Ten stocks soared higher on Thursday, outperforming a lackluster performance on Wall Street, thanks to a series of company-specific developments that boosted investor appetite.
The airline sector noticeably dominated the companies after upbeat comments about the travel industry, coupled with impressive earnings performance from one of the players.
Meanwhile, the Dow Jones rose by 0.43 percent, the S&P 500 increased by 0.27 percent, and the tech-heavy Nasdaq inched up by 0.09 percent.
In this article, we name Thursday’s top-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.
10. Southwest Airlines Co. (NYSE:LUV)
Southwest Airlines rallied for the third day on Thursday to hit a new all-time high as investors gobbled up shares ahead of the upcoming earnings season, buoyed by growth expectations in the airline industry.
At intra-day trading, Southwest Airlines Co. (NYSE:LUV) grew to a new all-time high of $37.85 before paring gains to end the day just up by 8.14 percent at $37.35 apiece, likely boosted by Delta Airlines’ comments that travel demand is beginning to stabilize.
Investors took the comment as a cue that the airline sector, despite the headwinds, would report positive earnings results for the second quarter of the year.
Southwest Airlines Co. (NYSE:LUV) is expected to release the results of its financial and operating performance for the second quarter on July 24, 2025.
For the April to June period, Southwest Airlines Co. (NYSE:LUV) expects revenue per available seat mile to remain flat or down by 4 percent year-on-year, with available seat miles pegged to increase by 1 to 2 percent.
9. QuantumScape Corporation (NYSE:QS)
QuantumScape Corporation extended its winning streak to a third consecutive day on Thursday, adding 8.73 percent to close at $9.09 apiece as investors continued to scoop up shares ahead of the release of its earnings results.
According to the company, it will release its second quarter financial and operating performance after market close on July 23, 2025, to be followed by a conference call at 5 PM Eastern Time.
Since Wednesday, QuantumScape Corporation (NYSE:QS) has started soliciting questions from its shareholders that they would like addressed on the call.
Investors will be closely watching out for the company’s earnings and production outlook, given the recent achievement of a milestone through the integration of the advanced Cobra separator process into baseline cell production.
According to QuantumScape Corporation (NYSE:QS), Cobra forms the foundation of its high-throughput, continuous-flow separator production platform. It was designed to enable faster, more energy-efficient production with a smaller equipment footprint compared to earlier processes, and represents a step-change improvement in ceramic separator manufacturing.
8. TMC the metals company Inc. (NASDAQ:TMC)
TMC saw its share prices increase by 9.25 percent on Thursday to close at $6.85 apiece as investor sentiment was supported by President Donald Trump’s imposition of 50 percent tariffs on copper imports.
According to Trump, the move was aimed at bolstering US copper production of a metal critical to electric vehicles, military hardware, the power grid, and various consumer goods.
TMC the metals company Inc. (NASDAQ:TMC), which has operations in the US through its subsidiary The Metals Company USA LLC, is set to benefit from the imposition of levies as it would result in reduced competition and strengthen its pricing power for the said metal.
In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an “outperform” rating from Wedbush with an $11 price target, a significant upgrade from its “neutral” stance and $6 price target previously.
According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump’s executive order in April, “Unleashing America’s Offshore Critical Minerals and Resources,” which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone.
7. Cleveland-Cliffs Inc. (NYSE:CLF)
Cleveland-Cliffs jumped by 10.4 percent on Thursday to close at $9.77 apiece as investors started repositioning portfolios ahead of the release of its second quarter earnings results.
According to the company, it will release its financial and operating performance on July 21, 2025, at 8:30 AM Eastern Time, where investors will be closely looking out for how the company fared following the imposition of President Donald Trump’s 50-percent tariffs on steel imports early in June.
Cleveland-Cliffs Inc. (NYSE:CLF), a heavyweight in the US steel sector, was expected to benefit from the higher tariffs as it would allow the company, alongside domestic producers, to implement more competitive prices versus imported steel and ease pressure from international competitors.
Earlier this year, stalwart import tariff supporter Cleveland-Cliffs Inc. (NYSE:CLF) CEO Lourenco Goncalves, has said that Trump’s import levies can make a “long-term positive impact” in making “America a manufacturing superpower once again.”
6. Hertz Global Holdings, Inc. (NASDAQ:HTZ)
Hertz Global rallied for a second day on Thursday, jumping 11.78 percent to close at $7.97 apiece as investor sentiment was buoyed by an investment firm’s price target upgrade for the company.
In a market note, Deutsche Bank raised its price target for Hertz Global Holdings, Inc. (NASDAQ:HTZ) to $5.25 from $4 previously, while maintaining a “hold” recommendation. The price, however, was 34 percent lower than its latest closing price.
Deutsche Bank attributed its revision to the increasing short interest in its stock and optimism from a billionaire and hedge fund manager’s increased stake in the company.
In April this year, billionaire and hedge fund manager Bill Ackman raised his ownership in Hertz Global Holdings, Inc. (NASDAQ:HTZ) through a combination of direct share purchase and total return swaps through his company, Pershing Square.
According to Ackman, Hertz Global Holdings, Inc. (NASDAQ:HTZ), once troubled by operational challenges linked to its acquisition of Tesla vehicles, is now positioned for improvement due to several strategic changes to enhance profit margins by rotating its fleet, boosting unit revenues, and cutting operating costs.
