U.S. stock markets saw a positive session on Friday, with the Dow Jones Industrial Average closing higher despite an initial dip of around 300 points. The day’s standout performer was CAVA Group, Inc. (CAVA), whose shares experienced a significant surge following the release of its second-quarter financial results.
CAVA exceeded analysts’ expectations on both revenue and earnings. The company reported quarterly earnings of 17 cents per share, surpassing the consensus estimate of 12 cents by a substantial 41.67%. Revenue for the quarter reached $233.495 million, exceeding analysts’ forecasts by 7% and marking a 35.05% increase year-over-year. This impressive performance propelled CAVA Group’s stock price up by 17% to $119.37 on Friday.
Beyond CAVA, other notable gainers on the day included Graphjet Technology (GTI), whose shares jumped 18.8% to $3.1016. Arcutis Biotherapeutics, Inc. (ARQT) surged 18.3% to $9.84, and Lindblad Expeditions Holdings, Inc. (LIND) gained 17.2% to $10.40. Valhi, Inc. (VHI) also saw a significant increase, climbing 13.2% to $27.66.
In the technology sector, Bilibili Inc. (BILI) rose 12.5% to $14.57 after Barclays upgraded the stock from Equal-Weight to Overweight and raised its price target from $14 to $19. Workday, Inc. (WDAY) gained 10.6% to $255.66 as the company reported strong earnings for the second quarter. NexGen Energy Ltd. (NXE) rose 10.1% to $6.39. Roku, Inc. (ROKU) gained 9% to $67.35 following an upgrade from Guggenheim analyst Michael Morris, who raised the rating from Neutral to Buy.
Other notable gainers included BW LPG Limited (BWLP), which rose 7.5% to $16.73, Lumen Technologies, Inc. (LUMN), which climbed 7.3% to $6.48, and AST SpaceMobile, Inc. (ASTS), which rose 6.4% to $36.37. Powell Industries, Inc. (POWL) gained 6% to $188.75.
