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.
8. Joby Aviation Inc. (NYSE:JOBY)
Joby Aviation saw its share prices grow by 4.48 percent or $0.44 points to finish at $10.27 apiece on Monday as investors continued to place bets following news last week that the US Commerce Department is mulling over banning Chinese drones. The news favored US companies like Joby.
In addition, analysts said the company was benefitting from a strong interest in the future of urban air mobility.
Over the past year, the company has already seen more than 63 percent increase in share prices, signaling a strong market belief in the company’s growth potential and its strategic position within the burgeoning industry of electric vertical takeoff and landing (eVTOL) aircraft.
According to Joby Aviation, it plans to conduct its first initial flight in Dubai in the first half of 2025, with full commercial operations targeted in the second half of next year.
7. Carvana Co. (NYSE:CVNA)
Shares of Carvana Co. rose for a second day on Tuesday, rallying by 5.03 percent to close at $198.35 apiece after analysts from RBC upgraded their stock rating to “outperform” from “sector perform” previously.
The company also raised the target price to $280 from $70 prior, signaling a more bullish outlook.
Earlier this week, Carvana reinstated an agreement to sell $4 billion of used car loan receivables to Ally Financial. This followed a report by research investment firm Hindenburg accusing Carvana of lax car loan underwriting practices, insider trading, and accounting manipulation to artificially inflate its bottom line.
While it acknowledged ownership of shares in the company, Hindenburg said it compiled 49 interviews with former Carvana employees.
The firm described the car retailer’s financial turnaround from the verge of bankruptcy in 2022 as a mirage, a claim that Carvana firmly debunked.
6. Xpeng Inc. (NYSE:XPEV)
Shares of Chinese luxury automaker Xpeng jumped by 9.45 percent or $1.11 to finish at $12.86 apiece following twin news of better vehicle deliveries and a partnership with Volkswagen to build a supercharging network for electric vehicles in China.
According to the company, deliveries in December alone spiked by 82 percent to 36,695, marking a 19-percent increase from November. Moreover, full-year 2024 deliveries stood at 190,068 units, a 34% increase from 2023.
Meanwhile, the company also sealed an expanded partnership with Volkswagen to expand their EV charging station partnership in China.
The German and Chinese automakers signed a memorandum of understanding in which they pledged to open their respective super-fast charging networks to each others’ customers.
The collaboration will see the establishment of more than 20,000 charging points in 420 cities across China.
5. Frontline Plc (NYSE:FRO)
Shares of Frontline PLC jumped by 11.42 percent on Monday, adding $1.63 to close at $15.9 apiece as investors resorted to bargain-hunting as the company continues to trade near its 52-week low of $13.17.
Despite the lack of further developments to perk up buying, several analysts posted a bullish outlook on the company.
Just recently, it earned a “strong buy” rating from Fearnley Fonds.
Jefferies Financial Group, while lowering its target price on Frontline shares from $26.00 to $20.00, has set a “buy” rating on the stock, indicating a positive outlook.
Finally, BTIG Research upgraded Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company.
Frontline plc is a company engaged in seaborne transportation of crude oil and refined products. The company owns and operates one of the largest and most modern fleets in the industry, consisting of VLCCs, Suezmax tankers, and LR2/Aframax tankers.
4. Moderna Inc. (NASDAQ:MRNA)
Shares of Moderna Inc. jumped by 11.65 percent on Tuesday, adding $4.96 to end at $47.53 each after the US reported its first bird flu death, with investor sentiment buoyed by potential demand for a new drug to protect against the virus.
The Centers for Disease Control and Prevention added there have been 66 human cases of the strain in the US in total since the start of last year.
The agency, however, said the risk of contracting the virus remains low, especially with no human transmission recorded.
In other news, Moderna is partnering with Pfizer, GSK, and CureVac to develop vaccines incorporating mRNA technology. Moderna won a $176 million award from the US government in July to develop the shot.
3. Enovix Corp. (NASDAQ:ENVX)
Shares of Enovix Corp. increased by 15.01 percent or $1.87 on Tuesday to end at $14.33 apiece after securing a significant pre-paid purchase order from a leading AI and immersive technology company for custom battery solutions designed for Mixed Reality (MR) wearables. The batteries are expected to power next-generation head-worn devices, including smart glasses and augmented reality products.
According to Enovix, initial shipments are scheduled for mid-2025, with production taking place at the company’s Fab2 facility in Penang, Malaysia.
The agreement adds a substantial contracted backlog to Fab2’s production pipeline. Enovix’s 3D silicon anode technology was chosen for its high energy density, compact form factor, and performance capabilities essential for MR applications.
2. Inari Medical Inc. (NASDAQ:NARI)
Shares of Inari Medical Inc. jumped by 22.23 percent or $14.45 to close at $79.45 apiece after medical device maker Stryker on Monday announced that it would acquire the company for $4.9 billion.
Under the terms of the deal, Stryker will pay $80 per share for Inari.
Inari had been working with advisers over the past few weeks to explore a sale earning acquisition interest from Stryker and other parties. The deal, which has been approved by the boards of both companies, is expected to be officially closed by the end of the first quarter of 2025.
The deal bolsters Stryker’s efforts to build out its offerings to treat a condition called venous thromboembolism, where a blood clot forms in a vein, and other vascular diseases.
1. Aurora Innovation Inc. (NASDAQ:AUR)
Aurora saw its share price spiked by 29.08 percent or $1.89 points to finish at $8.39 apiece after the company announced striking a long-term deal with Nvidia and Germany’s Continental to deploy driverless trucks.
During the Consumer Electronics Show in Las Vegas, Nvidia Chief Executive Officer Jensen Huang said that “Aurora is going to use Nvidia to build self-driving trucks” and predicted that autonomous vehicles will be “the first multi-trillion dollar robotics industry.”
The Aurora Driver, which the company says will use a SAE level four system, will be mass-produced in 2027.
Meanwhile, production samples are scheduled to arrive in the first half of 2025.
“Delivering one driverless truck will be monumental. Deploying thousands will change the way we live,” Aurora co-founder and CEO Chris Urmson said in a statement. He added that Nvidia’s chips will boost Aurora’s ability to deliver “safe and reliable” trucks at scale.
While we acknowledge the potential of AUR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AUR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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