases. According to the data, there were vital reductions in albumin-to-creatinine ratios and protein levels in urine after 12 weeks of treatment.
All in all, this breakthrough therapy designation will allow Omeros to accelerate the development and review of OMS721, and that in itself could allow Omeros to have an increase in growth.
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Hertz Global Holdings.
Hertz Global Holdings is an American car rental company headquartered in Florida, and their shares increased 8% on Tuesday. Where did this increase come from? Well, most of it came from the revision of used car sales data that stemmed from the National Automobile Dealers Association. The NADA had originally stated that the main price index for used cars dropped more than 10% last month. In the revised version of the data, the extent of the decline was changed to 7.6%. Of course, this is still far from perfect, but the reduction (as tiny as it may be) did help Hertz Global Holdings. With that said, despite the gains, the Florida-based company has lost roughly half of its value since March. As a result, Hertz Global Holdings will have to deal with short-term challenges in the used-car sector while overcoming long-term threats that trends (ie: ride-sharing or apps like Uber) will affect their car rental business.
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