The U.S. stock market experienced a mixed day on Friday, with the Nasdaq Composite index gaining momentum and closing approximately 100 points higher. This upward trend was largely driven by the strong performance of Booz Allen Hamilton Holding Corporation (BAH), which saw its shares climb significantly following the release of its impressive quarterly earnings report.
Booz Allen Hamilton reported adjusted earnings per share (EPS) of $1.81 for its fiscal second quarter, surpassing analysts’ expectations of $1.49. The company also exceeded revenue estimates, reporting $3.15 billion in sales, representing an 18% year-over-year increase compared to the anticipated $2.97 billion.
Adding to the positive news, Booz Allen Hamilton’s backlog grew by 17.7%, reaching $41.3 billion, while its quarterly book-to-bill ratio stood at an impressive 2.61x. This strong performance resulted in a 10% surge in the company’s share price, reaching $183.21 on Friday.
Beyond Booz Allen Hamilton’s stellar performance, several other stocks experienced notable gains during Friday’s trading session.
ImmunityBio, Inc. (IBRX) saw its shares jump a remarkable 49.6% to $6.30 after announcing the commencement of its Phase 1 clinical study for CAR-NK cell therapy in treating relapsed B-Cell Non-Hodgkin Lymphoma.
Fitell Corporation (FTEL) also saw significant growth, with its stock gaining 32.4% to $29.50. Newell Brands Inc. (NWL) experienced a 22.8% rise in its share price, reaching $8.81, following the release of its third-quarter financial results and an upward revision to its 2024 guidance.
ZEEKR Intelligent Technology Holding Limited (ZK) saw its stock climb 21.5% to $28.08. Tapestry, Inc. (TPR) gained 13.3% to $50.37 despite a reported legal setback regarding its proposed acquisition of Capri. The company issued a statement expressing its intention to appeal the judge’s decision blocking the acquisition.
Sangamo Therapeutics, Inc. (SGMO) saw a 11.7% rise in its stock price, closing at $1.6650. Trump Media & Technology Group Corp. (DJT) also experienced a positive session, with its shares gaining 11.2% to $38.85.
AppFolio, Inc. (APPF) saw a 10.4% increase in its stock price to $211.98, driven by the company’s better-than-expected quarterly financial results and an upward revision to its FY24 revenue guidance. Piper Sandler maintained an Overweight rating on AppFolio’s stock.
Deckers Outdoor Corporation (DECK) saw a 10.2% gain in its stock price, reaching $167.53, fueled by the company’s strong second-quarter financial results. Digital Realty Trust, Inc. (DLR) also experienced a 10.2% increase in its stock price, reaching $182.01, on the back of better-than-expected third-quarter FFO results and an upward revision to its FY24 FFO guidance.
Saia, Inc. (SAIA) saw a 9.2% rise in its stock price to $452.58, driven by strong quarterly sales. Boyd Gaming Corporation (BYD) experienced a 6.7% surge in its stock price to $68.60 following the release of better-than-expected quarterly financial results.