The US stock market experienced a surge on Tuesday, with the Dow Jones Industrial Average gaining over 200 points. This positive momentum was largely driven by strong earnings reports from several companies, showcasing a healthy economic outlook.
Loar Holdings Inc. (LOAR) emerged as a standout performer, its shares soaring by 18.2% to $73.63. The company delivered better-than-expected results for the second quarter, exceeding analysts’ forecasts for both earnings per share (EPS) and sales. Loar Holdings reported quarterly earnings of 9 cents per share, surpassing the consensus estimate of 6 cents per share. Additionally, the company’s quarterly sales reached $97.015 million, outperforming the projected $91.700 million.
Several other notable companies saw significant stock gains:
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iLearningEngines, Inc. (AILE)
shares jumped 29% to $3.94 after reporting better-than-expected second-quarter sales results.*
Starbucks Corporation (SBUX)
surged 21.4% to $93.50 following the announcement that Brian Niccol, the CEO and Chairman of Chipotle, has been appointed as Starbucks’ new Chairman and Chief Executive Officer, effective September 9th.*
PACS Group, Inc. (PACS)
gained 17% to $37.84 after surpassing revenue expectations in the second quarter.*
Pulse Biosciences, Inc. (PLSE)
jumped 16.8% to $18.29. The company reported preliminary second-quarter 2024 financial results and appointed Paul LaViolette to its board of directors.*
Hesai Group (HSAI)
surged 16.3% to $4.14.*
Darling Ingredients Inc. (DAR)
gained 15.3% to $40.70.*
Clean Energy Fuels Corp. (CLNE)
rose 14.6% to $3.2312 after reporting better-than-expected quarterly adjusted EPS results.*
ARS Pharmaceuticals, Inc. (SPRY)
gained 14.2% to $12.39 after Raymond James upgraded the stock from Outperform to Strong Buy and raised its price target from $18 to $22.*
Clarivate Plc (CLVT)
gained 12% to $6.16.*
Sea Limited (SE)
climbed 11.2% to $74.42 following mixed quarterly earnings.*
Penumbra, Inc. (PEN)
gained 10.5% to $186.64 after announcing a $200 million share repurchase authorization.*
Upstart Holdings, Inc. (UPST)
gained 10.4% to $37.76.*
Semtech Corporation (SMTC)
rose 9.4% to $32.93.*
Wayfair Inc. (W)
gained 8.7% to $41.55.*
New York Community Bancorp, Inc. (NYCB)
rose 8.5% to $10.20.*
Elanco Animal Health Incorporated (ELAN)
gained 8.3% to $14.18.*
Unity Software Inc. (U)
rose 7.7% to $16.38. Unity Software reported better-than-expected quarterly financial results last week.*
Ascendis Pharma A/S (ASND)
jumped 6.6% to $136.90. Goldman Sachs analyst Paul Choi maintained Ascendis Pharma with a Buy rating and raised the price target from $170 to $195.*
Carvana Co. (CVNA)
gained 6.4% to $142.11.*
Dell Technologies Inc. (DELL)
rose 5.6% to $100.66 after Barclays upgraded the stock from Underweight to Equal-Weight.*
NVIDIA Corporation (NVDA)
gained 5.3% to $114.75. Semiconductor stocks traded higher amid overall market strength following softer-than-expected PPI figures.*
Super Micro Computer, Inc. (SMCI)
gained 5.1% to $568.59.This positive trend in the stock market indicates a strong investor confidence in the overall economic health and the potential for continued growth.