The company has also begun transitioning from high-cost vehicles in a bid to reduce depreciation expenses significantly.
5. Delta Air Lines, Inc. (NYSE:DAL)
Delta Air extended its winning streak to a third straight day on Thursday, jumping 11.99 percent to close at $56.78 apiece as investors cheered its impressive earnings performance in the second quarter of the year.
During the period, Delta Air Lines, Inc. (NYSE:DAL) recorded a 63-percent increase in net income to $2.13 billion from $1.3 billion in the same period last year, despite operating revenues ending flat at $16.6 billion.
“Through the quarter, demand trends stabilized at levels that are flat to last year, and we continued to see resilience in our diverse, high-margin revenue streams,” Delta Air Lines, Inc. (NYSE:DAL) President Glen Hauenstein said.
Going into the third quarter, the company expects revenues to either remain unchanged or grow by up to 4 percent year-on-year.
It also announced a 25-percent increase to its quarterly dividends, which would entitle shareholders to receive $0.1875 dividends per share, versus the $0.15 previously. The higher dividend payments are set to begin in September this year.
4. American Airlines Group Inc. (NASDAQ:AAL)
American Airlines snapped a three-day losing streak on Thursday, surging 12.72 percent to close at $12.94 apiece as investors repositioned portfolios ahead of the release of its second quarter results, with sentiment buoyed by one of its peers’ impressive earnings.
In a statement, American Airlines Group Inc. (NASDAQ:AAL) said it would announce the results of its second quarter financial and operating performance on July 24 at 7:30 AM Central Time (8:30 AM Eastern Time).
During the session, American Airlines Group Inc. (NASDAQ:AAL) rallied alongside its peers after Delta Airlines’ impressive earnings and upbeat comments about stabilizing travel demand, sparking optimism across the overall sector.
In the first quarter of the year, American Airlines Group Inc. (NASDAQ:AAL) widened its net loss by 52 percent to $473 million from $312 million in the same period last year. Total operating revenues, meanwhile, ended flat at $12.5 billion.
3. United Airlines Holdings, Inc. (NASDAQ:UAL)
United Airlines soared by 14.33 percent on Thursday to close at $91.67 apiece as sentiment was bolstered by upbeat comments about the overall travel industry and investor repositioning ahead of the release of its earnings results.
Based on its historical earnings reporting dates, United Airlines Holdings, Inc. (NASDAQ:UAL) is likely to announce its second quarter results sometime next week, and investors already appeared optimistic following Delta Air Lines, Inc.’s (NYSE:DAL) strong earnings results, noting that the travel sector is now stabilizing.
Delta’s earnings results spilled over to shares of United Airlines Holdings, Inc. (NASDAQ:UAL), Southwest Airlines Co. (NYSE:LUV), and American Airlines Group Inc. (NASDAQ:AAL).
In the first quarter of the year, United Airlines Holdings, Inc. (NASDAQ:UAL) swung to a net income of $387 million from a net loss of $124 million in the same period last year.
Total operating revenues increased by 5.4 percent to $13.2 billion from $12.5 billion year-on-year.
2. WK Kellogg Co (NYSE:KLG)
WK Kellogg rose for a second day on Thursday, soaring 30.63 percent to end at $22.86 apiece following news that it was set to be acquired by The Ferrero Group for $3.1 billion.
In a statement, WK Kellogg Co (NYSE:KLG) said it entered into a definitive agreement under which its shares will be acquired by The Ferrero Group in an all-cash transaction for $23 apiece.
The acquisition, which includes WK Kellogg Co’s (NYSE:KLG) manufacturing, marketing, and distribution of its breakfast cereals portfolio, forms part of Ferrero’s plan for strategic growth and expands the Kellogg brand across more consumption occasions.
“We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co. to write the next chapter of our company’s storied legacy,” said Chairman and CEO Gary Pilnick.
“Since becoming an independent public company in October 2023, we have made excellent progress on our journey to become a more focused and more profitable business, driven by our tremendous people and a winning culture, all while building a strong foundation for future growth. Joining Ferrero will provide WK Kellogg Co. with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market,” he added.
1. MP Materials Corp. (NYSE:MP)
MP Materials soared 50.62 percent on Thursday to hit a new high after sealing a multi-billion-dollar deal with the Department of Defense (DOD) to ramp up the production of rare earth minerals in the US.
At intra-day trading, MP Materials Corp. (NYSE:MP) touched a new 52-week high of $48.01 before paring gains to end the day just up by 50.62 percent at $45.23 apiece.
In a statement, MP Materials Corp. (NYSE:MP) said that part of the agreement will see the construction of a new magnet manufacturing facility—to be called the 10X Facility—at a soon-to-be-chosen location, to serve both defense and commercial customers. The company secured a $1-billion loan from JPMorgan Chase Funding Inc. and Goldman Sachs Bank USA for the site development, which is set to be fully operational in 2028 and boost rare earth minerals production to 10,000 metric tons.
Additionally, the DOD and MP Materials entered into a 10-year agreement where the government agency agreed to ensure that 100 percent of the magnets produced will be purchased by the defense and commercial customers, and that profits will be shared.
Both parties also established a floor price commitment of $110 per kilogram for NdPr products stockpiled or sold.
Lastly, the DOD acquired worth $400 million of MP Materials Corp.’s (NYSE:MP) newly-created preferred shares convertible into common stocks, and a warrant permitting the government agency to purchase additional shares of its common shares.
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