Tuesday was a solid day on Wall Street, with important market benchmarks moving into positive territory after a sluggish start to the session. With the weakness of foreign markets during the long holiday weekend, investors feared that the negative sentiment would also spread in US trading. However, the optimistic results of some key companies have generally contributed to improving the atmosphere. Good news has also allowed individual titles to rise. Intercept Pharmaceuticals (NASDAQ: ICPT), PG & E (NYSE: PCG), and Superior Energy Services (NYSE: SPN) were among the most successful. Here's why they did so well.
Intercept Receives Good News on a Medicine for Liver Diseases
Intercept Pharmaceuticals shares rose 6% after the biotech company announced the latest results from a key clinical trial. The Intercept Phase 3 study on obetictic acid in patients with liver fibrosis due to nonalcoholic steatohepatitis (NASH) successfully met the primary criterion for fibrosis improvement. without aggravation thereof. Intercept said the drug had also helped resolve liver disease without aggravating fibrosis, but that the primary endpoint had not reached a statistically significant level. Nevertheless, the study only requested that one of the two assessment criteria be fulfilled and the company intends to seek approval for the Obstetric Acid in the United States and Europe during the second half of the year. year. This could both help liver patients and improve the commercial prospects of Intercept.
PG & E gets an upgrade
Utilities giant PG & E saw its shares rise by nearly 15% as a result of positive feedback from stock analysts. Citigroup analysts have gone from neutral to buying the title, which is unusual since PG & E is still under bankruptcy protection. Nevertheless, Citi believes that California utilities are likely to get help from state legislators, who are considering taking steps to reduce the ultimate liability of utility companies in the event of forest fires caused by power lines. If this happens quickly, this could pave the way for a full recovery of PG & E, and investors are betting on this favorable bailout, which should happen as soon as possible.
Superior Energy meets the changing conditions of the industry
Lastly, Superior Energy Services shares climbed 23%. The oilfield services company continued to face difficult conditions, but its adjusted net loss for the fourth quarter of 2018 was much smaller than it had been in the previous year. Revenues increased nearly 9% from the fourth quarter of 2017, and Chief Executive Officer David Dunlap emphasized the company's strategy that "large-scale shale development programs are an excellent opportunity. for Superior Energy in the years to come ". Despite the need to control short-term investment spending, more favorable developments in the energy markets suggest that Superior's building has taken off in recent quarters and is moving into the future. good direction.
Dan Caplinger has no position in the mentioned actions. The Motley Fool has no position in any of the actions mentioned. Motley Fool has a disclosure policy.