Why Akamai Technologies, NuVasive, and MacroGenics Jumped Today
Wednesday was a down day for the market, with major benchmarks pulling back from their record closes earlier in the week. The Dow fell by triple digits on earnings-related weakness from one of its most influential components, and in general, market participants seem to feel as though heightened valuations across many different sectors are making it harder for fundamental results to keep up with share-price gains. Yet despite the hiccup in popular indexes, several stocks posted good enough news to send their shares higher. Akamai Technologies (NASDAQ: AKAM), NuVasive (NASDAQ: NUVA), and MacroGenics (NASDAQ: MGNX) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Akamai Technologies rose 4% after the company reported third-quarter financial results. The internet bandwidth efficiency specialist enjoyed revenue gains of 6% on strength in its cloud security solutions division. Akamai said that it did better internationally, with 18% sales gains compared to just a 1% move higher domestically. The core media delivery solutions business saw year-over-year declines on the top line, but Akamai nevertheless reported an acceleration in traffic growth within media. Akamai has raised some doubts with its past performance, so today's results were well-received.
Image source: Akamai Technologies.
Source: Fool.com