Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.
Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.
Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.
In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A man in long sleeves looking at stock market data. Photo by Tima Miroshnichenko on Pexels
10. IREN Ltd. (NASDAQ:IREN)
Shares of IREN Ltd. (IREN) finished the shortened trading week stronger, rallying by 4.66 percent to close at $11 apiece after an investment banking firm upgraded its third-quarter earnings per share (EPS) estimates.
Roth Capital, in a report published on Tuesday, upgraded its EPS forecast for IREN to $0.29 per share for the quarter from the $0.28 earlier, while giving the company a “strong-buy” rating.
Roth Capital also issued estimates for IREN’s earnings for the fourth quarter of 2025 at $0.30 per share, while giving a $0.43 EPS forecast for the first quarter of 2026; $0.35 for the second quarter of 2026; $0.33 EPS for the third quarter, and $0.22 for the fourth quarter.
Finally, full-year 2026 earnings are expected to hit $1.32 EPS while full-year 2027 is pegged at $0.79 EPS.
9. PENN Entertainment Inc. (NASDAQ:PENN)
Share prices of American entertainment firm PENN Entertainment (PENN) ended the week higher by 4.92 percent to end at $19.19 per share as investors resorted to profit-taking following an intra-day dip.
In other news, the company strengthened its partnership with premier sports media brand ESPN with the rebranding of the former’s 10 more retail sportsbooks with the ESPN brand.
According to PENN, it would launch the ESPN Bet sportsbook at various locations across Pennsylvania, Colorado, Ohio, Iowa, Indiana, and West Virginia and will serve customers under PENN’s Hollywood and Ameristar casino brands.
Apart from the newly converted sportsbook, PENN already has existing ESPN Bet retail locations in Kansas, Louisiana, Maryland, Michigan, and Ohio.
8. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Shares of Canadian miner Equinox Gold (EQX) rose for a third day on Friday, adding 4.99 percent to end the trading week at $6.10 per share, with investor sentiment buoyed by news that it extended the life of its Fazenda mine in Brazil to 2033, with an updated mineral reserve and mineral reserve estimate augmented by successful exploration.
Earlier this week, Equinox Gold (EQX) also achieved a record-breaking gold production in the fourth quarter of 2024, having produced 213,960 ounces of gold and 621,870 ounces for the full year.
During the same period, the company was able to slash its debt by $180 million with the payment of the final $40 million due to Orion Mine Finance for the purchase of its 40 percent interest in Greenstone and with the conversion to equity by the holders of $140 million in convertible notes.
7. Harmony Gold Mining Company Ltd. (NYSE:HMY)
Shares of Harmony Gold (HMY) rallied for a third day on Friday, jumping 5.81 percent to finish at $9.11 apiece. The rally came after the uranium-producing company benefited from the broader bullish trend in the nuclear energy sector, which continues to be driven by the growing demand fueled by advancements in Artificial Intelligence.
According to research from Goldman Sachs, data center energy consumption is expected to surge by 160 percent by 2030. Nuclear power, with its ability to deliver consistent and low-carbon electricity, is emerging as the preferred solution to meet these energy demands. Technology giants have publicly recognized the role of nuclear energy in supporting their operational energy needs.
In November 2024, the Biden administration unveiled a plan to triple US nuclear energy capacity by 2050. The plan included the deployment of 200 GW of new nuclear capacity through new reactor construction, plant restarts, and facility upgrades. In the short term, the administration aims to bring 35 GW of new capacity online by 2035.
6. VF Corp. (NYSE:VFC)
Global apparel and footwear firm VF Corp. (VFC) saw its share prices increase by 5.8 percent on Friday to end at $22.79 apiece as investors loaded up positions ahead of the company’s release of third-quarter fiscal 2025 financial results.
VF Corp. (VFC) is expected to release its next earnings performance report on January 29.
The company, which designs, manufactures, and markets branded apparel such as The North Face, Timberland, Vans, Dickies, Jansport, and Kipling, among others, has earned a “strong buy” rating from investment research firm Zacks Research.
VF Corp. (VFC) earlier said it was on track to deliver on its 2027 target of delivering a five-year compounded annual growth rate (CAGR) of mid-to-high single digits over the next five years and earnings per share to grow at a five-year CAGR of high single to a low double-digit percentage.
