A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.
The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.
Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. AppLovin Corp. (NASDAQ:APP)
AppLovin extended its winning streak for a fifth straight day on Tuesday, adding 1.93 percent to close at $346.29 apiece despite the lack of positive catalysts to spark buying appetite.
Based on its historical share price data, APP continues to attract investor interest despite the company being embroiled in a class action lawsuit over allegations of possible securities violations.
According to the lawsuit, APP provided investors with material information concerning its financial growth and stability.
“[APP’s]’ statements included, among other things, confidence in [its] launch of AXON 2.0 digital ad platform and using “cutting-edge AI technologies” to more efficiently match advertisements to mobile games, in addition to expanding into web-based marketing and e-commerce,” one of the investigating law firm’s statement said.
“Moreover, defendants publicly reported impressive financial results, outlooks, and guidance to investors, all while using dishonest advertising practices,” it added. APP has yet to comment on the allegations.
9. Freeport-McMoran Inc. (NYSE:FCX)
Freeport-McMoran rose for a second day on Tuesday, adding 3.36 percent to end at $43.01 as investors resorted to bargain-hunting to take advantage of its cheap valuation while trading in line with higher copper prices.
According to analysts, FCX’s current valuation indicates that it is currently undervalued.
FCX is a US-based mining company based in Phoenix, Arizona, and is currently the world’s largest producer of molybdenum.
Earlier this month, it said that it was hoping President Donald Trump to declare copper a critical mineral, a move that would unlock tax credits to bolster production of the red metal in the US and offset global counterparts.
In the fourth quarter of 2024, FCX saw adjusted net income increase by 14 percent to $450 million from $393 million in the same period a year earlier.
However, adjusted net profit for the full-year period declined by 3.3 percent to $2.146 billion from $2.221 billion in 2023.
8. Banco Bradesco SA (NYSE:BBD)
Banco Bradesco increased its share prices by 3.38 percent on Tuesday to end at $2.2950 apiece following news that Brazil’s central bank is set to carry out more rate hikes in their next monetary board meetings.
BBD, one of Brazil’s largest private banks, is set to benefit from the imposition of higher rates as it could potentially prop up its net interest income.
Last week, Brazil’s central bank pulled the trigger for a 1-percentage point rate hike, raising it to 14.25 percent per annum, an adjustment that was widely anticipated by analysts.
According to the central bank, there is enough room for more rate hikes, albeit the next monetary board meetings will see lower increases.
“Due to the lags inherent to the ongoing monetary cycle, the Committee also deemed appropriate to communicate that the next move would be of a smaller magnitude,” monetary policymakers said.
7. Cemex SAB de CV (NYSE:CX)
Multinational building materials giant Cemex grew its share prices for a second day on Tuesday, adding 3.64 percent to close at $6.28 apiece as investors gobbled up shares in the company following news that it was expanding decarbonization efforts while appealing in its mine fight in Soledad Canyon.
On Friday, CX’s UK arm said it would expand its Urbanization Solutions business with a new lower carbon mortar plant near London. Expected to be operational in the second half of the year, the plant would increase its production capacity and produce lower carbon mortar, which already has a 30 percent lower carbon footprint as compared with the standard mortars.
In addition, CX said it would incorporate a state-of-the-art drying system designed to minimize heat consumption and reduce fuel consumption throughout the production process.
Meanwhile, its US arm also announced the increased production of Portland limestone cement at its plant in Lyons, Colorado. The ramp-up forms part of its mission to reduce its carbon footprint throughout its operations and products.
It also recently filed an appeal for its mine fight in Soledad Canyon, which has the capacity to produce 56 million tons of aggregate.
Cemex needs a beneficial use permit from the State Water Resources Control Board to use the Santa Clara River to sustain its mining operations.
6. Carvana Co. (NYSE:CVNA)
Carvana extended its winning streak for a fifth day on Tuesday, adding another 3.76 percent to close at $221.66 after Morgan Stanley posted a bullish outlook for the company, saying it could become the “Amazon of auto retail.”
In its market note, Morgan Stanley upgraded CVNA’s stock rating to “overweight” from “equal weight” previously, and raised its price target to $280 from $260. The new price represented a 26.3-percent upside from its latest closing price.
