The US stock market closed mixed on Thursday, with the Dow Jones Industrial Average falling approximately 300 points. However, several individual stocks experienced significant gains, driven by a combination of positive factors, including strong earnings reports, optimistic guidance, and favorable analyst ratings.
One of the standout performers was G-III Apparel Group, Ltd. (GIII). The company’s shares surged by 23.6% to $30.95 after reporting better-than-expected adjusted earnings per share of 52 cents for the second quarter. This surpassed analyst estimates of 27 cents. While quarterly revenues of $644.75 million, down 2% from the previous year, missed market expectations of $649.44 million, investors were encouraged by the strong earnings performance and the company’s FY25 guidance, which also exceeded estimates.
Applied Digital Corporation (APLD) saw its shares jump 68.1% to $5.45 following the announcement of agreements for a $160 million private placement financing. The financing, priced at market, was secured from a group of institutional and accredited investors, including tech giant NVIDIA and real estate firm Related Companies. This significant investment underscores the confidence investors have in Applied Digital’s future growth prospects.
EchoStar Corporation (SATS) gained 14.9% to $21.15, Larimar Therapeutics, Inc. (LRMR) climbed 13.5% to $8.81, and Uniti Group Inc. (UNIT) rose 13.3% to $5.32. These gains were largely driven by investor optimism about the companies’ respective business prospects.
Yext, Inc. (YEXT) shares climbed 13% to $5.56 after the company reported better-than-expected adjusted earnings per share for the second quarter and issued FY25 revenue guidance that surpassed analyst expectations. The positive news was further bolstered by Needham & Company, which upgraded the stock from Hold to Buy and announced an $8 price target.
Other notable gainers included Perpetua Resources Corp. (PPTA), which rose 11.8% to $9.05 after announcing that the US Forest Service had completed the final environmental impact statement and issued a draft record of decision authorizing the Stibnite gold project. Vestis Corporation (VSTS) gained 11.7% to $15.28 following a report suggesting that Elis SA had made an offer to buy the company. WK Kellogg Co (KLG) climbed 10.7% to $18.63.
NIO Inc. (NIO) gained 10.4% to $4.6850 after the company reported second-quarter financial results and issued a better-than-expected third-quarter outlook. Shoe Carnival, Inc. (SCVL) rose 10% to $41.32 after reporting better-than-expected second-quarter revenue results and raising its FY24 guidance. Primo Water Corporation (PRMW) gained 9.4% to $23.92.
QuidelOrtho Corporation (QDEL) gained 8.5% to $43.79 after Craig-Hallum analyst Alexander Nowak upgraded the company from Hold to Buy and raised the price target from $40 to $57. Polestar Automotive Holding UK PLC (PSNY) gained 8.3% to $1.3095, Myriad Genetics, Inc. (MYGN) gained 7.9% to $27.36, and Zeta Global Holdings Corp. (ZETA) gained 7.8% to $26.83. Zeta Global priced a $204.9 million public offering of 13.2 million Class A common shares at $23.50 per share.
Sotera Health Company (SHC) gained 7.7% to $16.59 after announcing a secondary offering of 25 million shares. Dollar Tree, Inc. (DLTR) rose 6.2% to $67.52. Dollar Tree, on Wednesday, reported worse-than-expected second-quarter 2024 earnings.
