These 10 Companies Led Gains on Wednesday

Wall Street’s main indices ended firmer on Wednesday as share prices remained boosted by positive catalysts from President Donald Trump’s inauguration coupled with better-than-expected earnings performance.

The Dow rose by 0.30 percent, the S&P 500 grew 0.61 percent, while the Nasdaq Composite increased 1.28 percent.

Meanwhile, 10 companies under mixed sectors mirrored Wall Street’s gains. In this article, we will look at which companies led the rally and explore the reasons behind their impressive performance.

To come up with Wednesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A man in long sleeves looking at stock market data. Photo by Tima Miroshnichenko on Pexels

10. Arista Networks Inc. (NYSE:ANET)

Shares of Arista Networks Inc. (ANET) rose by 6.83 percent on Wednesday to finish at $129.82 apiece, hitting a new all-time high, as investor sentiment was buoyed by President Donald Trump’s promise of some $500 billion in government funding to boost the Artificial Intelligence sector. Arista Networks traded higher in line with its technology counterparts.

Arista Networks (ANET) is part of a growing AI ecosystem fueled by major players like OpenAI, which recently formed a partnership with SoftBank and Oracle, for a joint venture company called Stargate, with an initial $100 billion investment and plans to commit up to $500 billion over the next four years to propel the AI industry.

Arista Networks (ANET) is poised to reap even greater benefits from the government’s AI-focused support over the coming years.

9. Seagate Technology Holdings PLC (NASDAQ:STX)

Seagate Technology (STX) saw its shares rise by 6.84 percent on Wednesday to close at $108.18 per share after the company reported better-than-expected fourth-quarter earnings performance.

On Wednesday, Seagate said its revenues jumped by 49.5 percent year-on-year on the back of structural business improvements and a strong focus on harnessing value in a favorable demand environment.

In related news, analysts upgraded their price targets for the company, with Morgan Stanley calling the company “a stock pick” citing AI-driven demand for data storage, while raising its price target by 3.87 percent to $134 from $129 previously, and maintaining its overweight rating.

Seagate Technology (STX) is a US-based data storage company, manufacturer, and distributor of hard disk drives and other data storage solutions.