The US stock market finished the day on a sour note anew amid the lack of fresh catalysts to spice up trading while investors repositioned their portfolios ahead of 2025.
On Monday, the Dow shed 0.97 percent or 418 points, while the S&P’s broad index decreased 0.95 percent or 56.48 points. Nasdaq Composite registered the biggest decline, down 1.19 percent or 235.24 points.
Despite losses, 10 companies managed to eke out gains, with those in the energy sector posting notable performance. Let’s explore why.
To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A woman reading and analyzing stock market data. Photo by Artem Podrez on Pexels
10. JetBlue Airways Corporation (JBLU)
Shares of JetBlue Airways (JBLU) on Monday rose by 2.69 percent to finish the day at $8.01 apiece, as investors welcomed news that it was planning to grow its Airbus A220 network in 2025.
According to JetBlue, it will increase its A220 fleet by 40 as it looks to replace the Embraer E190s. The move is expected to deliver a 25 percent improvement in fuel efficiency, 40 percent higher passenger capacity, and lower maintenance costs for the company.
Beginning April 30, 2025, routes from Fort Lauderdale in Florida will benefit from the fleet purchase, with additional flights to Bradley/Hartford, Charleston, South Carolina; Cancun, Mexico; Washington Reagan National; Nassau; Worcester, Massachusetts; and Raleigh, North Carolina.
9. Intuitive Machines Inc (LUNR)
Intuitive Machines (LUNR) on Monday saw its share price grow by 2.99 percent or 0.55 points to end at $18.94 each as traders continued to place bets on the company’s growth prospects.
In the past five and 30 days of trading, Intuitive Machines was able to book an increase of 32.31 percent and 30.08 percent, respectively.
Last week, the company announced securing multi-billion dollar contracts from the National Aeronautics and Space Administration (NASA) to expand the latter’s commercial direct-to-Earth capabilities. This mission-critical communication capability allows spacecraft to transmit data directly to ground stations on Earth.
Under the agreement, Intuitive Machines will receive two task order awards to support NASA’s Lunar Exploration Ground Segment, providing additional capacity to alleviate demand on the Deep Space Network and to meet the mission requirements for unique, highly elliptical orbits.
8. Nu Holdings Ltd. (NU)
Shares of Nu Holdings (NU)—a Brazil-based digital banking services company—eked out a 3.10-percent gain on Monday or 0.35 points to close at $10.65 apiece.
The company also registered a 3.4-percent increase over the past five trading days, albeit its 30-day stock price has been lackluster, declining by 11.25 percent.
However, analysts remained positive about the company’s business prospects, with optimism fueled by billionaire Warren Buffett’s significant stake in the company.
Buffett has been a shareholder of Nu Holdings since it joined the roster of US publicly listed companies, riding Nu to an impressive 105 percent gain in 2023 and 55 percent gain over the first six months of 2024.
7. Patterson-UTI Energy Inc. (PTEN)
Patterson-UTI Energy (PTEN), a company engaged in land drilling, pressure pumping services, and directional drilling, reported an 8.12-percent increase in its stock price on Monday, ending the day at $8.11 each.
Just recently, Turnwell Industries, Patterson-UTI’s joint venture firm with Schlumberger, closed a $1.7-billion agreement with Abu Dhabi-based ADNOC for drilling and associated services of 144 unconventional oil and gas wells. The latter said that it would set up Turnwell to have it executed.
Abu Dhabi, one of the largest oil producers in the world, has an estimated 220 billion barrels of unconventional oil and 460 trillion cubic feet of unconventional gas.
According to ADNOC, Turnwell will leverage cutting-edge innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources.
6. Coterra Energy Inc. (CTRA)
Coterra Energy (CTRA), a company engaged in natural gas and hydrocarbon exploration, registered a 3.57-percent increase in share prices or 0.88 points to close at $25.52 each on Monday.
As 2024 comes to a close, analysts believe that trading in the company was buoyed by the spike in natural gas prices amid high demand for electricity as the US looks to welcome a cold 2025, with the peak season expected to occur in the second week of January.
