The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.
The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.
Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
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10. CleanSpark Inc. (NASDAQ:CLSK)
CleanSpark grew its share prices on Friday by 8.34 percent to close at $8.83 apiece as investor sentiment was boosted by the recently concluded cryptocurrency summit at the White House where President Donald Trump and industry stakeholders sat down to firm up plans for a cryptocurrency reserve.
Meanwhile, buying appetite was further boosted after an investment bank assigned a “buy” rating on CLSK and other Bitcoin mining firms such as BTDR, IREN, CIFR, HUT, and HIVE.
According to HC Wainwright analyst Mike Colonnese, the recent selloff in Bitcoin mining firms created a “very attractive buying opportunity,” albeit macroeconomic factors will continue to be the primary drivers for the performance of digital assets over the short-term period.
Last week, CLSK announced that it increased the number of mined Bitcoins for February by 624 to push its total holdings to 11,177.
9. Broadcom Inc. (NASDAQ:AVGO)
Broadcom Inc. ended firmer on Friday, adding 8.64 percent at $194.96 apiece as investors cheered its stellar performance for the first quarter of fiscal year 2025 that further fueled hopes of a huge demand from Artificial Intelligence.
In a statement, AVGO said net income in the quarter jumped by 315 percent to $5.5 billion from $1.3 billion in the same period a year earlier, as net revenues grew 25 percent to $14.9 billion from $11.96 billion year-on-year on the back of a strong performance in both AI semiconductor solutions and infrastructure software.
AI revenues alone expanded by 77 percent year-on-year to $4.1 billion, while infrastructure software revenues increased by 47 percent to $6.7 billion.
“We expect continued strength in AI semiconductor revenue of $4.4 billion in [the second quarter], as hyperscale partners continue to invest in AI XPUs and connectivity solutions for AI data centers,” said AVGO President and CEO Hock Tan.
8. Harmony Gold Mining Company Ltd. (NYSE:HMY)
Harmony Gold extended its winning streak for a fifth straight day on Friday to end 9.12 percent higher at $11.84 apiece as investor sentiment remained fueled by its stellar earnings performance in the first half of fiscal year 2025.
In a statement, HMY said net income in the first semester grew 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose 18 percent to R37.1 billion from R31.4 billion, and gold revenues increased 19 percent to R35.4 million from R29.7 million.
Total gold production, meanwhile, decreased by 4 percent but was in line with the company’s expectations.
HMY is a leading gold producer that operates mining projects across South Africa, Papua New Guinea, and Australia.
7. The Goodyear Tire & Rubber Company (NASDAQ:GT)
Goodyear grew its share prices by 9.14 percent on Friday to finish at $9.79 each as investors reacted to positive ratings from investment banking firms.
During the trading week, GT earned a “buy” rating and a price target of $14 from TD Cowen, saying that the firm is an “unloved” stock that may be poised for a rebound under the direction of a new CEO.
A turnaround is expected to occur in the first half of the year as it aims to focus on slashing its total debt of $8.8 billion and executing cost-saving measures. The second phase of turnaround is targeted for 2026.
Last month, GT reported a sharp rebound in its net income performance in the fourth quarter and full year of 2024, with adjusted net profit in the quarter ending at $76 million, a significant turnaround from the $291 million net loss in the same period a year earlier.
Meanwhile, it swung to a net profit of $70 million last year, a turnaround from a $689 million net loss in 2023.
6. SanDisk Corp. (NASDAQ:SNDK)
SanDisk grew its share prices by 9.68 percent on Friday to close at $51 apiece as investors took path from an upgraded rating from a financial services firm.
On Friday, Cantor Fitzgerald assigned an “overweight” rating and a price target of $60 on SNDK on the back of positive factors, including a projected recovery in the NAND market in the second half of the year, a strong balance sheet, and robust free cash flow generation facilities.
Meanwhile, its price target represents a 17.6-percent upside from its latest closing price.
Earlier last week, SNDK also earned an upgraded rating from Morgan Stanley, giving the company an $84 price target and an overweight rating.
Morgan Stanley’s price target represents a 64 percent increase from SNDK’s Friday price.
