In this article, we will take a look at the 10 stocks gaining value today. If you want to see some more stocks flying high on Tuesday, go directly to These 5 Stocks are Gaining Today.
U.S. stocks extended their rally this morning as bond yields dropped. As of 12:15 PM ET, S&P 500 was up 2.78 percent, Dow Jones Industrial Average was positive 2.52 percent and Nasdaq Composite rose 3.22 percent. The surge has been a great relief for investors who faced a series of declines last month following the Fed’s rate hikes.
Meanwhile, notable auto stocks, including General Motors Company (NYSE:GM), Rivian Automotive, Inc. (NASDAQ:RIVN), Ford Motor Company (NYSE:F) and Tesla, Inc. (NASDAQ:TSLA), rallied this morning, contributing to the gains of three key U.S. indices.
Shares of General Motors Company (NYSE:GM), Rivian Automotive, Inc. (NASDAQ:RIVN) and Ford Motor Company (NYSE:F) rose on the Q3 vehicle deliveries update. On the other hand, Tesla, Inc. (NASDAQ:TSLA) shares advanced after a couple of funds, backed by Cathie Wood’s ARK Investment Management, purchased more than 132,000 shares in the EV giant.
Many other stocks, including Gilead Sciences, Inc. (NASDAQ:GILD), Acuity Brands, Inc. (NYSE:AYI) and Domino’s Pizza, Inc. (NYSE:DPZ), also gained value this morning. Check out the remaining article to see why these stocks are trading higher today.
Copyright: wolandmaster / 123RF Stock Photo
10. AeroClean Technologies, Inc. (NASDAQ:AERC)
Number of Hedge Fund Holders: 4
AeroClean Technologies, Inc. (NASDAQ:AERC) has decided to merge with Molekule, Inc. and the news sent AeroClean shares up more than 24 percent in the pre-market trading session on Tuesday.
The two companies disclosed the all-stock merger on Monday evening. AeroClean Technologies, Inc. (NASDAQ:AERC) said the combined company would have an extensive suite of patented FDA-authorized air purification products.
The deal would also help the two companies better compete in the rapidly booming air purification market. AeroClean Technologies, Inc. (NASDAQ:AERC) said the combined company is expected to produce $45 million in sales during the current fiscal year.
9. Hut 8 Mining Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 6
Shares of Hut 8 Mining Corp. (NASDAQ:HUT) rose over six percent this morning. The surge came after the digital currency miner said it produced 277 Bitcoins in September, representing a production rate of about 9.2 BTC per day.
Hut 8 Mining Corp. (NASDAQ:HUT) added that its total bitcoins reserve stood at 8,388 as of September 30, 2022. The total value of these reserves at current prices stands around $167 million.
Among other updates, Hut 8 Mining Corp. (NASDAQ:HUT) said its operations team had to limit mining activities due to an unusual warm weather and fluctuating energy prices during the last month.
8. Poshmark, Inc. (NASDAQ:POSH)
Number of Hedge Fund Holders: 15
Shares of Poshmark, Inc. (NASDAQ:POSH) jumped more than 11 percent in pre-market trading Tuesday following the news that South Korea-based internet company Naver is acquiring Poshmark for approx. $1.2 billion.
According to the terms of the agreement, Poshmark, Inc. (NASDAQ:POSH) will receive $17.90 per share from Naver, which operates a search engine and e-commerce platform in South Korea.
On the other hand, Poshmark, Inc. (NASDAQ:POSH) is a famous online retail platform that offers customers a large collection of used and new products. The company made its debut last year in January, with an IPO price of $42 per share.
Like Poshmark, Inc. (NASDAQ:POSH), shares of General Motors Company (NYSE:GM), Rivian Automotive, Inc. (NASDAQ:RIVN) and Ford Motor Company (NYSE:F) also jumped this morning.
7. Acuity Brands, Inc. (NYSE:AYI)
Number of Hedge Fund Holders: 26
Acuity Brands, Inc. (NYSE:AYI) delivered better-than-expected financial results for its fiscal fourth quarter amid solid demand across its end markets. As a result, its shares rose over five percent in pre-market trading today.
The Georgia-based lighting company reported adjusted earnings of $3.95 per share, up from $3.27 per share in the year-ago period. Revenue came in at $1.11 billion, representing a surge of 12 percent over the corresponding period of 2021. Analysts expected Acuity Brands, Inc. (NYSE:AYI) to earn $3.58 per share on revenue of $1.08 billion.
Acuity Brands, Inc. (NYSE:AYI) also released its segment-wise sales results. Revenue from its lighting and lighting controls segment jumped 11.4 percent to $1.06 billion, while revenue from the intelligent spaces group climbed 21.6 percent to $61.4 million in the quarter.
6. Domino’s Pizza, Inc. (NYSE:DPZ)
Number of Hedge Fund Holders: 32
Shares of Domino’s Pizza, Inc. (NYSE:DPZ) advanced more than four percent this morning after receiving an upgrade from UBS. The research firm increased its ratings for the pizza restaurant chain from “Neutral” to “Buy.”
UBS analyst Dennis Geiger thinks concerns related to weakening demand are “overblown.” Geiger also pointed towards upside catalysts, such as delivery partnerships involving third parties and efforts to overcome staff shortages. He still believes Domino’s Pizza, Inc. (NYSE:DPZ) has a “compelling” growth profile for the long term.
Separately, Domino’s Pizza, Inc. (NYSE:DPZ) also appeared in the second-quarter 2022 investor letter of investment holding firm Pershing Square. Here’s what the firm said:
“Since our last update, Domino’s Pizza, Inc. (NYSE:DPZ) ‘s near-term business performance has shown meaningful improvement, including three-year stacked growth for the second quarter of 17% in the U.S., up 560 basis points sequentially. This improvement was driven by the full impact of its recent pricing actions, operational changes leading to improved staffing and labor utilization, and the return of its signature Boost Week promotion. These positive developments caused a significant recovery in Domino’s share price and its valuation increased to more than 28 times our estimate of next twelve months’ earnings. In light of the company’s relatively high valuation in the context of a volatile market environment, we decided to exit our investment to raise cash for alternative investment opportunities. We have enormous respect for Domino’s and its management team led by Russell Weiner, and we expect the company to continue its long track record of success.”
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Disclosure: None. These 10 Stocks are Gaining Today is originally published on Insider Monkey.
