10 Shares Explode as Earnings Impress

Ten stocks capped off the trading week with notable gains, mirroring the rally in the broader market as investors continued to digest a flurry of earnings in the past quarter of the year.

The Dow Jones led the rally among major indices, up 0.47 percent, followed by the S&P 500 at 0.40 percent, and the tech-heavy Nasdaq at 0.24 percent.

Meanwhile, the 10 individual stocks—the best performers on Friday—boasted mostly impressive earnings performance and better outlook for the rest of the year.

In this article, we highlight the 10 big names and break down the reasons behind their gains.

To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. Columbia Banking System Inc. (NASDAQ:COLB)

Shares of Columbia Banking increased by 6.30 percent on Friday to close at $24.82 apiece as investors loaded positions following an impressive earnings performance in the first half of the year.

In its earnings release, Columbia Banking System Inc. (NASDAQ:COLB) said its net income rose by 27 percent to $152 million from $120 million in the same period last year.

Net interest income grew by 4 percent to $446 million from $427 million year-on-year amid higher interest income from loans and investment securities and relatively stable funding costs.

On the other hand, non-interest income climbed by 44 percent to $64.46 million from $44.7 million in the same period last year.

“Commercial loan growth outpaced runoff in transactional portfolios while the net interest margin benefited from loan repricing, controlled deposit pricing, and a rebound in securities yields. Continued expense discipline further supported our strong performance, even as we continue to reinvest in our growing franchise—opening three new branches and planning for the closing of our Pacific Premier acquisition,” said Columbia Banking System Inc. (NASDAQ:COLB) President and CEO Clint Stein.

“While customer deposits declined due to normal seasonal activity and increased cash usage, our Business Bank of Choice strategy continues to attract new relationships. We remain laser focused on delivering top-quartile performance and enhancing long-term tangible book value while returning excess capital to our shareholders,” he added.

9. The GEO Group, Inc. (NYSE:GEO)

The GEO Group grew its share prices by 6.31 percent on Friday to close at $26.10 apiece as investors gobbled up shares ahead of the results of its second-quarter earnings performance.

According to the company, it is scheduled to release its financial and operating highlights at 11 AM on Wednesday, August 6. An investor call will be held at the same time to elaborate on the results.

Earlier this year, The GEO Group, Inc. (NYSE:GEO) said that it was targeting diluted earnings per share for the second quarter of the year to settle within the range of $0.15 to $0.17 on quarterly revenues of $615 million to $625 million.

Adjusted EBITDA was also pegged at $110 million to $114 million.

In other recent news, The GEO Group, Inc. (NYSE:GEO) announced the $60 million acquisition of a 770-bed Western Region Detention Facility in San Diego, which it currently leases for $5.1 million annually.

Its original lease contract was supposed to expire in March 2029.

The facility alone generates $57 million in revenues yearly.