Why Clovis Oncology, Gulfport Energy, and Hertz Global Holdings Slumped Today

The stock market saw a lot of indecision on Monday, as major benchmarks moved in different directions. The Nasdaq Composite was weaker than most of its peers, but the Dow Jones Industrials jumped to another record high and made investors start thinking about the rapidly approaching 22,000 milestone. In the absence of major news on the geopolitical or macroeconomic front, earnings played a key role in determining winners and losers, along with other company-specific news. Clovis Oncology (NASDAQ: CLVS), Gulfport Energy (NASDAQ: GPOR), and Hertz Global Holdings (NYSE: HTZ) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.

Shares of Clovis Oncology lost 13.5% after the company announced that it would work together with fellow drugmaker Bristol-Myers Squibb (NYSE: BMY). The two said that they've entered into a clinical collaboration agreement, under which they will look at combination treatments involving Bristol-Myers Squibb's Opdivo immunotherapy treatment and Clovis' Rubraca experimental treatment for advanced ovarian and breast cancer patients. Clovis CEO Patrick Mahaffy said that the combination will bring "the potential to create new treatment options for patients with multiple tumor types." Some believe that the deal helps Bristol-Myers more than it does Clovis, but others see the collaborative effort as potentially paying off for both parties. Even after the sell-off, Clovis is still up more than 40% just since mid-June.

Image source: Clovis Oncology.

Source: Fool.com