Top 5 Gainers on Wednesday

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1. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 100

PayPal Holdings, Inc. (NASDAQ:PYPL) just delivered solid financial results for the second quarter. Moreover, the fintech giant disclosed that Elliott Investment Management has acquired a $2 billion stake in PayPal, making the activist investor one of its biggest shareholders.

Investors cheered the latest developments, sending PayPal Holdings, Inc. (NASDAQ:PYPL) shares up more than 12 percent in the pre-market trading session today.

For the second quarter, PayPal Holdings, Inc. (NASDAQ:PYPL) reported adjusted earnings of 93 cents per share, beating the expectations of 86 cents per share. Revenue for the quarter rose 9 percent versus last year to $6.81 billion, ahead of the consensus of $6.79 billion.

PayPal Holdings, Inc. (NASDAQ:PYPL) also raised its profit outlook for the full year. It projected adjusted earnings in the range of $3.87 – $3.97 per share, up from its earlier guidance between $3.81 – $3.93 per share. The updated forecast is above analysts’ average estimate of $3.82 per share.

You can also take a peek at 10 Dividend Stocks to Buy According to John Allison’s Unio Capital and Jim Cramer Recommends These 10 Stocks For Recession.

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