10 Firms Post Strong Gains Amid Wall Street Bloodbath

Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.

The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.

Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.

To come up with Tuesday’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 Alesia Kozik on Pexels

10. Sibanye Stillwater Ltd. (NYSE:SBSW)

Shares of Sibanye Stillwater grew by 4.78 percent on Tuesday, adding $0.16 to close at $3.51 each as investor sentiment was boosted by news citing aides of incoming president Donald Trump that his administration is exploring the imposition of tariffs on all countries, including critical imports such as minerals and the energy production sector.

Levying taxes on imports would further benefit US companies such as Sibanye, which recently announced laying off 700 employees at its Montana mining as part of a restructuring, due in part to a dive in palladium prices and the loss of over $350 million in Montana in 2023. The recent job cut followed the first 100 layoffs in November.

The company is the largest employer in Stillwater County, employing people from across south-central and southeastern Montana. The recent layoff led to the introduction of a bill seeking to ban the import of Russian palladium.

9. Transocean Ltd. (NYSE:RIG)

Similar to Sibanye, shares of Transocean Ltd. grew by 4.52 percent or $0.18 to finish at $4.16 as investor sentiment was boosted by news of potential taxes on the minerals and energy production sector.

A Washington report earlier this week said that aides of incoming president Donald Trump would explore potential levies on all countries for critical imports such as minerals and the energy production sector.

Transocean, an American drilling company providing offshore contract drilling for oil and gas wells, stands to benefit from any potential imposition of taxes.

Just recently, the company announced it had secured a multi-million deepwater drillship contract with India-based Reliance Industries Ltd. The estimated 270-day program is expected to commence in direct continuation of the rig’s firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services.