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TopGainers: AutoZone, Clovis, Restoration Hardware Sidestep Selloff

Investing.com – AutoZone, Clovis and Restoration Hardware rallied into the close Tuesday, bucking the sea of red that has swept

Investing.com – AutoZone, Clovis and Restoration Hardware rallied into the close Tuesday, bucking the sea of red that has swept across Wall Street.

Auto parts retailer AutoZone (NYSE:AZO) reported fiscal first-quarter earnings and comparable store sales that handily beat consensus estimates. Sales were roughly in line on improved gross margins, prompting bullish calls from Wall Street analysts. Its share rose more than 5%.

"Strong comp and margin performance keeps bull case narrative intact," JPMorgan said in a note to clients. "The {{fiscal first-quarter}} margin performance is gravy on top of the sales beat."

Clovis Oncology (NASDAQ:CLVS) soared 9% after the European Patent Office ruled that the company's ovarian cancer treatment, Rubraca, was both novel and inventive, removing the near-term intellectual property overhang.

The decision upheld "robust patent protection for Rubraca in Europe," said Patrick J. Mahaffy, president and CEO of Clovis Oncology.

Clovis also said in a press release that the commercial form of Rubraca is also entitled to European patent protection until at least 2028. That could be extended to 2029 should Clovis expand the ruse of Rubraca.

Luxury furniture maker RH (NYSE:RH) crushed third-quarter earnings and revenue, sending its shares more than 11% higher.

The furniture maker beat earnings estimates for the third-straight quarter as its move away from a promotional to a membership-based model continues to underpin performance.