The stock market extended its winning streak on Wednesday, closing firmer as investors seemed to have already priced in the news of tit-for-tat tariffs and uncertainties surrounding the Artificial Intelligence industry.
The Dow Jones gained another 0.71 percent, the S&P 500 grew 0.39 percent, and the tech-heavy Nasdaq increased by 0.19 percent.
Ten companies traded in line with the broader market sentiment, mostly on the back of record achievements in their latest earnings performance and optimistic outlook guidance.
To come up with Wednesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A stock market graph. Photo by energepic.com on Pexels
10. GSK plc (NYSE:GSK)
British pharmaceutical giant GSK saw its share prices on Wednesday rise by 8.21 percent to finish at $37.70 apiece as investor optimism was fueled by a more positive outlook for 2025 despite last year’s disappointing earnings performance.
In a statement, GSK said it expects a 2025 turnover growth between 3 to 5 percent, a core operating profit increase of 6 to 8 percent, and core EPS growth between 6 to 8 percent, including the benefit from a planned share buyback program.
It also raised its 2031 sales outlook to more than £40 billion ($50 billion) from the £38 billion ($47.5 billion) previously, reflecting late-stage pipeline progress.
Last year, GSK reported nearly halving its net profit after settling hefty US lawsuits over its Zantac heartburn drug. Net income after tax dropped to £2.6 billion ($3.3 billion) as compared with a net profit of £4.9 billion ($6.13 billion) in 2023.
9. Celestica Inc. (NYSE:CLS)
Celestica Inc. rose for a second day on Wednesday, adding 8.84 percent to close at $143.67 apiece after earning an upgraded rating from an investment research firm.
On Wednesday, RBC Capital Markets boosted its price target for Celestica to $160 from $140 previously while reiterating an “outperform” rating on the back of the company’s continued momentum in launching new programs and its distinctive products for hyperscaler clients. Such factors, coupled with its ability to surpass consensus estimates, justified a higher valuation for its stock price.
Last week, Celestica announced a 19-percent jump in its revenues for the fourth quarter of 2024 at $2.55 billion versus the $2.14 billion registered in the same period in 2023.
For this year, Celestica posted confidence that it would achieve improved business and earnings performance, as it raised its full-year outlook as a reflection of the strengthening demand in its Connectivity and Clouds Solutions (CCS) segment.
8. Banco Santander SA (NYSE:SAN)
Shares in Banco Santander jumped by 9.55 percent on Wednesday to finish at $5.62 apiece as investors cheered news of record profits in the fourth quarter and full year of 2024.
In a statement, Banco Santander said net income from October to December 2024 increased by 11 percent to €3.27 billion ($3.4 billion) year-on-year, while net profit for the full year rose by 14 percent to €12.57 billion ($13.08 billion), marking its third consecutive year of record profits.
Banco Santander said its strong performance can be attributed to its robust lending income, albeit seeing revenues from loans this year falling amid projected interest rate cuts.
“Santander is in a new era of value creation, and we are confident that our scale, diversification, and the impact of our transformation will enable us to increase profitability again in 2025,” the company said.
7. BlackBerry Ltd. (NYSE:BB)
BlackBerry rose for a second day on Wednesday, jumping 9.96 percent to close at $5.08 each as investors took heart from news that it successfully divested its money-losing Cylance cybersecurity business to Arctic Wolf.
In a statement, BlackBerry CEO John Giamatteo expressed satisfaction with the closing of the deal, saying that BlackBerry will continue to engage with Arctic Wolf as a customer and reseller and will remain a shareholder of the company.
BlackBerry acquired Cylance for $1.4 billion in 2019 and sold it to Arctic Wolf for only a fraction of its cost—$160 million.
Once a dominant player in the smartphone market, BlackBerry switched its focus to software for devices and autonomous vehicles.
In October last year, it told investors that the Cylance unit was expected to lose $51 million in 2024.
6. Johnson Controls International PLC (NYSE:JCI)
Johnson Controls saw its share prices surge by 11.27 percent to end Wednesday’s trading at $86.01 apiece as investors took heart from a recent leadership change.
During an investor call for the release of its latest quarterly results on Wednesday, Johnson Controls named Joakim Weidemanis as its new chief executive officer, who is set to replace George Oliver effective March 2025.
The change was part of a succession plan announced in July last year following talks with activist investor Elliott Investment which has built a stake worth over $1 billion in the company.
Meanwhile, Johnson Controls announced an 11-percent decline in net income in the full year 2024 at $1.396 billion versus the $1.582 billion registered in 2023.