According to the analyst, the company’s recent slide from its peak of $285.33 could present “a unique opportunity for investors to gain exposure to a leader in auto retail and fleet fulfillment.”
Additionally, Morgan Stanley said its analysts’ recent tour of a Carvana facility in Florida reinforced the firm’s competitive advantages with vertical integration and scale.
5. The Trade Desk Inc. (NASDAQ:TTD)
The Trade Desk rallied for a fifth straight day on Tuesday, adding another 4.48 percent to close at $62 each after the Citi Group maintained its positive outlook for the company.
TTD, a multinational technology company, earned a Buy rating and a $70 price target from Citi. The new price target represented a 12.9-percent upside from its latest closing price.
According to Citi, despite Amazon’s heightened efforts to enhance its own demand-side platform, it does not pose a full-scale challenge to TTD’s market position.
According to Citi, TTD’s product quality, stronghold in the CTV market, and agency relationships remain solid, contributing to its positive performance.
It added that TTD’s continued growth and valuation hinges on the total addressable market development and its capability to capture incremental biddable programmatic budgets.
4. International Paper Company (NYSE:IP)
International Paper jumped by 6.49 percent on Tuesday to finish at $56.26 apiece following a robust earnings outlook over the next two years.
At its annual investor day, IP said it targets revenues for the year to settle at $27 billion, higher than the $24.6 billion as expected by analysts, while earnings before interest, tax, depreciation, and amortization (EBITDA) is expected to settle between $3.5 billion and $4 billion. Revenues in 2027 are expected to end between $26 billion and $28 billion.
Additionally, IP said it would allocate some $1.9 billion in capital expenditures over the next two years to optimize its production footprint.
Meanwhile, IP plans to make its plants more efficient and allocate more resources to higher-value customers and markets.
3. Sandstorm Gold Ltd. (NYSE:SAND)
Shares of Sandstorm Gold soared to a new high of $7.44 on Tuesday, before a slight sell-off pulled the company’s stock price to end the day just up by 7.59 percent at $7.37 apiece, signaling investor confidence.
At its current valuation, analysts said SAND’s stocks are already overvalued.
In other news, SAND renewed its share buyback program for its Canadian stocks, saying they were undervalued.
In Canada, the company resumed a buyback program of up to 20 million common shares, representing 7 percent of the company’s issued and outstanding common shares.
SAND is a precious metals-focused royalty company that provides upfront financing to mining companies and receives the right to a percentage of production from a mine, for the life of the mine. Sandstorm holds a portfolio of over 230 royalties, of which 41 of the underlying mines are producing.
2. Mobileye Global Inc. (NASDAQ:MBLY)
Mobileye grew its share prices for a third straight day on Tuesday, adding 8.65 percent to close at $16.58 each as investors cheered news of the company’s partnership with German carmaker Volkswagen.
In a statement, Volkswagen said it would collaborate with MBLY and Valeo to support the development of its autonomous driving system and will draw on the two suppliers’ capabilities for enhanced partially automated driving.
Also known as Level 2+ systems, vehicles would be able to drive on their own but would still require driver supervision.
Volkswagen said the new models would have higher security and driver comfort over the next few years.
“This cooperation supports us on our road to transformation: by sourcing hardware and software together, we streamline procurement, reduce complexity, and improve efficiency. It also empowers our performance program by enhancing technology while keeping costs competitive, ensuring high-quality solutions for our customers,” said Dirk Große-Loheide, chief procurement officer for Volkswagen.
1. Trump Media and Technology Group Corp. (NASDAQ:DJT)
Trump Media rose for a third straight day on Tuesday, adding 8.85 percent to finish at $22.87 each as investor sentiment was further boosted by its sealed partnership with crypto.com to offer ETFs.
According to DJT, the ETFs are expected to be launched later this year, pending regulatory approval. They will include digital assets and securities with a “Made in America” focus across various industries, including energy.
The ETFs will be offered through Crypto’s broker-dealer Foris Capital and will be available internationally, including in the US, Europe, and Asia across existing platforms and brokerages.
“We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the U.S. economy, unencumbered by woke nonsense and political posturing,” said DJT CEO Devin Nunes. “Investors will finally have options that adhere to their principles and that support superior US companies precisely focused on their core businesses.”
While we acknowledge the potential of DJT 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 as promising as DJT but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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