The stock market performed reasonably well in August with falling oil prices and some better than expected earnings results pushing the market indicators all positive for the month. The Dow gained 166 points or 1.5% and the Nasdaq gained 42 points or 1.8%.
Taking a closer look at some of the month’s top performers shows that airline stocks once again benefited from the falling price of oil. While some surprising names posted better than expected quarterly results and ended the month as the top internet stocks.
For the second consecutive month, US Airways (LCC) was the top performing airline stock with an impressive 68% jump in their share price. That increase following on the heels of last month’s astronomical 102% increase has made LCC’s investors who bought at the June low’s very happy.
United Airlines (UAUA) also followed up a strong July (59% increase) with a remarkable 34% increase in August. While Continental Airlines (CAL), Jet Blue (JBLU) and Alaska Air (ALK) all posted gains of over 15% for the month.
Two small cap stocks posted the top performances in the internet sector. eDiets.com (OTC:DIET) saw their shares gain over 53% in August after a completely dismal July performance (-43%). Coming in a close second, was the 42% gain by Answers Corp. (ANSW) as their shares steadily appreciated throughout the month.
Leading the second tier was Web MD’s (WBMD) 31% gain on better than expected quarterly results. Surprisingly, a tight economy actually helped Vista Print’s (VPRT) quarterly results, as it appears that more individuals were investing in stationary to start their own businesses. This led to a 29% appreciation in their share price. In addition, Internet Brands (INET), Overstock (OSTK), Move (MOVE), NetEase (NTES), zipRealty (ZIPR) and InfoSpace (INSP) all posted gains of over 20% for the month.
Disclosure: At the time this article was published, the author did not have a financial position in any of the stocks mentioned in this article.