5. Plug Power Inc. (NASDAQ:PLUG)
Shares of Plug Power (PLUG) ended Friday’s trading stronger, rising by 7.49 percent to finish at $2.87 apiece after its CEO Andy Marsh announced an optimistic outlook about the company’s long-awaited loan guarantee deal with the US Department of Energy (DOE).
In May last year, Plug Power (PLUG) secured a conditional commitment from the DOE for up to $1.66 billion in loan guarantee, an amount crucial for its commitment to building as many as six additional green hydrogen production facilities.
According to Marsh, there was a high probability that the company will close out the loan agreement before the entry of the Trump administration.
“We’re just really dotting the I’s and crossing the T’s on the legal documentation so that we can finalize it sometime in the next couple of weeks,” Marsh said in an interview. “At around 5.5 percent, the DOE loan will dramatically reduce the cost of capital, which makes the return on the investment much quicker.”
4. Nebius Group NV (NASDAQ:NBIS)
Nebius Group (NBIS), a company specializing in building infrastructure to support Artificial Intelligence, grew its share price by 7.94 percent on Friday to finish at $33.18 each as investors resorted to bargain-hunting following a dip in the previous day’s trading.
The company also recently gained investor confidence after reports that Nvidia Corp. (NVDA), a leader in AI computing, has invested in Nebius Group.
Analysts said investors took Nvidia’s investment in Nebius as a cue to gobble up the latter’s shares, in hopes that it would propel Nebius’ growth similar to SoundHound AI, which in the past year alone, saw its shares surge by more than 649 percent, fueled by the booming AI sector.
3. Frontline Plc (NYSE:FRO)
Oil tanker shipping firm Frontline Plc (FRO) rose by 8.84 percent to end the day at $17.23 apiece as investors took heart from news that outgoing president Joe Biden taxes on the Russian energy sector and its shadow fleet of oil tankers.
Frontline, the world’s largest oil tanker based in Cyprus, stands to benefit from the new tariffs on Russian firms, with oil buyers expected to look elsewhere for oil supply. Other oil-producing countries such as the Middle East and Africa, may step in to fill the gap left by Russian exports.
In other news, Frontline recently earned a “strong buy” rating from Fearnley Fonds.
Jefferies Financial Group, while lowering its target price on Frontline (FRO) shares from $26.00 to $20.00, has set a “buy” rating on the stock, indicating a positive outlook.
Finally, BTIG Research upgraded Frontline (FRO) from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company.
2. Delta Air Lines Inc. (NYSE:DAL)
Delta Air (DAL)’s share prices surged by 9.04 percent to finish Friday’s trading at $66.95 each after posting better-than-expected earnings in the fourth quarter of 2024, buoyed by strong demand for travel.
From October to December, Delta Air (DAL) reported $843 million in net income and $15.6 billion in operating revenues. Its adjusted earnings per share came in at $1.85, well above the $1.75 analyst estimates.
“As we move into 2025, we expect strong demand for travel to continue, with consumers increasingly seeking the premium products and experiences that Delta provides,” said Delta Air Chief Executive Officer Ed Bastian.
For this year, Delta Air (DAL) said it expects to generate over $4 billion in free cash, or an 18 percent growth from 2024, in the midpoint of its annual target of between $3 billion and $5 billion. Meanwhile, annual adjusted earnings are targeted to settle at $7.35 per share.
1. Royalty Pharma Plc (NASDAQ:RPRX)
Royalty Pharma (RPRX) saw its share prices jump by 12.56 percent on Friday to end the trading week at $29.49 apiece following news that it would acquire its external manager RP Management, as it seeks to simplify its corporate structure.
On a financial basis, the acquisition is expected to generate cash savings of more than $100 million in 2026, and over $175 million in 2030, and drive cumulative savings higher than $1.6 billion over ten years.
Royalty Pharma (RPRX) said its decision followed investors’ feedback that the current structure made it difficult to invest in the healthcare firm, and shifting to internal management could enhance the company’s valuation over time.
Since its inception in 1996, RP Management has externally controlled and managed Royalty Pharma’s (RPRX) day-to-day operations in exchange for a quarterly fee.
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Disclosure: None. This article is originally published at Insider Monkey.