Net sales inched up by 2.8 percent to $22.95 billion from $22.33 billion year-on-year.
In the first quarter of fiscal year 2025 alone, net income rose by 11.6 percent to $451 million from $404 million year-on-year.
5. Tempus AI Inc. (NASDAQ:TEM)
Shares of Tempus AI surged by 11.85 percent on Wednesday to end at $69.18 apiece after earning an upgraded outlook from an investment banking firm.
On Wednesday, TD Cowen reiterated its buy rating for Tempus AI’s shares, while increasing the price target to $74 after the company successfully closed its acquisition of Ambry Genetics, a deal that the investment research firm believes would position the company for more product offerings and entry into new markets.
Tempus AI acquired Ambry Genetics for $600 million, of which $375 million was paid in cash, and worth $225 million in shares. Of the latter, $100 million will be subject to a one-year lock-up agreement following the transaction.
With Ambry Genetics able to make $300 million in revenues, the acquisition was seen as a strategic move that would enable the company to achieve positive free cash flow moving forward.
4. Nov Inc. (NYSE:NOV)
Oilfield equipment manufacturer Nov Inc. saw its share prices jump by 12.92 percent on Wednesday to close at $16.43 each after topping analyst expectations on its earnings performance.
While net profit and revenues both registered declines in the fourth quarter and full year of 2024, Nov Inc. was able to surpass consensus estimates.
According to the company, net income in the fourth quarter of the year decreased by 27 percent to $438 million from $598 million year-on-year, while also dropping by 36 percent in the full year at $635 million from $993 million in 2023.
Revenues for the fourth quarter alone dipped by 1 percent to $2.31 billion, surpassing analyst estimates of $2.26 billion.
Meanwhile, revenues for the full year 2024 increased by 3 percent to $8.87 billion from $8.58 billion in 2023.
For this year, Nov Inc. said it expects consolidated revenues to decrease between 1 to 3 percent year-on-year.
3. VNET Group Inc. (NASDAQ:VNET)
Shares of VNET grew for a third day on Wednesday, adding 12.86 percent to its valuation to close at $8.51 apiece on continued investor confidence about its business on the back of the booming Artificial Intelligence industry.
VNET—a carrier-neutral data center services provider based in China that operates cloud services and server management products—is planning to heavily invest in AI to grow its business.
In its earnings call in November last year, the company announced targets to increase its capital expenditures this year on the back of robust demand for its wholesale services. It underscored that it would work closely with its strategic suppliers and maximize the synergies in order to ensure that its capital spending would grow at a steady pace.
At the same call, the company said it expects to deliver approximately 191 megawatts (MW) of IT capacity up until the first quarter of 2025, as well as some 105 MW in the second and third quarters of 2025.
2. Mattel Inc. (NASDAQ:MAT)
Shares of Mattel Inc. jumped by 15.33 percent on Wednesday to end at $20.84 each as investors cheered news of a 153-percent surge in net income for the full year 2024.
In a statement on Wednesday, Mattel said net income last year settled at $542 million, marking a significant jump from the $214 million reported in 2023. Net sales, however, dipped by 1 percent to $5.38 billion from $5.44 billion year-on-year.
In the fourth quarter alone, net income dropped by 4 percent to $140.9 million from $147.3 million year-on-year, while net sales inched up by 2 percent to $1.65 billion from $1.62 billion.
For this year, Mattel said it was targeting to achieve growth in both topline and bottomline.
“Mattel’s 2025 guidance includes our expectation to grow top and bottom line, increase investments in digital games, and repurchase $600 million of shares. We are well positioned to continue to create long-term shareholder value,” said Mattel Chairman and CEO Ynon Kreiz.
1. Mueller Water Products Inc. (NYSE:MWA)
Mueller Water soared by 16.58 percent on Wednesday, ending the day at $26.93 apiece after achieving a more than 146 percent increase in net income for the first quarter of fiscal year 2025.
In a statement on Wednesday, Mueller Water said net income during the quarter jumped by 146.9 percent to $35.3 million from the $14.3 million registered in the same period a year earlier.
Net sales improved by 18.7 percent to $304.3 million from $256.4 million year-on-year, primarily due to increased volumes at Water Flow Solutions and Water Management Solutions and higher pricing across most product lines.
For the fiscal year 2025, Mueller said it was increasing its guidance on net sales to between $1.37 billion and $1.39 billion, or a projected increase of between 4.2 percent and 5.7 percent compared with the year prior.
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