In addition, Coterra Energy recently announced it has exceeded its 2024 plan, bolstering growth projections heading into 2025.
According to the company, total barrels of oil equivalent (BOE) production, natural gas production, and oil production all beat the high end of guidance, and capital expenditures came in below the low end of guidance.
5. Transocean Ltd. (RIG)
Switzerland-based drilling firm Transocean Ltd. (RIG) reported a 3.68-percent increase in its share prices on Monday to finish the day at $3.66 apiece.
Investors discounted news of a recently filed class action lawsuit against the firm alleging that Transocean made materially false and misleading statements about its business, operations, and prospects.
The lawsuit added that Transocean’s Discoverer Inspiration, an ultra-deepwater dual-activity drillship, and Development Driller III, its ultra-deepwater semi-submersible were considered non-strategic assets.
It also added that Transocean’s recorded asset valuations were overstated, and as a result, Transocean would take nearly twice the vessels’ sale price in impairment if sold.
Just recently, the company announced it has secured a multi-million deepwater drillship contract.
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.
4. Oklo Inc. (OKLO)
Shares of nuclear power firm Oklo Inc. (OKLO) increased by 3.82 percent anew on Monday to finish the day at $23.65 apiece as investors resorted to bargain hunting following a 5.24-percent decline on Friday.
Just recently, the company signed a non-binding agreement to provide power to Las Vegas-based data center operator Switch. Under the agreement, Oklo will develop nuclear reactors called Aurora Powerhouse for Switch, with a total capacity of 12 gigawatts through 2044.
Prospects for nuclear powers were also warmly welcomed by investors, especially as various US utilities have now been signing deals with huge companies such as Microsoft and Amazon to power their data centers with electricity generated from nuclear plants.
3. New Fortress Energy Inc. (NFE)
Shares of New Fortress Energy (NFE) saw a 4.08-percent rally on Monday, closing the day at $15.04 apiece.
Over the past 30 trading days, the company marked an impressive 45.74-percent growth and a 19.27-percent increase during the past five days.
Analysts said that investors took heart on news that a consortium involving the company has been chosen to build a new gas-fired power plant in Puerto Rico. Once completed, the new power plant is expected to power up to 478 megawatts of electricity.
The development was believed to be a substantial step for New Fortress Energy, expanding its footprint in the energy infrastructure of Puerto Rico and potentially bolstering its future revenue streams.
While the company has yet to issue a formal statement regarding the consortium’s selection, the market’s response underscored investor confidence in its growth prospects.
2. EQT Corp. (EQT)
Natural gas producer EQT Corp. (EQT) saw its share prices grow by 5.12 percent to finish Monday’s trading at $46.59 apiece.
Investor optimism was fueled by news of a spike in natural gas prices, spurred by higher electricity demand to beat the cold winter season, boding well for the company’s prospects.
In addition, EQT recently secured a fresh $3.5 billion in funding for its midstream joint venture from its affiliate Blackstone Credit & Insurance.
The company said proceeds from the transaction will be used to repay its term loan and revolving credit facility, as well as the bridge term loan facility that was used to fund the previously announced redemption and repurchase of certain senior notes of EQM Midstream Partners, LP.
1. Antero Resources Corp. (AR)
Antero Resources (AR), a prominent player in the US natural gas exploration, became the biggest gainer in Monday’s overall lackluster trading session, with its share prices rallying by 6.67 percent to finish at $35.52 each.
Similar to EQT Corp., Antero benefitted from the recent spike in prices of natural gas amid a winter cold blast surrounding both the US and Europe. US natural gas prices are currently up by 18 percent, with January expected to be the coldest season for some parts of the US.
The cold snap is expected to occur around January 12 although some forecasts expect an extended period of freezing temperatures. If such predictions hold, the US is expected to book record demand for natural gas, and could further shoot up prices in the coming weeks.
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Disclosure: None. This article is originally published at Insider Monkey.
