In this article, we discuss the top 5 gainers on Friday. If you want to check out some more stocks trading higher today, go directly to Top 10 Gainers on Friday.
5. DaVita Inc. (NYSE:DVA)
Number of Hedge Fund Holders: 28
DaVita Inc. (NYSE:DVA) is a leading provider of kidney dialysis services in the U.S. It operates through a network of dialysis centers spread across the country. DaVita stock came into the limelight this morning after receiving an upgrade from UBS. The upgrade sent DaVita shares up more than four percent after the opening bell on Friday.
UBS analyst Andrew Mok raised its ratings for DaVita Inc. (NYSE:DVA) from “Neutral” to “Buy.” Mok is optimistic about the Denver-based company’s ability to deliver earnings growth next year. He also raised his price target for DaVita Inc. (NYSE:DVA) from $106 per share to $117 per share.
4. Foot Locker, Inc. (NYSE:FL)
Number of Hedge Fund Holders: 28
Shares of Foot Locker, Inc. (NYSE:FL) rose to a nearly six-month high before the opening bell today. The surge came after the sportswear retailer beat profit expectations for its fiscal second quarter and disclosed the name of its incoming CEO.
Foot Locker, Inc. (NYSE:FL) revealed that the former CEO of Ulta Beauty, Mary Dillon, will become the head of the company. She will replace the outgoing chief executive Richard Johnson next month.
Coming back to Q2 results, Foot Locker, Inc. (NYSE:FL) reported adjusted earnings of $1.10 per share versus $2.09 per share in the comparable period of 2021. Revenue came in at $2.07 billion, down 9 percent on a year-over-year basis. Analysts were looking for earnings of 80 cents per share on revenue of $2.07 billion.
Speaking on the results, CEO Richard Johnson said in a statement:
“Despite an increasingly challenging macroeconomic backdrop, we delivered a solid quarter against the favorable fiscal stimulus and promotional environment from last year. Driven by strong execution from our team and ongoing progress against our key objectives, we grew our sales 16.4% above levels from 2019.”
3. Bill.com Holdings, Inc. (NYSE:BILL)
Number of Hedge Fund Holders: 46
Shares of Bill.com Holdings, Inc. (NYSE:BILL) climbed nearly 20 percent in the pre-market trading session today after delivering better-than-expected financial results for its fiscal fourth quarter.
Bill.com Holdings, Inc. (NYSE:BILL) reported an adjusted loss of 3 cents per share, narrower than analysts’ average estimate for a loss of 13 cents. Revenue for the quarter skyrocketed 156 percent on a year-over-year basis to $200.2 million, smashing the expectations of $183 million.
Looking forward, Bill.com Holdings, Inc. (NYSE:BILL) expects adjusted earnings in the range of 5 – 7 cents per share and revenue between $208 – $211 million for the current quarter ending September 30, 2022.
2. Warner Bros. Discovery, Inc. (NASDAQ:WBD)
Number of Hedge Fund Holders: 68
Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) rose nearly three percent this morning. The surge apparently came after the entertainment conglomerate disclosed that it is no longer a stakeholder in the U.K-based news startup GB News.
Warner Bros. Discovery, Inc. (NASDAQ:WBD) said in a statement:
“Following the merger between Discovery and WarnerMedia earlier this year our portfolio now includes several wholly owned news brands including CNN Worldwide, TVN Group in Poland and Newshub in New Zealand. In light of this, and our continued evaluation of our global and local investment portfolio, we have exited our investment in GB News and are no longer shareholders.”
Separately, Warner Bros. Discovery, Inc. (NASDAQ:WBD) also appeared in the second-quarter 2022 investor letter of investment management firm Smead Capital Management. Here’s what the firm said:
“Leading the downside were stocks we own tied to any economic optimism. Warner Bros. Discovery, Inc. (NASDAQ:WBD) suffered selling from AT&T (T) shareholders disposing of it upon distribution of the shares in the merger. We have been too optimistic about how long it would take for these uninterested parties to sell. Macerich (MAC) suffered from fears of what a recession and higher interest rates would do to their business, disregarding the recovery in the Class “A” mall space since 2020.”
1. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 75
Shares of General Motors Company (NYSE:GM) rose after the opening bell on Friday after announcing that it is resuming the disbursement of quarterly dividends to shareholders.
The Detroit-based automaker plans to release the first dividend of 9 cents per share on September 15, 2022. In addition, General Motors Company (NYSE:GM) also increased its stock repurchase program to $5 billion
General Motors Company (NYSE:GM) had suspended dividend payouts following the coronavirus outbreak in 2020. Back then, it wanted to save cash to effectively steer through an uncertain economic environment caused by the pandemic.
However, the latest announcements indicate that senior leadership at General Motors Company (NYSE:GM) is optimistic about GM’s ongoing growth initiatives and its ability to expand while returning capital to stakeholders.
You can also take a peek at 8 Restaurant Stocks to Avoid as Americans Begin to Cut Spending and Jim Cramer Recommends These 10 Stocks For Recession.
