The stock market saw a surge in performance last week, with eleven large-cap stocks leading the charge. Here’s a breakdown of the top performers and the key factors driving their gains:
CAVA Group (CAVA):
This restaurant chain’s stock soared 25.55% after exceeding expectations with its second-quarter results and raising its adjusted EBITDA outlook for the full fiscal year 2024. Multiple financial institutions also increased their price forecasts for CAVA, demonstrating confidence in the company’s future growth.
Zoom Video Communications (ZM):
Zoom’s stock jumped 19.90% following its impressive second-quarter earnings report, which also surpassed analyst estimates.
Keysight Technologies (KEYS):
The technology company reported better-than-expected results for the third quarter, leading to a 14.29% increase in its stock price.
Toll Brothers (TOL):
This homebuilder experienced a 14.05% rise in its stock value after exceeding third-quarter expectations and announcing an FY24 EPS guidance that outperformed estimates. Many analysts reacted positively by raising their price targets for Toll Brothers.
MicroStrategy (MSTR):
This software company benefited from a rise in Bitcoin’s price, leading to a 13.09% gain in its stock last week.
Workday (WDAY):
The cloud-based software provider saw a 13.05% increase in its stock due to strong second-quarter earnings and the approval of a $1 billion stock buyback program.
Builders FirstSource (BLDR):
This building materials supplier saw its stock jump 12.09% following strong new home sales data for July. The Federal Reserve’s indication of potential interest rate cuts also contributed to the positive sentiment.
Korea Electric Power Corporation (KEP):
The company’s stock rose 10.59% for the week.
TopBuild Corp (BLD):
This construction company, along with other homebuilders, saw a 9.92% gain in its stock following strong new home sales data for July and the Federal Reserve’s indication of potential interest rate cuts.
Advanced Drainage Systems (WMS):
This company, alongside other construction and homebuilder stocks, benefited from the positive economic data and the Federal Reserve’s stance on interest rates, resulting in a 9.87% increase in its stock price.
Target Corporation (TGT):
The retail giant experienced a 9.75% jump in its stock after exceeding expectations with its second-quarter earnings and raising its outlook. Several analysts also boosted their price targets for Target, signaling their positive outlook on the company’s future performance.
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