US stocks closed higher on Thursday, with the Dow Jones index gaining over 350 points, fueled by positive earnings reports from major companies. Cisco Systems, Inc. (CSCO) led the charge, with its shares soaring by 8.4% after exceeding revenue and earnings expectations for its fiscal fourth quarter. The tech giant reported revenue of $13.64 billion, surpassing the consensus estimate of $13.537 billion, and posted adjusted earnings of 87 cents per share, beating analyst estimates of 85 cents per share.
Several other companies also saw significant gains, driven by strong financial results and positive analyst sentiment. AST SpaceMobile, Inc. (ASTS) shares jumped 25.5% after announcing that its first five commercial satellites are on target for an orbital launch in the first half of September. Gambling.com Group Limited (GAMB) climbed 23.6% following better-than-expected second-quarter financial results. Perpetua Resources Corp. (PPTA) rose 17.7%, while Lumentum Holdings Inc. (LITE) gained 14.8% after reporting better-than-expected fourth-quarter financials and issuing revenue guidance above estimates. Rosenblatt and Needham analysts further fueled Lumentum’s rise by raising their price targets on the stock.
The upward trend continued with TeraWulf Inc. (WULF) rising 13.4%, Evolv Technologies Holdings, Inc. (EVLV) gaining 12.8%, Sigma Lithium Corporation (SGML) climbing 12.6%, and Astera Labs, Inc. (ALAB) gaining 10.7%. Ulta Beauty, Inc. (ULTA) climbed 10.6% after Berkshire Hathaway revealed it had added a stake in the company. Wolfspeed, Inc. (WOLF) rose 10.6%, although Morgan Stanley analyst Joseph Moore maintained an Equal-Weight rating and lowered the price target from $23 to $15. 10x Genomics, Inc. (TXG) gained 10.1%, The Honest Company, Inc. (HNST) climbed 10%, and Five Below, Inc. (FIVE) surged 8.8%. Sirius XM Holdings Inc. (SIRI) gained 8.6% after Berkshire Hathaway increased its stake in the company. StoneCo Ltd. (STNE) rose 8.5% following upbeat earnings. Highest Performances Holdings Inc. (HPH) rose 7.7%, DLocal Limited (DLO) gained 7.6% following second-quarter results, and Paycor HCM, Inc. (PYCR) rose 7% after reporting better-than-expected quarterly financial results. Marvell Technology, Inc. (MRVL) gained 7%, and Tesla, Inc. (TSLA) rose 6.8% after stronger-than-expected retail sales, potentially signaling increased consumer demand and confidence, which may boost expectations for higher vehicle sales. Ciena Corporation (CIEN) gained 6.5%, Walmart Inc. (WMT) rose 6.5% following better-than-expected second-quarter financial results, and Robinhood Markets, Inc. (HOOD) rose 6.3% after Deutsche Bank upgraded the stock from Hold to Buy and raised its price target from $21 to $24. Dell Technologies Inc. (NYSE: DELL) gained 6.2% after JP Morgan maintained an Overweight rating on the stock and raised its price target from $155 to $160. Lululemon Athletica Inc. (LULU) gained 5.9% ahead of its second-quarter financial results scheduled for release on Thursday, August 29.
