In this article, we will take a look at the top 10 gainers of this morning. If you want to check out some more stocks flying high today, go directly to Top 5 Gainers on Wednesday.
Financial software provider Intuit Inc. (NASDAQ:INTU), exercise equipment maker Peloton Interactive, Inc. (NASDAQ:PTON) and online luxury fashion platform Farfetch Limited (NYSE:FTCH) were among the top gainers on Wednesday.
Shares of Peloton Interactive, Inc. (NASDAQ:PTON) rose following the news that it will start selling its products on Amazon, while Intuit Inc. (NASDAQ:INTU) shares moved up after surpassing financial expectations for Q4. Meanwhile, shares of Farfetch Limited (NYSE:FTCH) took off after it decided to acquire 47.5 percent stakes in online fashion retailer YNAP.
In addition, Chinese e-commerce stocks, including JD.com, Inc. (NASDAQ:JD) and Pinduoduo Inc. (NASDAQ:PDD), were also trading higher today. Check out the complete article to see why these stocks gained value this morning.
Photo by Austin Distel on Unsplash
10. Paycor HCM, Inc. (NASDAQ:PYCR)
Number of Hedge Fund Holders: 6
Shares of Paycor HCM, Inc. (NASDAQ:PYCR) advanced over three percent in the pre-market trading session today. The surge came after the human capital management solutions provider released its fiscal fourth-quarter results.
Paycor HCM, Inc. (NASDAQ:PYCR) reported earnings of 4 cents per share, beating the expectations of 2 cents. Revenue for the quarter climbed 26 percent on a year-over-year basis to $111 million, while analysts were looking for $103.49 million.
Looking forward, Paycor HCM, Inc. (NASDAQ:PYCR) expects revenue in the range of $112 – $114 million for its fiscal first quarter and between $510 – $516 million for its fiscal year 2023.
Earlier this year, investment management firm ClearBridge Investments also mentioned Paycor HCM, Inc. (NASDAQ:PYCR) in its fourth-quarter 2021 investor letter, stating:
“We also purchased shares of two disruptive software companies that came public earlier in the year. Paycor, a software company n which we previously held a private investment in other portfolios, provides a product offering spanning core payroll & HR tools, with additional bundles that assist with talent management, employee engagement, benefit administration and workforce management tools.”
9. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 14
Bed Bath & Beyond Inc. (NASDAQ:BBBY) is once again in the headlines after its shares skyrocketed nearly 30 percent in pre-market trading Wednesday. Today’s rally was driven by reports that Bed Bath & Beyond Inc. (NASDAQ:BBBY) has secured financing to reduce debts and raise its cash levels.
Investors hope the reports turn out to be true as financing would help Bed Bath & Beyond Inc. (NASDAQ:BBBY) in regaining supplier confidence and better steer through this challenging time.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) remained one of the most heavily traded stocks in recent weeks. Individual investors on social media platforms, such as Reddit, have been trying to pump the stock despite multiple downgrades from analysts. Yet, shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) are still down about 40 percent on a year-to-date basis.
8. La-Z-Boy Incorporated (NYSE:LZB)
Number of Hedge Fund Holders: 16
La-Z-Boy Incorporated (NYSE:LZB) announced better-than-expected financial results for its fiscal first quarter, sending its shares up more than 8 percent in the pre-market trading session on Wednesday.
The Michigan-based furniture manufacturer reported adjusted earnings of 91 cents per share, significantly higher than 55 cents per share in the year-ago period. In addition, La-Z-Boy Incorporated (NYSE:LZB) generated revenue of $604.1 million in the quarter versus $524.8 million in the corresponding period of 2021. The results surpassed the consensus of 67 cents per share for earnings and $566.1 million for revenue.
For the current quarter, La-Z-Boy Incorporated (NYSE:LZB) projected revenue of $590 – $605 million, representing a gain of 2 – 5 percent on a year-over-year basis. The outlook is nearly in line with the consensus of $595 million.
Like La-Z-Boy Incorporated (NYSE:LZB), Intuit Inc. (NASDAQ:INTU), Peloton Interactive, Inc. (NASDAQ:PTON) and Farfetch Limited (NYSE:FTCH) were also among the top 10 gainers on Wednesday.
7. Caleres, Inc. (NYSE:CAL)
Number of Hedge Fund Holders: 18
Shares of Caleres, Inc. (NYSE:CAL) turned green before the opening bell on Wednesday after beating financial expectations for its fiscal second quarter and lifting its sales outlook for the full year.
Caleres, Inc. (NYSE:CAL) earned $1.38 per share in Q2, compared to 97 cents per share in the year-ago period. Revenue for the quarter jumped 9.3 percent versus last year to $738.3 million. The footwear company primarily benefitted from the solid performance of its Brand Portfolio segment. Analysts were looking for earnings of $1.32 per share on revenue of $735.61 million.
Looking forward, Caleres, Inc. (NYSE:CAL) now expects its fiscal 2022 sales to grow in the range of 4 – 6 percent, compared to its previous growth projection of 2 – 5 percent.
6. II-VI Incorporated (NASDAQ:IIVI)
Number of Hedge Fund Holders: 31
Shares of II-VI Incorporated (NASDAQ:IIVI) rose over five percent this morning following an upbeat financial performance for its fiscal fourth quarter. The optical materials and semiconductors maker reported earnings of 98 cents per share, easily surpassing the expectations of 94 cents.
Revenue jumped 10 percent on a year-over-year basis to $887 million, topping the estimates of $858.7 million. II-VI Incorporated (NASDAQ:IIVI) also released its segment-wise sales results. Its photonic solutions revenue advanced 8.7 percent to $597.4 million, while compound semiconductors revenue jumped 12.1 percent to $289.6 million in the quarter.
For the current quarter, II-VI Incorporated (NASDAQ:IIVI) expects adjusted earnings in the range of 77 – 90 cents per share and revenue between $1.3 – $1.4 billion. The outlook compares to the consensus of 96 cents per share for earnings and $1.02 billion for revenue.
Click to continue reading and see Top 5 Gainers on Wednesday.
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Disclosure: None. Top 10 Gainers on Wednesday is originally published on Insider Monkey.
