Ten firms capped off the trading week boasting strong performance, amid a flurry of company-specific developments and macroeconomic factors boosting investing appetite.
The stocks mirrored a broader market rally amid renewed hopes of an interest rate cut, with the Dow Jones leading the gains with 1.08 percent, followed by the S&P 500, rising 0.98 percent, and the Nasdaq, up 0.88 percent
Indices aside, we name the 10 top performers on Friday and break down the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and more than 5 million shares in trading volume.
Stock market data. Photo by Alesia Kozik on Pexels
10. Rocket Companies Inc. (NYSE:RKT)
Rocket Companies snapped two straight days of losses on Friday, adding 7.85 percent to close at $17.44 apiece as investor sentiment was bolstered by renewed hopes of an interest rate cut.
This followed optimistic comments from Federal Reserve Bank of New York President John Williams, saying that there is still a “room for further adjustment in the near term to the target range for the federal funds rate.”
Williams’ remarks came after Federal Reserve Chairman Jerome Powell’s signals earlier that a rate cut in December was not guaranteed.
Optimism spilled over to the broader real estate industry, including Rocket Companies Inc. (NYSE:RKT), with the sector highly sensitive to movements of interest rates. Any rate cut or increase would impact the affordability of homes, borrowing costs, and land acquisition and developments.
The US central bank’s monetary board is set to meet for their next Federal Open Market Committee meeting on December 9 and 10 to discuss their decision on interest rates.
In other developments, Rocket Companies Inc. (NYSE:RKT) announced improved earnings performance in the third quarter of the year, with net loss narrowing by 74 percent to $124 million from $481 million in the same period last year.
Revenues expanded by 148 percent to $1.605 billion from $647 million year-on-year.
9. The Gap Inc. (NYSE:GAP)
Gap saw its share prices jump by 8.24 percent on Friday to end at $24.96 apiece as investor sentiment was fueled by a higher growth outlook guidance in full-year 2025, despite posting mixed earnings results in the third quarter.
In an updated report, The Gap Inc. (NYSE:GAP) said it now expects net sales to grow by 1.7 to 2 percent, higher than its previous outlook of 1 to 2 percent.
Operating margin is also targeted to grow by 7.2 percent, versus the 6.7 to 7 percent guidance previously.
In the third quarter of the year, The Gap Inc. (NYSE:GAP) reported a 3 percent increase in net sales at $3.9 billion versus $3.8 billion in the same period last year, on the back of 3 percent higher store sales, and 2 percent growth in online sales. Comparable sales were up by 5 percent year-on-year.
Net income, on the other hand, dropped by 13.9 percent to $236 million from $274 million year-on-year.
“We are proud to report that Gap Inc.’s third quarter results exceeded our net sales and margin expectations and delivered the seventh consecutive quarter of positive comparable sales,” said The Gap Inc. (NYSE:GAP) President and CEO Richard Dickson.
“Our strategy is working and our brands are gaining momentum with our three largest brands—Old Navy, Gap, and Banana Republic—each posting strong comparable sales. The strength of our third quarter and quarter-to-date performance positions us well for the holiday selling season and gives us the confidence to increase our full year net sales outlook to the high end of our prior guidance range and raise our full year operating margin outlook. We are focused on executing with excellence and finishing the year strong,” he noted.
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