Ten stocks surged higher on Wednesday, defying a mixed broader market, as investors cheered company-specific developments and more corporate earnings, among others.
Meanwhile, the tech-heavy Nasdaq and the S&P 500 were the sole gainers among Wall Street’s main indices, jumping 1.02 percent and 0.51 percent, respectively. The Dow Jones dipped by 0.05 percent.
In this article, we will take a look at Wednesday’s best-performing stocks and explore the reasons behind their gains.
To come up with the list, we considered the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Rivian Automotive, Inc. (NASDAQ:RIVN)
Rivian Automotive grew its share price by 4.11 percent on Wednesday to finish at $14.44 apiece as investors repositioned portfolios ahead of two conferences that it is slated to attend next week.
In a statement, Rivian Automotive, Inc. (NASDAQ:RIVN) said its CEO, RJ Scaringe, would participate in a fireside chat at the Goldman Sachs Communacopia + Technology Conference next Wednesday, September 10, at 12:25 PM Pacific Time (3:25 PM Eastern Time).
This would be followed by another fireside chat at Morgan Stanley’s 13th Annual Laguna Conference scheduled on Thursday, September 11, at 4:50 PM Pacific Time (7:50 PM Eastern Time).
Investors took the twin announcements positively on expectations that Rivian Automotive, Inc. (NASDAQ:RIVN) will unveil positive updates about its business.
Last month, Rivian Automotive, Inc. (NASDAQ:RIVN) said it narrowed its net loss attributable to shareholders by 24 percent to $1.1 billion from $1.45 billion in the same period last year. Revenues grew by 12 percent to $1.3 billion from $1.16 billion year-on-year.
9. Ionis Pharmaceuticals Inc. (NASDAQ:IONS)
Ionis Pharmaceuticals extended its winning streak to a third straight day on Wednesday to touch a new all-time high, following an investment firm’s bullish rating and higher price target for its stock.
At intra-day trading, the stock soared to a new high of $62.08 before trimming gains to end the day just up by 5.22 percent to $60.49 apiece.
In a market note following the release of its clinical studies for Olezarsen, BMO Capital raised its price target for Ionis Pharmaceuticals Inc. (NASDAQ:IONS) to $70 from $40 previously, while upgrading its stock to “outperform” from “market perform,” on optimism that its drug candidate, Olezarsen, would become a blockbuster potential.
“Olezarsen’s statistically significant effect on AP positions IONS for a blockbuster [second half of 2026] launch in sHTG. We expect Olezarsen’s strong AP benefit to unlock ~$1.5B in peak risk-unadjusted Olezarsen US sHTG sales,” it said.
On Tuesday, Ionis Pharmaceuticals Inc. (NASDAQ:IONS) announced promising results from the clinical trials of Olezarsen, saying that it successfully lowered blood fat by up to 72 percent, as well as pancreas attacks by 85 percent, compared with the placebo group.
Ionis Pharmaceuticals, Inc. (NASDAQ:IONS) enrolled a total of 1,100 patients in the studies, marking the largest pivotal program for sHTG.
8. Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR)
Bitmine snapped a four-day losing streak on Wednesday, adding 5.58 percent to close at $44.86 apiece as investors cheered its acquisition of additional Ethereum tokens, boosting its total ownership to $8.3 billion.
In an updated report on its website, Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it boosted its Ethereum treasury to $8.3 billion following the acquisition of an additional 153,075 units over the past 10 days.
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” said Chairman Thomas Lee.
“Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” he added.
Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) said it remains the largest Ethereum treasury holder in the world, owning 1.5 percent of the token’s total supply, and the second largest cryptocurrency holder globally, next to Bitcoin-focused Strategy Inc.
7. Harmony Gold Mining Company Ltd. (NYSE:HMY)
Harmony Gold extended its winning streak to a third consecutive day on Wednesday, jumping 5.74 percent to finish at $15.1 apiece as investors loaded positions amid gold’s fresh climb to new highs.
