The Nasdaq Composite experienced a robust surge on Thursday, gaining approximately 100 points, fueled by a wave of positive earnings reports from various companies.
UPS Delivers Strong Results
Shares of United Parcel Service, Inc. (UPS) climbed during Thursday’s trading session after the company exceeded expectations for both earnings per share (EPS) and sales in its latest quarterly report. UPS reported a 5.6% year-over-year increase in consolidated revenue, reaching $22.2 billion, surpassing analysts’ estimates of $22.14 billion. Adjusted EPS came in at $1.76, representing a 12.1% year-over-year jump, exceeding the consensus forecast of $1.63. The positive results propelled UPS shares up by 5% to $137.93 on Thursday.
Other Notable Gainers
Several other companies saw significant gains in their share prices on Thursday, driven by strong financial performance:
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QuantumScape Corporation (QS):
Shares skyrocketed 31.6% to $6.82 after the company announced that it has initiated production of its first B-sample cells in low volumes and commenced shipping these cells for testing by automotive customers.*
Molina Healthcare, Inc. (MOH):
The company’s stock surged 22.8% to $337.89 following the release of better-than-expected financial results for the third quarter.*
West Pharmaceutical Services, Inc. (WST):
Shares climbed 20.7% to $345.82 as the company reported strong third-quarter financial results and raised its FY24 guidance above analyst estimates. Furthermore, the company announced an increase in its fourth-quarter dividend.*
Viking Therapeutics, Inc. (VKTX):
The company’s stock gained 18.7% to $71.65 after releasing better-than-expected third-quarter EPS results.*
LendingClub Corporation (LC):
Shares rose 17.7% to $14.67 following the release of better-than-expected third-quarter financial results.*
American Coastal Insurance Corporation (ACIC):
The company’s stock surged 16.8% to $12.09 after providing updates on hurricane loss amounts and announcing its expectation of a positive net income for the third quarter.*
Tesla, Inc. (TSLA):
Tesla shares jumped 16.5% to $248.93 following the release of better-than-expected quarterly earnings.*
Celestica Inc. (CLS):
Shares climbed 15.6% to $66.48 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance exceeding estimates.*
Zai Lab Limited (ZLAB):
The company’s stock gained 15.2% to $33.33 after presenting data from its ongoing Phase 1a/1b study of ZL-1310 for previously treated extensive-stage small cell lung cancer at the EORTC-NCI-AACR Symposium 2024.*
Pegasystems Inc. (PEGA):
Shares rose 14.2% to $79.66.*
AST SpaceMobile, Inc. (ASTS):
The company’s stock surged 13.2% to $29.72 after announcing that it secured a contract with the Space Development Agency as the prime contractor to the US Government.*
ADT Inc. (ADT):
Shares gained 11.2% to $7.70 following the release of better-than-expected third-quarter financial results and issuance of FY24 adjusted EPS above estimates.*
Whirlpool Corporation (WHR):
The company’s stock rose 10% to $109.18 following a third-quarter EPS beat and guidance exceeding consensus estimates.*
Plexus Corp. (PLXS):
Shares rose 9.9% to $149.00 after the company reported better-than-expected fourth-quarter financial results.*
Rocket Lab USA, Inc. (RKLB):
The company’s stock gained 9.9% to $12.00 after Keybanc maintained an Overweight rating on the stock and raised its price target from $11 to $12.*
CBRE Group, Inc. (CBRE):
Shares gained 9.7% to $135.12 following the company’s report of better-than-expected third-quarter financial results and raised FY24 adjusted EPS guidance above estimates.*
Tyler Technologies, Inc. (TYL):
The company’s stock rose 8.2% to $629.72 following upbeat quarterly earnings.*
Labcorp Holdings Inc. (LH):
Shares gained 7.6% to $236.52 following strong quarterly earnings.*
Pool Corporation (POOL):
The company’s stock gained 7.5% to $377.11 following strong quarterly sales.*