(Bloomberg) -- Twitter Inc. is surging at a time when many other momentum stocks are languishing.
A 6 percent gain in shares of the social-media company on Wednesday pushed this month's gains to 17 percent. That's the best performance in the S&P 500 in December, easily topping NRG Energy Inc.'s 10 percent surge.
Twitter is trading at the highest levels since July, when the San Francisco-based company's forecast for user declines sent the shares tumbling. Twitter's efforts to purge fake accounts should lead to higher usage and make it more attractive to advertisers, Guggenheim analyst Michael Morris said last week when he initiated coverage with a buy rating.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Steven Fromm
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