As of this writing, the spot prices of gold have gone up by 1.08 percent at $3,571.29—a fresh peak—buoyed by a higher probability of an interest rate cut this month.
Gold and silver typically benefit from lower interest rates, as the latter tends to weaken the US dollar, making precious metals more affordable and appealing to foreign investors.
In other news, Harmony Gold Mining Company Ltd. (NYSE:HMY) reported a stellar earnings performance in the full fiscal year of 2025, with net income jumping by 75 percent to $802 million from $459 million in the same period last year.
Revenues grew 24 percent to $4.07 billion from $3.28 billion year-on-year, primarily driven by a 27-percent increase in the average gold price of $2,620/oz from $1,999/oz year-on-year.
Following the results, Harmony Gold Mining Company Ltd. (NYSE:HMY) declared $8.88 worth of cash dividends to shareholders as of October 10. The dividends are payable on October 13, 2025.
6. Hims & Hers Health, Inc. (NYSE:HIMS)
Hims & Hers snapped a two-day losing streak on Wednesday, adding 7.06 percent to finish at $44.46 apiece as investors turned optimistic for telehealth companies after a US judge tossed Eli Lilly’s lawsuit against Willow Health, which claimed the latter deceived customers and turned them away from its medicines.
In a 17-page decision on Friday, August 29, Judge Andre Birotte Jr. agreed with Willow Health to dismiss the lawsuit filed by Eli Lilly, but “without prejudice,” giving the latter a chance to file an appeal.
Eli Lilly filed the lawsuit against Willow Health and three other telehealth companies earlier this year, saying that the firms turned customers away from its medicines.
While Hims & Hers Health, Inc. (NYSE:HIMS) was not a party to the case, the court’s dismissal sparked hopes for companies selling compounded versions of branded weight loss drugs.
It can be learned that Hims & Hers Health, Inc. (NYSE:HIMS) was among the companies that sold knock-off versions of weight loss drugs amid the shortage of the treatment over the past few years.
Just recently, Novo Nordisk—another branded weight loss drug manufacturer—terminated its partnership with Hims & Hers Health, Inc. (NYSE:HIMS) over allegations that the latter failed to adhere to the law, which prohibited mass sales of compounded drugs under the false guise of “personalization.”
5. The Campbell’s Company (NASDAQ:CPB)
Campbell’s saw its share prices increase by 7.22 percent on Wednesday to close at $33.73 apiece as investors cheered its strong earnings performance in the fourth quarter and full fiscal year of 2025, despite its cautiously optimistic outlook for the next fiscal period.
In its updated report, the company said it swung to an attributable net income of $145 million in the fourth quarter of fiscal year 2025 from a $3 million net loss in the same period last year. Net sales inched up by 1.2 percent to $2.32 billion from $2.29 billion year-on-year.
For the full-year period, attributable net income increased by 6.17 percent to $602 million from $567 million year-on-year, while net sales grew by 6.3 percent to $10.25 billion from $9.6 billion.
Despite the strong performance, The Campbell’s Company (NASDAQ:CPB) turned cautiously optimistic about its business outlook for the fiscal year 2026 amid the continued threats of tariffs.
For the next year, The Campbell’s Company (NASDAQ:CPB) said it expects organic net sales to either dip or inch up by 1 percent, while reported net sales are predicted to drop by 1 percent as a result of the divestment of Pop Secret and Noosa.
“The company faces a dynamic operating and regulatory environment resulting in substantial input cost pressures, primarily driven by tariffs, which, despite significant mitigation efforts, reduce its earnings outlook for the upcoming fiscal year,” The Campbell’s Company (NASDAQ:CPB) said.
4. Oscar Health, Inc. (NYSE:OSCR)
Oscar Health ended two consecutive days of losses on Wednesday, adding 7.61 percent to finish at $17.68 apiece as investors repositioned portfolios amid the ongoing Wells Fargo Health Conference in Boston, Massachusetts.
