It was a rather ho-hum start to the week on Monday. Markets were essentially flat, with the S&P 500 up a tick and the Nasdaq down a tick. But it was a big day for a few high-profile stocks.
In order of market cap, they were:
- Bristol-Myers Squibb (NYSE: BMY): Shares of the large-cap drugmaker shot up 6.7% on Monday on positive results from a new cancer drug. A study found that 42% of lung cancer patients treated with the company’s new drug nivolumab were alive after one year. At $52, Bristol-Myers shares closed at an all-time high.
- Burger King (NYSE: BKW): Promising third-quarter earnings gave the fast-food chain a 5.8% boost. Overseas growth spurred better-than-expected sales, netting a profit that was 32% higher than the same quarter a year ago.
- J.C. Penney (NYSE: JCP): Remember this seemingly down-and-out retailer? The company has been in a tailspin the last two years, with the stock falling 80% entering the day. Today was a rare good day for JCP, however. The stock rose almost 9% after CEO Mike Ullman predicted positive same-store sales in the third quarter. We’ll know for sure on Nov. 19, when the company reports earnings.