The stock market was mixed on Monday, as certain major benchmarks were weak while others climbed higher. Technology once again was a strong contributor to upward stock moves, and the Nasdaq Composite reached another record high. Yet fears about the impact of tariffs on companies that depend on exports sent the Dow Jones Industrial Average down sharply. Amid the turbulence, some companies had very good days. Tesla (NASDAQ:TSLA), Oclaro (NASDAQ:OCLR), and Alnylam Pharmaceuticals (NASDAQ:ALNY) were among the best performers. Here’s why they did so well.
Tesla drives ahead
Shares of Tesla rose almost 6% in the wake of reports that the company made favorable changes to its production process. The electric-car maker said that it suspended production of its mass market Model 3 vehicles for a week during the month of February, purposely accepting a pause on manufacturing in order to make the process more efficient for the future. The company said that such suspensions are designed “to improve automation and systematically address bottlenecks in order to increase production rates.” With demand so high for Tesla vehicles, any move that leads to accelerated production is a positive in investors’ eyes.
Oclaro gets clear interest
Oclaro stock jumped more than 27% after the optical components manufacturer received a buyout bid from industry peer Lumentum Holdings (NASDAQ:LITE). Under the terms of the $1.8 billion deal, Oclaro shareholders will receive $5.60 per share in cash plus 0.0636 shares of Lumentum in exchange for their stock, worth a total of $9.99 per share. Oclaro CEO Greg Dougherty said that the combination should produce “an even stronger player in fiber optic components and modules for high-speed communications” and make it “a market leader in 3D sensing.” Investors on both sides of the transaction were happy, as Lumentum stock also gained ground following the announcement.
Alnylam goes it alone for FDA approval
Finally, shares of Alnylam Pharmaceuticals picked up 7%. The biotech said Monday morning that partner Sanofi Genzyme, which is the specialty care global business unit for Sanofi, had chosen not to opt in for the further development and commercialization of its lumasiran treatment for a rare condition known as primary hyperoxaluria. Alnylam also said that the U.S. Food and Drug Administration has granted breakthrough therapy designation to lumasiran, opening the door to an expedited process for eventual approval. Analysts following the stock saw the decision as positive, and Alnylam will be able to reap the rewards of any future success lumasiran is able to achieve in the future.