Why these 4 ASX shares are storming higher today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to bounce back strongly from yesterday’s decline and is up 0.4% to 6,121.9 points in afternoon trade.

Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:

The Domino’s Pizza Enterprises Ltd. (ASX: DMP) share price is up 5% to $44.70 despite there being no news out of the pizza chain operator. But with just six weeks to go until the end of its financial year, investors may believe that no profit warning release means that the company is on track to meet its full-year guidance. I like Domino’s and think it is well worth a closer look.

The Gtn Ltd (ASX: GTN) share price has risen 4.5% to $2.20 after the advertising platform provider announced that major shareholder GTCR Gridlock II has sold 20 million shares to institutional and sophisticated investors through Macquarie Capital. GTCR Gridlock II still holds 89 million or 39.6% of the company’s shares. The block trade was made at a price of $2.00, just one cent lower than the last close price.

The InvoCare Limited (ASX: IVC) share price has climbed over 4% to $12.36 after the release of a positive broker note out of Citi. According to the note, its analysts have upgraded the funerals company to a buy rating from sell with an improved price target of $14.00. Citi appears to believe that the company’s Protect and Growth strategy can deliver on its goals.

The Myer Holdings Ltd (ASX: MYR) share price has jumped almost 15% to 43 cents after the release of a better than expected quarterly sales update. Myer reported a 2.7% drop in total sales to $635.3 million for the 13 weeks to 28 April 2018, with online sales surging 49.4% to $35.9 million. A note out of Citi yesterday had predicted a decline in quarterly sales of almost 5%.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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