10 Big Names Beating Wall Street at its Own Game

Ten stocks kicked off the trading week with whopping gains, mirroring the rally on Wall Street, amid the start of the third-quarter earnings season. Of the 10 firms, four soared to fresh record highs.

Meanwhile, the Nasdaq led the rally among Wall Street’s indices, jumping by 1.37 percent, followed by the Dow Jones, up 1.12 percent, and the S&P 500, increasing 1.07 percent.

In this article, we highlight the names of the 10 companies that led Monday’s charge, breaking down the reasons behind their strong performance.

To come up with the list, we focused exclusively on stocks with a $2 billion market capitalization and 5 million shares in trading volume.

The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels

10. iQIYI Inc. (NASDAQ:IQ)

iQIYI rebounded from a 15-day drop on Monday, jumping 8.37 percent to close at $2.2 apiece, as investors appeared to have hunted for bargains to take advantage of its cheap value.

Since September 24, shares of iQIYI Inc. (NASDAQ:IQ) have been trading lower, only recovering on Monday, nearly a month later, amid the lack of fresh developments to spark buying appetite.

In recent news, iQIYI Inc. (NASDAQ:IQ) announced that it partnered with Japan-based comprehensive entertainment firm, Kadokawa Corp., for the distribution of animated series on its platform.

“We have seen a growing global demand for high-quality Chinese animation, driven by audiences’ appreciation for authentic stories and cultural richness,” said iQIYI Inc. (NASDAQ:IQ) General Manager for International Distribution Alice Leung.

“Through the collaboration with Kadokawa … we look forward to bringing more captivating and culturally meaningful stories to viewers around the world,” she noted.

Additionally, it registered an 11.2 percent surge in viewership data during the recently concluded National Holiday in China, versus the pre-holiday period.

9. Riot Platforms, Inc. (NASDAQ:RIOT)

Riot Platforms grew its share prices by 9.89 percent on Monday to finish at $22.01 apiece as investors began loading portfolios ahead of the results of its third quarter earnings performance.

In a statement late last week, Riot Platforms, Inc. (NASDAQ:RIOT) said that it is scheduled to announce its financial and operating highlights on October 30 after market hours. A conference call will be held to elaborate on the results.

Earlier this month, Riot Platforms, Inc. (NASDAQ:RIOT) announced a 7 percent decline in Bitcoins produced for September, ending only at 445 versus the 477 mined in August.

It also sold 465 Bitcoins at an average price of $113,043 during the period, as compared with the 450 units sold at an average of $115,035 in the same comparable period. As of last month, the company’s total Bitcoin holdings stood at 19,287.

Meanwhile, investors will be watching out for cues on the company’s outlook for its business, particularly with its planned transition to servicing the growing artificial intelligence (AI) and high-performance computing (HPC) segments.