The stock market ended the trading session in the red on Tuesday, with all major indices giving up earlier gains, as investors sold off positions while waiting for the results of the Federal Reserve’s policy decision, while digesting President Donald Trump’s new tariff policies.
Among all the major indices, the Dow Jones fell the heaviest, down 0.95 percent. The tech-heavy Nasdaq followed with a 0.87-percent decline, while the S&P 500 finished with a 0.77-percent drop.
Beyond the major indices, 10 firms stood out with strong gains amid a flurry of fresh developments, including new partnerships, optimistic outlooks, and impressive earnings performance. In this article, we name Tuesday’s 10 best-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
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10. New Gold Inc. (NYSEAMERICAN:NGD)
New Gold saw its share prices surge by 6.87 percent on Tuesday to close at $4.2 apiece as investors loaded positions following another round of rally in the prices of gold.
Considered a less risky asset during economic turmoil, gold continues to attract investor interest amid the ongoing trade tensions between the United States and China.
As of 4:57 PM ET on Tuesday, spot prices of gold were up by 2.94 percent at $3,432.19 per ounce.
In other news, investors continued to load up positions following New Gold Inc.’s (NYSEAMERICAN:NGD) impressive earnings performance in the first quarter of the year.
In its latest earnings, New Gold Inc. (NYSEAMERICAN:NGD) said net loss narrowed by 61.6 percent to $16.7 million from $43.5 million in the same period a year earlier.
Revenues, on the other hand, rose by 8.8 percent to $209.1 million from $192.1 million year-on-year due to higher metal prices and copper sales volume, partially offset by lower gold sales volume.
Consolidated gold production ended at 52,186 ounces in the first quarter, while copper production was at 13.6 million pounds.
First quarter gold production represented approximately 15 percent of the midpoint of annual consolidated production guidance of 325,000 to 365,000 ounces of gold, slightly ahead of the planned first quarter of 14 percent.
9. Neurocrine Biosciences, Inc. (NASDAQ:NBIX)
Neurocrine Biosciences extended its winning streak for a third day on Tuesday, adding 8.36 percent to finish at $118.92 apiece as optimistic outlooks from two investment firms buoyed investor sentiment.
On Tuesday, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) received a “buy” recommendation from Needham & Company alongside a price target of $139, higher than the $138 as projected previously. The new price marked a 16.9-percent upside from its latest closing price.
According to Needham, its rating adjustment reflected its positive outlook for Ingrezza, the biopharmaceutical firm’s flagship product for the treatment of tardive dyskinesia.
In its latest earnings release, Neurocrine Biosciences, Inc. (NASDAQ:NBIX) said that sales from Ingrezza exceeded expectations during the first quarter of the year, ending at $545 million versus the $525 million the company targeted earlier.
In another related development, BofA Securities also raised its price target to $183 from $179 previously and maintained its “buy” recommendation on the stock.
