Stocks finished mixed Wednesday, with tech stocks leading the retreat, after the Federal Reserve said it would keep interest rates low for some time,
Retail sales for August rose for the third month in a row. But they slowed as federal relief for unemployed Americans expired and activity at stores and restaurants moderated as business struggle to reopen.
Here are some of the top gainers Wednesday:
1. Arrowhead Pharmaceuticals | Percentage Increase Over 40%
Arrrowhead Pharmaceuticals (ARWR) was surging after the biotech reported positive clinical trial data on a drug to treat a rare genetic liver disease.
2. Eastman Kodak | Percentage Increase Over 36%
Eastman Kodak (KODK) shares jumped Wednesday after a law firm’s report concluded that the chemicals company mishandled an options grant to its chief executive, Jim Continenza, but didn’t break the law. The findings came from Akin Gump Strauss Hauer & Feld, which the company hired.
3. AMC Networks | Percentage Increase Over 21%
AMC Networks (AMCX) rose after the parent of AMC, Sundance, and IFC announced a management change and a tender offer to buy back $250 million of stock at a price between $22.50 and $26.50. The company said CFO Sean Sullivan was leaving in mid-October and Charles Dolan would move from the executive chairman role to chairman emeritus.
4. Cornerstone Building Brands | Percentage Increase Over 12%
Cornerstone Building Brands CNR was climbing after the building products maker was upgraded by Sidoti analyst Julio Romero to buy from neutral with a price target of $12, up from $10. Romero said the likely extended residential construction cycle and cost-saving steps will increase the company's ability to manage a multiyear debt paydown and showcase its earnings power.
5. Inovio Pharmaceuticals | Percentage Increase Over 35%
Inovio Pharmaceuticals (INO) has been rising following comments by CEO J. Joseph Kim, who said that a paper with detailed results of the Phase 1 study of coronavirus vaccine candidate INO-4800 is in peer review and should be published in the next several weeks. He also said the company expects Phase 2/3 testing to begin soon and is "very confident that we will be able to do this with external funding."