Why Vodafone Group Plc (VOD) Surged On Thursday?

We recently published a list of These 10 Stocks Defied Thursday’s Slump. In this article, we are going to take a look at where Vodafone Group Plc (NASDAQ:VOD) stands against other stocks that defied Thursday’s slump.

The stock market ended in the red territory anew on Thursday following a fresh wave of uncertainties and reports of a looming government shutdown that rattled investors.

The Dow Jones dropped by 1.30 percent, while the S&P 500 and Nasdaq declined by 1.39 percent and 1.96 percent, respectively.

Meanwhile, investors took refuge in 10 companies, predominantly mining firms, to mitigate the risks from the macroeconomic threats.

In this article, we have listed the 10 strongest stocks and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in trading volume.

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Vodafone Group Plc (NASDAQ:VOD)

Vodafone grew its share prices by 3.17 percent on Thursday to end at $9.50 apiece as investors cheered news of its recent partnership with Nokia to expand its IP backhaul network.

In a statement, Nokia said it signed a three-year agreement with VOD to deploy its cutting edge IP/MLS solutions across multiple telecommunications circles in India.

As part of the partnership, Nokia will supply its latest portfolio of IP/MPLS products to improve network scalability, connectivity, and efficiency.

Meanwhile, VOD aims to densify its network with a significant deployment of IP routers and replace its legacy networks, which will then enable lower operational costs, faster deployment, and seamless scalability for future technologies, ensuring a more efficient and cost-effective network infrastructure.

Overall, VOD ranks 9th on our list of stocks that defied Thursday’s slump. While we acknowledge the potential of VOD as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VOD but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.