In this article, we will take a look at the top 10 gainers on Friday.
All three key U.S. indices jumped this morning, thanks to better-than-expected earnings of giants like Apple Inc. (NASDAQ:AAPL), Intel Corporation (NASDAQ:INTC) and T-Mobile US, Inc. (NASDAQ:TMUS). As of 01:22 PM ET, the S&P 500 rose 2.04 percent, Dow Jones Industrial Average was positive 2.31 percent and Nasdaq Composite was up 2.33 percent.
Shares of Apple Inc., Intel Corporation and T-Mobile US, Inc. gained value on massive volume after beating profit expectations for their respective quarters.
In addition, energy giants, including Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX), also made it to the list of top 10 gainers on Friday following their impressive financial performance. Check out the complete article to see some other notable gainers of the day.
Photo by Austin Distel on Unsplash
10. Pinterest, Inc. (NYSE:PINS)
Number of Hedge Fund Holders: 41
Shares of Pinterest, Inc. (NYSE:PINS) rallied more than 12 percent on Friday morning after announcing its third-quarter results above expectations. The visual discovery engine earned 11 cents per share on an adjusted basis, down from 28 cents per share in the year-ago period but above the consensus of 6 cents.
Revenue for the quarter rose 8 percent versus last year to $684.6 million, while analysts expected Pinterest, Inc. to generate revenue of $666.7 million. In addition, global average revenue per user (APRU), a key growth indicator, jumped 11 percent to $1.56 in the quarter.
Looking forward, Pinterest, Inc. expects its fourth-quarter sales to grow in the mid-single digits percentage on a year-over-year basis. The outlook includes the impact of foreign exchange headwinds during the quarter.
Discussing the results, CEO of Pinterest, Inc., Bill Ready, said in a statement:
“Despite the challenging macro environment, we are delivering performance and a distinct value proposition to advertisers, reaching users across the full funnel. Through clear focus on increasing engagement that delights our users, we are deepening our monetization per user, and building personalized and relevant experiences that go from inspiration and intent to action.”
9. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
Number of Hedge Fund Holders: 45
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is next on the list of top 10 gainers on Friday. The stock rose over five percent this morning after beating financial expectations for the third quarter.
The Massachusetts-based biopharmaceutical company reported adjusted earnings of $4.01 per share, topping estimates of $3.67 per share. In addition, Vertex Pharmaceuticals Incorporated generated $2.33 billion in product revenue, above the consensus of $2.23 billion.
Moving forward, Vertex Pharmaceuticals Incorporated raised its full-year product sales guidance to a range of $8.8 – $8.9 billion versus its previous guidance between $8.6 – $8.8 billion.
Like Vertex Pharmaceuticals Incorporated, shares of Apple Inc., Intel Corporation and T-Mobile US, Inc. also rose after their recent earnings.
8. DexCom, Inc. (NASDAQ:DXCM)
Number of Hedge Fund Holders: 56
DexCom, Inc. (NASDAQ:DXCM) announced better-than-expected financial results for the third quarter. As a result, its shares soared over 14 percent in the mid-day trading session on Friday.
The medical device company reported an adjusted profit of 28 cents per share, up from 22 cents per share in the same period of 2021. Analysts expected DexCom, Inc. to earn 24 cents per share.
Sales for the quarter also rose 18 percent versus last year to $769.6 million, beating the consensus of $751.71 million. DexCom, Inc. also disclosed its region-wise sales results. Its international revenue jumped 22 percent, while U.S. revenue increased 17 percent on a year-over-year basis.
For fiscal 2022, DexCom, Inc. expects to produce revenue in the range of $2.88 – 2.91 billion, representing a growth of 18 – 19 percent over last year.
7. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 58
Shares of Gilead Sciences, Inc. (NASDAQ:GILD) skyrocketed to a new 52-week high today after handily beating the financial expectations for Q3. The results were primarily driven by solid demand for its HIV and cancer therapies.
Gilead Sciences, Inc. earned $1.90 per share on an adjusted basis, topping estimates of $1.48 per share with a big margin. The quarterly revenue of $7.04 billion also exceeded analysts’ average estimate of $6.12 billion.
Revenue from its coronavirus treatment remdesivir plummeted 52 percent on a year-over-year basis to $925 million. However, the numbers were still well above the consensus of $328 million.
On the bright side, Gilead Sciences, Inc. reported that revenue from its cancer drug Trodelvy skyrocketed 78 percent to $180 million in the quarter. Moreover, its HIV product sales also rose 7 percent to $4.5 billion amid solid demand.
Looking forward, Gilead Sciences, Inc. now expects adjusted earnings in the range of $3.35 – $3.55 per share for the full year, up from its previous outlook between $2.90 – $3.30 per share.
6. Chevron Corporation (NYSE:CVX)
Number of Hedge Fund Holders: 59
Chevron Corporation crushed profit expectations for the third quarter. The latest performance was primarily driven by elevated oil prices during the period. The results sent Chevron stock to a new 52-week high of $182.86 this morning.
Overall, Chevron Corporation reported adjusted earnings of $5.56 per share for the September quarter, well above $2.89 per share in the year-ago period. The numbers were also significantly higher than the consensus forecast of $4.86 per share.
