The stock market kicked off the trading week brimming with optimism after the US and China announced a tariff truce on each other’s goods.
The tech-heavy Nasdaq booked the largest gains among the three major indices, rallying 4.85 percent. The S&P 500 followed with a 3.26-percent increase, and the Dow Jones, with 2.81 percent.
Over the weekend, the US and China reached a 90-day deal to lower tariffs on each other’s imports. US taxes on Chinese imports will drop to 30 percent from 145 percent previously, while China’s tariffs on US imports will drop to 10 percent from 125 percent earlier.
Beyond the major indices, 10 companies finished the week stronger, booking double-digit gains during the day. In this article, we name Monday’s 10 top performers and detail the reasons behind their strong performance.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A caricature of stock investors cheering Chinese President Xi Jinping and US President Donald Trump’s successful trade talks that resulted in a 90-day tariff truce between the two countries.
10. Shopify Inc. (NASDAQ:SHOP)
Shopify Inc. saw its share prices jump as high as 15.85 percent at intra-day trading on Monday before ending the day just up by 13.70 percent at $104.34 apiece, as investors cheered news of its inclusion in the Nasdaq 100.
Last week, Nasdaq announced that Shopify Inc. (NASDAQ:SHOP) will replace software company MongoDB Inc. on the Nasdaq 100 beginning May 19. The announcement followed the release of a strong earnings performance in the first quarter of the year.
During the period, Shopify Inc. (NASDAQ:SHOP) said net income, excluding the impact of equity investments, increased by 56 percent to $226 million from $144 million in the same period last year, as revenues rose by 26.8 percent to $2.36 billion from $1.86 billion year-on-year.
Shopify Inc. (NASDAQ:SHOP) said that the strong figures marked its eighth consecutive quarter of pro forma revenue growth and seventh straight quarter of GMV growth.
“We built Shopify for times like these. We handle the complexity so merchants can focus on their customers. We ship products faster than anyone else, giving merchants the edge they need to succeed,” said President Harley Finkelstein.
9. ImmunityBio, Inc. (NASDAQ:IBRX)
Shares of ImmunityBio Inc. grew as much as 18.8 percent at intraday trading before ending the day just up by 14.01 percent at $2.36 apiece as investor sentiment was fueled by its impressive earnings performance in the first three months of the year.
In its earnings release, ImmunityBio, Inc. (NASDAQ:IBRX) said it narrowed its net loss attributable to stockholders by 3.3 percent to $129.6 million from the $134.1 million registered in the same period last year, as revenues skyrocketed by 41,192 percent to $16.5 million from only $40,000 in the same period last year.
The higher revenues were driven by the strong performance of its Anktiva, an immunotherapy treatment for non-muscle invasive bladder cancer (NMIBC).
According to the company, it continues to experience steady growth as urologists increase their use of the said treatment.
“Nearly 200 urological practices are in early stages of implementation or have already begun administering rBCG to patients, many of them in rural areas where patients otherwise would not have access to this treatment. This not only lets us help more patients, it opens a new marketplace for ImmunityBio’s therapies,” said ImmunityBio, Inc. (NASDAQ:IBRX) President and CEO Richard Adcock.
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