Why Snap, Seattle Genetics, and Pretium Resources Jumped Today

Wednesday was a generally good day for investors on Wall Street, featuring a gentle rise of about 0.15% to 0.25% for major benchmarks like the Dow and the S&P 500. The White House continued to make its case for the tax reform proposal it has put before lawmakers, and the release of the latest minutes from the Federal Reserve's meeting last month also hinted that the central bank wants to be careful not to tighten monetary policy too quickly. In addition to the generally positive mood among investors, some individual stocks had encouraging news that lifted their shares higher. Snap (NYSE: SNAP), Seattle Genetics (NASDAQ: SGEN), and Pretium Resources (NYSE: PVG) 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 Snap climbed 11.5% as analysts looked favorably at the social media company's latest efforts to try to make itself more relevant in a crowded competitive space. Analysts at Credit Suisse raised their price target on Snap stock from $17 to $20 per share, arguing that the company's attempts to offer an easier way for advertisers to adapt their promotional materials to a vertically oriented screen format could help give Snap an edge over other mobile-oriented advertisers. Although a new strategy could cost Snap in the short run, it promises positive long-term network effects if it succeeds in drawing a wider customer base. Even after today's gains, Snap is still below its IPO price, but shareholders are getting more optimistic about its future.

Snap Spectacles. Image source: Snap.

Source: Fool.com