The major averages gained strength through Monday’s midday action, as investors waded back into the market following the declines that have marked most of January. Robinhood (NASDAQ:HOOD) represented one of the standout performers during the rebound, bouncing off a recent low on news that Cathie Wood has bought some of its shares.
Elsewhere in the market, Taysha Gene Therapies (NASDAQ:TSHA) posted a double-digit percentage gain, thanks to the release of new clinical data. Meanwhile, Bassett Furniture (NASDAQ:BSET) expanded its value by nearly a third following the release of earnings and a deal to sell one of its businesses.
Some stocks were left out of the rally. Walgreens (NASDAQ:WBA) edged lower on reports that it has begun the sales process for a U.K. subsidiary.
Gainers
Robinhood (HOOD) surged more than 11% in midday action, bouncing back from an all-time low of $9.94 reached late last week. The advance came on word that Cathie Wood’s ARK Investment acquired nearly 2.45M shares in the online financial trading platform.
Clinical data prompted a buying spree in shares of Taysha Gene Therapies (TSHA). The company reported statistically significant improvement in patient outcomes using its TSHA-120 product in giant axonal neuropathy, a rare inherited disease.
Sparked by the news, TSHA rose about 11% in intraday action.
Bassett Furniture (BSET) represented another massive gainer in midday trading, soaring almost 31% on earnings and news of a deal to sell one of its subsidiaries.
The company reported operating income that dipped from last year, despite a nearly 10% rise in revenue. Meanwhile, the firm agreed to sell its Zenith Freight Lines to a subsidiary of J.B. Hunt (NASDAQ:JBHT). The purchase price for the deal is $87M in cash.
Decliner
Walgreens (WBA) slipped about 2% on word that it has started the sales process for its U.K. Boots chain. Over the weekend, Bloomberg reported that the drug store chain had sent out preliminary information to possible bidders.
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