These 10 Stocks Led Rally on Wednesday

Ten companies led the charge on Wednesday, bucking a mostly pessimistic broader market, on the back of better outlook, positive earnings performance, and news of government support.

Wall Street’s main indices finished mix, with the Dow Jones and S&P 500 declining 0.50 percent and 0.27 percent, respectively. Nasdaq was the sole gainer, albeit inching up only 0.03 percent during the day.

In this article, we will explore the reasons behind the 10 firms’ strong 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. Kanzhun Ltd. (NASDAQ:BZ)

Share prices of Kanzhun Ltd. grew by 8.44 percent on Wednesday as investors placed bets on the company’s stock over a bullish growth outlook.

According to a recent report by investment research firm Zack Research, the consensus growth outlook for BZ inched higher by 0.7 percent over the past quarter, suggesting that analyst sentiment has improved and that the company’s earnings outlook is even stronger.

This year alone, BZ already saw its valuation increase by 16.35 percent, outpacing the technology sector’s 0.70 percent year-to-date rally.

It is worth noting that BZ has beat analysts’ earnings estimates over the past three quarters. By next month, investors will be watching out for cues on whether the company will be able to sustain consensus growth.

BZ operates as a Chinese human resources company providing online recruitment services through its mobile application, BOSS Zhipin.

9. Oklo Inc. (NYSE:OKLO)

Oklo saw its share prices rise by 8.59 percent on Wednesday to end at $54.38 apiece as investors bought up on news of more concrete efforts from the US government’s plans to achieve a more abundant supply of energy for the country.

Just recently, US Energy Secretary Chris Wright issued his first secretarial order called “Unleashing the Golden Era of American Energy Dominance” which outlines a comprehensive plan to accelerate the production of domestic energy, modernize critical infrastructure, and simplify regulatory processes.

One of the efforts laid out in the program is investing further in research and development that can advance various energy sectors, including next-generation nuclear power, which OKLO’s business is heavily reliant on.

OKLO is a nuclear power technology company developing next-generation fission powerhouses.