10 Big Names Feasting on Gains Ahead of Thanksgiving

Ten stocks charged higher on Wednesday, mirroring an overall market optimism, as sentiment remained fueled by renewed optimism for an interest rate cut.

On Wall Street, the tech-heavy Nasdaq was up the most, at 0.82 percent, followed by the S&P 500, rising 0.69 percent, and the Dow Jones, growing 0.67 percent.

Indices aside, this article focuses on the 10 big names that led the rally on Wednesday, alongside 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.

Photo by Tima Miroshnichenko/Pexels

10. First Majestic Silver Corp. (NYSE:AG)

First Majestic extended its winning streak to a 4th consecutive day on Wednesday, jumping 8.78 percent to close at $13.50 apiece as investors took path from higher silver prices.

As of writing, spot prices of silver were up by 3.59 percent at $53.32 per troy ounce, rallying alongside gold over renewed optimism for an interest rate cut.

Typically, a lower interest rate weakens the US dollar, making precious metals such as gold and silver cheaper and more attractive to foreign investors.

Optimism spilled over to silver and gold miners, including First Majestic Silver Corp. (NYSE:AG), being one of the largest silver producers in the world.

In other news, First Majestic Silver Corp. (NYSE:AG) is set to distribute on Friday, November 28, some $0.0052 worth of dividends to all common shareholders as of the November 14 record.

The dividends followed the company’s stellar earnings performance in the third quarter of the year, having swung to a net income of $43 million from a $26.6 million net loss in the same period last year, as revenues soared by 95 percent to $285.1 million from $146.1 million year-on-year.

According to First Majestic Silver Corp. (NYSE:AG), the record revenues were primarily driven by a 45 percent increase in silver equivalent payable ounces sold, coupled with a 31 percent increase in the average realized silver price, which reached $39.03.

9. Cipher Mining Inc. (NASDAQ:CIFR)

Cipher Mining rallied for a 3rd straight day on Wednesday, jumping 9.30 percent to close at $19.15 apiece as investors took heart from an investment firm’s bullish long-term outlook for Bitcoin.

In a market note, JPMorgan said it projects Bitcoin prices to reach the $240,000 level over the long-term period, even after taking a 28 percent plunge this month from its highest level of $126,000 in October. As of writing, Bitcoin prices were up by 3.32 percent to $90,295 from the day prior.

Bitcoin remains Cipher Mining Inc.’s (NASDAQ:CIFR) largest revenue generator, even as the company gradually transitions into AI servicing.

As of the third quarter of the year, Cipher Mining Inc. (NASDAQ:CIFR) generated $71.7 million in revenues from its Bitcoin operations, marking a nearly 200 percent jump from the $24.1 million registered in the same period last year.

For the nine-month period, revenues from Bitcoin mining surged by 50 percent to $164 million from $109 million year-on-year.

In other recent developments, Cipher Mining Inc. (NASDAQ:CIFR) announced plans to officially redeem its outstanding warrants for $0.01 apiece until 5 PM on December 26, 2025. The warrants are only exercisable on a cashless basis.

Any warrants that remained unexercised by the deadline will then be void and no longer exercisable.