The U.S. stock market closed higher on Tuesday, with the Dow Jones index gaining around 50 points, fueled by a surge in positive earnings reports. Among the standout performers was Corning Incorporated (GLW), whose shares soared 7% to $50.12 after the company delivered better-than-expected third-quarter financial results and a bullish outlook for the fourth quarter. Corning reported earnings of 54 cents per share, exceeding the analyst consensus estimate of 52 cents per share. The company also reported quarterly sales of $3.73 billion, surpassing the analyst consensus estimate of $3.72 billion.
The positive sentiment extended beyond Corning. GeneDx Holdings Corp (WGS) shares jumped a remarkable 39% to $77.96 after the company unveiled strong third-quarter financial results and raised its FY24 revenue guidance. V.F. Corporation (VFC) also enjoyed a significant boost, with its shares climbing 25.3% to $21.35 following better-than-expected second-quarter financial results.
Other notable gainers included Canaan Inc (CAN), which rose 18% to $1.25, and Lithium Americas Corp (LAC), which climbed 15.7% to $4.79. Lithium Americas’ stock surge was likely fueled by the company’s $2.26 billion U.S. DOE ATVM loan, signifying a significant investment in its future.
Opera Limited (OPRA) saw its shares increase 15.5% to $19.48 after reporting impressive third-quarter financial results and raising its FY24 revenue guidance. Similarly, Inari Medical, Inc (NARI) gained 15.1% to $49.00, driven by better-than-expected third-quarter sales results and a raised FY24 revenue guidance. Piper Sandler maintained a Neutral rating on Inari Medical but raised its price target from $50 to $5.
Shutterstock, Inc (SSTK) gained 11.7% to $32.98 following the company’s release of better-than-expected third-quarter financial results and an optimistic FY24 guidance. Furthermore, Shutterstock announced its integration of the GIPHY API into TikTok’s messaging platform, potentially boosting its reach and engagement within the popular social media platform.
IPG Photonics Corporation (IPGP) saw its shares rise 9.3% to $86.61 after reporting upbeat quarterly earnings. Rambus Inc (RMBS) gained 8.7% to $48.74 on the heels of strong third-quarter results. Incyte Corporation (INCY) rose 8.4% to $71.21 following better-than-expected third-quarter revenue results and a raised FY24 net product revenue guidance. Hayward Holdings, Inc (HAYW) gained 8.3% to $16.03 after exceeding third-quarter financial expectations and raising the lower end of its FY24 net sales guidance range. CBIZ, Inc (CBZ) rose 7.5% to $71.88 following upbeat quarterly earnings. Finally, Rubrik, Inc (RBRK) saw its shares climb 7% to $43.42.
The strong performance of these companies reflects a positive outlook for the broader market and a growing confidence in the ability of businesses to navigate economic challenges. Investors are eager to capitalize on these positive developments, leading to a surge in stock prices across various sectors.
