The U.S. stock market experienced a mixed day on Tuesday, with the Dow Jones index closing down by around 100 points. However, amidst the general market fluctuations, several companies stood out with impressive performance, particularly those in the agriculture and biotech sectors.
Calavo Growers, Inc. (CVGW) led the charge, reporting stronger-than-expected results for its third quarter. The company announced earnings of 57 cents per share, exceeding the analyst consensus estimate of 43 cents by a significant 32.56%. Furthermore, Calavo Growers reported quarterly sales of $179.6 million, surpassing the analyst consensus estimate of $178.54 million. In a move that further boosted investor sentiment, the company increased its cash dividend by 10 cents per share to 20 cents per share, payable on October 30, 2024, to shareholders of record on October 2, 2024. The positive news sent Calavo Growers shares soaring by 12.5% to $26.76 on Tuesday.
Calavo Growers wasn’t the only company to celebrate strong earnings. Mission Produce, Inc. (AVO) saw its shares jump by 17.1% to $12.52 after the company also reported better-than-expected third-quarter financial results. Avid Bioservices, Inc. (CDMO) shares followed suit, gaining 15.8% to $10.37, fueled by a narrower-than-expected quarterly loss.
Technology giant Oracle Corporation (ORCL) also witnessed a substantial increase, with its shares climbing by 12.5% to $157.33, driven by upbeat quarterly earnings. Centessa Pharmaceuticals plc (CNTA) experienced a gain of 12.3% to $16.77 after announcing interim data from an ongoing Phase 1 trial of ORX750 in acutely sleep-deprived healthy volunteers.
Other companies experiencing significant gains on Tuesday included Boot Barn Holdings, Inc. (BOOT), which saw its stock rise by 12.1% to $156.48 after BTIG raised its price target on the stock from $150 to $165. Terns Pharmaceuticals, Inc. (TERN) gained 11.8% to $10.14 following the announcement of a proposed $125 million public offering. Viridian Therapeutics, Inc. (VRDN) jumped by 10.8% to $15.72 after reporting topline data from the THRIVE phase 3 clinical trial of VRDN-001 in patients with active thyroid eye disease.
InMode Ltd. (INMD) climbed by 10.7% to $17.19 after announcing a share repurchase program of up to 7.68 million shares. Kornit Digital Ltd. (KRNT) rose by 8.8% to $19.83, driven by its board authorizing a $100 million share repurchase program.
The day’s positive sentiment extended beyond the biotech and agriculture sectors. Highest Performances Holdings Inc. (HPH) jumped by 8.4% to $1.55, while Li Auto Inc. (LI) saw its shares rise by 5.5% to $19.92. Wingstop Inc. (WING) gained 5.3% to $384.32. Notably, Tesla, Inc. (TSLA) shares experienced a 4% increase to $224.82, fueled by positive news from China. According to CnEVPost, vehicle insurance registration data for Tesla vehicles in China showed a robust 16,200 units for the week ended September 8, marking a significant increase compared to the previous week’s 14,400 units and representing the strongest growth since the 17,500 units reported in the third week of June.