5. Transocean Ltd. (NYSE:RIG)
Transocean grew its share prices for a second day to finish 9.75 percent higher at $3.04 each, in line with the oil and gas drilling industry as bright prospects about the energy industry continued to dribble down to various sectors.
RIG, a leading international provider of offshore contract drilling services for oil and gas wells, stands to largely benefit from the US government’s plan to bolster energy supply in the US to unlock the country’s full energy potential and bring down costs for homes and businesses.
Last month, President Donald Trump announced that he reopened 625 million acres that former president Joe Biden banned from further offshore oil and gas leases as part of his support to prop up drilling for more oil and gas resources.
RIG, on the other hand, secured several contracts in the US Gulf of Mexico, including the Deepwater Conqueror, Atlas, and Asgard.
4. Rigetti Computing Inc. (NASDAQ:RGTI)
Rigetti Computing resumed a four-day winning streak on Friday, adding 9.87 percent to close at $9.35 apiece as investor sentiment was fueled by its $100-million partnership with Quanta Computer to ramp up the development of quantum computing.
In a statement, RGTI said it secured a $35-million investment in Quanta through the purchase of RGTI shares at a price of $11.59 apiece.
Together, the two companies will shell out $100 million over the next five years to speed up the development and commercialization of quantum computing.
Meanwhile, Alliance Global Partners assigned a “buy” rating on RGTI and a higher price target of $16 from the $15 previously.
RGTI is expected to release a 36-qubit system based on four 9-qubit chips by mid-2025.
By the end of the year, RGTI expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.
3. Hawaiian Electric Industries Inc. (NYSE:HE)
Hawaiian Electric jumped by 10.19 percent on Friday to finish at $11.46 each, following S&P Global’s revised outlook for the company to positive from negative previously.
The revision followed a favorable decision by Hawaii’s Supreme Court last month, which sided with the company from insurance firms seeking to claim money from those responsible for the Maui wildfire. According to the court, insurers cannot sue defendants for amounts exceeding the settlement agreed to by the plaintiffs once the settlement is finalized.
In addition, HE successfully divested a 90.1 percent stake in American Savings Bank late last year, which generated $384 million in net proceeds for HE.
S&P’s positive outlook for HE spelled good news as it would potentially spare the company from $1.99 billion worth of wildfire-related exposure.
2. Tuya Inc. (NYSE:TUYA)
Tuya Inc. surged 17.15 percent on Friday to finish at $4.03 apiece as investors took heart from news that it partnered with Vietnam-based Viettel Telecom and T3 Technology to accelerate the development of the region’s smart home ecosystem by leveraging Tuya’s Cube Cloud solution.
According to TUYA, the collaboration will focus on enhancing and innovating hardware products, smart home solutions, and business models through resource sharing and complementary strengths to create a more seamless, intelligent, and efficient global smart home ecosystem.
By integrating T3’s solutions with the Tuya Cube Cloud solution, Viettel will be able to establish a customized AIoT platform with high system stability and full data independence at a cost-effective scale. The AIoT platform will enable Viettel to connect a wide range of smart home devices, including IP cameras, and build a comprehensive home management system, improving user convenience and engagement.
1. The Gap Inc. (NYSE:GAP)
Gap Inc. soared by 18.84 percent on Friday to end at $23.15 apiece as investors cheered news of impressive earnings performance in the fourth quarter and fiscal year ending February 2025.
In its latest earnings release, GAP said it achieved an 11.3-percent increase in net income during the quarter at $206 million from $185 million despite net sales decreasing by 3.5 percent to $4.15 billion from $4.3 billion.
Meanwhile, net income for the full year surged by 68 percent to $844 million from $502 million year-on-year, while net sales inched up by 1.3 percent to $15.086 billion from $14.889 billion.
Following the results, the company announced a dividend of $0.165 per share, representing a 10-percent increase compared with the fourth quarter of the fiscal year 2024.
Looking ahead, GAP said it targets to book between a 1 and 2 percent increase in net sales for the full year 2025, and flat net sales for the first quarter period.
While we acknowledge the potential of GAP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GAP but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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