Perhaps displaying a case of nerves ahead of the first presidential debate between Democratic nominee Hillary Clinton and Republican nominee Donald Trump, investors sold equities Monday.
The S&P 500 tumbled 0.86%, while the Dow Jones Industrial Average shed 0.91%. The Nasdaq Composite finished lower by 0.9%.
Some stocks were able to shake off pre-debate jitters, including Array Biopharma Inc (NASDAQ:ARRY), Sally Beauty Holdings, Inc. (NYSE:SBH) and Twitter Inc (NYSE:TWTR).
Array Biopharma Inc (ARRY)
Shares of Array Biopharma surged 81.1% on more than 45 times the average daily volume after the biotechnology company said its therapy to treat certain forms of skin cancer performed well in a late-stage trial.
The ARRY trial combined two drugs and is aimed at treating forms of skin cancer that have spread to other parts of the body and that can’t be treated with traditional surgery.
Piper Jaffray boosted its price target on ARRY to $10 from $7, while reiterating an “outperform” rating on the stock. That price target implies significant upside from where Array closed Monday.
Sally Beauty Holdings, Inc. (SBH)
Sally Beauty Holdings, a specialty retailer and distributor of professional beauty supplies, spiked 4.5% on more than triple the usual turnover on news the stock will be added to a widely followed mid-cap index.
At the close of U.S. markets Tuesday, shares of SBH will be added to the S&P MidCap 400 Index, one of the most widely followed mid-cap benchmarks, according to a statement.
Texas-based SBH will also be added to the Specialty Stores Sub-Industry index, according to the statement.
Twitter Inc (TWTR)
Shares of Twitter Inc jumped 3.2% on more than double the average daily volume, as buyout speculation surrounding the social media company intensified.
Earlier Monday, Bloomberg reported that Walt Disney Co (NYSE:DIS), a member of the Dow Jones Industrial Average, is working with a financial advisor to potentially make a bid for TWTR.
Later in Monday’s session, it was reported that Microsoft Corporation (NASDAQ:MSFT), also a Dow member, could also be a suitor for TWTR.
Monday’s TWTR rumors come on the heels of related speculation out last week that Salesforce.com, Inc. (NYSE:CRM) and Alphabet Inc (NASDAQ:GOOG, GOOGL), the parent of Google, could also be interested in acquiring Jack Dorsey’s company.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
