These 10 Companies Led Tuesday’s Charge

6. Globalfoundries Inc. (NASDAQ:GFS)

Shares of Globalfoundries rose by 6.25 percent on Tuesday to close at $40.10 apiece as investor sentiment was fueled by optimistic outlook guidance for the first quarter of the year, with the company targeting to book profits in the said period and reverse a net loss in the last quarter of 2024.

In its latest earnings release, GFS said it expects to record between $74 million and $142 million in net income for the first quarter this year, as well as revenues of $1.55 billion to $1.6 billion.

Last quarter, GFS swung to a net loss of $729 million from a $278 million net income in the same period a year earlier as revenues dipped 1 percent to $1.83 billion from $1.854 billion year-on-year primarily due to a slowdown in the company’s mobile chip business.

In the full year of 2024, GFS saw a net loss of $262 million, reversing a net income of $1.02 billion in 2023, as revenues fell 9 percent to $6.75 billion from $7.392 billion in 2023.