Cash flow from operations reached $15.3 billion. Among other updates, Chevron Corporation reported that it repurchased $3.75 billion worth of its common stock during the quarter.
Like Chevron, shares of energy giant Exxon Mobil Corporation also rallied after posting solid profit and sales for the third quarter.
5. NextEra Energy, Inc. (NYSE:NEE)
Number of Hedge Fund Holders: 59
Shares of NextEra Energy, Inc. (NYSE:NEE) rose nearly four percent this morning after the wind and solar energy producer surpassed financial expectations for Q3 amid strong demand and elevated power prices.
NextEra Energy, Inc. earned 85 cents per share on an adjusted basis, beating estimates of 79 cents per share. The quarterly revenue of $6.72 billion was also well ahead of analysts’ average estimate of $5.74 billion.
Discussing the results, CEO of NextEra Energy, Inc., John Ketchum, said in a statement:
“NextEra Energy delivered strong third-quarter results and is well positioned to achieve our overall objectives for 2022. Adjusted earnings per share increased by approximately 13% year-over-year, reflecting continued strong performance at both FPL and NextEra Energy Resources.”
4. Intel Corporation (NASDAQ:INTC)
Number of Hedge Fund Holders: 65
Shares of Intel Corporation turned green in pre-market trading Friday after the chip giant announced better-than-expected Q3 results and laid out an aggressive cost-cutting strategy for the coming years.
Intel Corporation reported adjusted earnings of 59 cents per share, easily topping estimates of 32 cents. Revenue for the quarter came in at $15.34 billion, ahead of the consensus of $15.25 billion.
Moving forward, Intel Corporation intends to reduce its costs by $3 billion in 2023. Moreover, it plans to achieve $8 – $10 billion in annual savings by the end of 2025.
On the downside, Intel Corporation trimmed its full-year adjusted earnings outlook to $1.95 per share, down from its previous forecast of $2.30 per share. Analysts had projected earnings of $2.15 per share for the same period.
Speaking on the results, CEO Pat Gelsinger said in a statement:
“Despite the worsening economic conditions, we delivered solid results and made significant progress with our product and process execution during the quarter. To position ourselves for this business cycle, we are aggressively addressing costs and driving efficiencies across the business to accelerate our IDM 2.0 flywheel for the digital future.”
3. Exxon Mobil Corporation (NYSE:XOM)
Number of Hedge Fund Holders: 72
Shares of Exxon Mobil Corporation climbed to a new 52-week high this morning after posting record profit and sales for the third quarter. The oil giant earned $4.45 per share on an adjusted basis, significantly higher than $1.58 per share in the year-ago period.
In addition, Exxon Mobil Corporation posted revenue of $112 billion, representing a surge of more than 50 percent over the comparable period of 2021. The results crushed the expectations of $3.79 per share for earnings and $115.60 billion for revenue.
Energy companies, including Exxon Mobil Corporation, have capitalized on soaring energy prices following the Russia-Ukraine war. Exxon stock has already skyrocketed more than 70 percent on a year-to-date basis.
2. T-Mobile US, Inc. (NASDAQ:TMUS)
Number of Hedge Fund Holders: 96
Shares of T-Mobile US, Inc. rose more than six percent in mid-day trading Friday after beating profit expectations for the third quarter and lifting the subscriber growth outlook for the full year.
T-Mobile US, Inc. reported earnings of 40 cents per share, smashing the consensus of 30 cents per share. Revenue for the quarter inched down 1 percent versus last year to $19.5 billion, marginally below expectations of $20 billion.
On the bright side, the telecommunications giant added 1.6 million postpaid subscribers during the quarter, beating analysts’ average estimate of 1.5 million additions.
For the full year, T-Mobile US, Inc. now expects to add postpaid subscribers in the range of 6.2 – 6.4 million, compared to its previous projection between 6 – 6.3 million additions.
1. Apple Inc. (NASDAQ:AAPL)
Number of Hedge Fund Holders: 128
Apple Inc. managed to surpass profit and sales expectations for its fiscal first quarter, sending its shares up more than 3 percent after the opening bell on Friday. The smartphone giant’s earnings rose 4 percent on a year-over-year basis to $1.29 per share, ahead of the consensus of $1.27 per share.
Moreover, revenue for the quarter jumped 8.1 percent versus last year to $90.15 billion, above the expectations of $88.90 billion. iPhone revenue increased to $42.6 billion, slightly below the estimates of $43.21 billion.
Apple Inc. also released sales results of other notable segments. iPad revenue fell 13 percent to $7.2 billion, while Mac revenue jumped 25 percent to $11.5 billion in the quarter. In comparison, services revenue rose 5 percent to $19.2 billion. Analysts were looking for iPad revenue of $7.8 billion, Mac revenue of $9.3 billion and services revenue of $20.1 billion.
Among other updates, the company reported gross margin of 42.3 percent, against the consensus of 42.1 percent. Looking forward, Apple Inc. projected gross margin of 42.5 – 43.5 percent for the current quarter.
You can also take a peek at 10 Best Cybersecurity Stocks To Buy Under $20 and 12 Best Consumer Staple Stocks.
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