Oscar Health, Inc. (NYSE:OSCR) had earlier confirmed that it would participate in the three-day event, currently ongoing until September 5. Investors are closely watching out for its outlook and potential updates about its business plans.
Last month, Oscar Health, Inc. (NYSE:OSCR) swung to an attributable net loss of $228.36 million from a $56.2 million attributable net income in the same period last year. Total revenues grew by 28.8 percent to $2.86 billion from $2.22 billion year-on-year.
In the first six months, Oscar Health, Inc. (NYSE:OSCR) dropped its attributable net income by 80 percent to $46.9 million from $233.57 million year-on-year. Total revenues grew by 35.5 percent to $5.91 billion from $4.36 billion in the same comparable period.
For the full-year period, Oscar Health, Inc. (NYSE:OSCR) anticipates total revenues of $11.2 billion to $11.3 billion, and operational income between $225 million and $275 million.
3. NuScale Power Corp. (NYSE:SMR)
NuScale rallied for a second day on Wednesday, jumping 8.54 percent to close at $40.42 apiece as investors cheered its partnership with ENTRA1 Energy and the Tennessee Valley Authority (TVA) for the deployment of 6 GW of baseload power within the latter’s service region—the largest small modular reactor deployment in US history.
In a statement, NuScale Power Corp. (NYSE:SMR) said that ENTRA1 Energy will deploy six plants, each powered by multiple NuScale Power Modules.
The program is expected to deliver enough carbon-free, baseload electricity to power at least the equivalent of the entire Dallas-Fort Worth metropolitan area, and power the expected Artificial Intelligence boom.
“We are honored that ENTRA1 has selected NuScale’s US NRC-approved SMR technology for this historic deployment in delivering power to the TVA region,” said NuScale Power Corp. (NYSE:SMR) President and CEO John Hopkins.
“ENTRA1’s team of energy and finance veterans brings exceptional value to our partnership—combining energy sales knowledge, investment and asset management capabilities, deep project finance expertise, and experience in delivering large-scale power infrastructure. Their experience is exactly what is required as we enter this critical next phase of commercializing and deploying NuScale Power Modules into ENTRA1 Energy Plants,” he added.
2. Alphabet Inc. (NASDAQ:GOOG)
Alphabet Inc. grew its share prices by 9.01 percent on Wednesday to end at $231.1 apiece as investors cheered a court ruling that spared the company from being forced to divest its search engine Google Chrome.
In his decision, US District Judge Amit Mehta sided with Alphabet Inc. (NASDAQ:GOOG) following a landmark antitrust case that could have required the company to divest the search engine.
The legal case stemmed in 2020 after the Department of Justice (DOJ) filed a lawsuit against Alphabet Inc. (NASDAQ:GOOG), claiming that the latter violated the Sherman Antitrust Act of 1890 by illegally monopolizing the search engine and search advertising markets.
Overseen by Judge Amit Mehta, the court began the trial in September 2023. In August 2024, he ruled that Google indeed abused its monopoly on search.
Three months later, the DOJ asked the court to force Google to divest Chrome, later countered by Alphabet Inc. (NASDAQ:GOOG) with its own softer measures.
This month, Mehta officially ruled that Alphabet Inc. (NASDAQ:GOOG) be spared from divesting its search engine, but said that the company must end exclusive search engine contracts.
1. Macy’s, Inc. (NYSE:M)
Macy’s soared by 20.68 percent on Wednesday to close at $16.28 apiece after beating its own net sales expectations and raising its growth outlook for the full year 2025.
In an updated report, Macy’s, Inc. (NYSE:M) said it achieved net sales of $4.8 billion in the second quarter of the year, exceeding its own guidance. However, the actual figures were lower by 2 percent than the $4.9 billion in the same period last year.
Additionally, Macy’s, Inc. (NYSE:M) said it saw a 1.1 percent uptick in comparable sales growth for 125 revamped locations.
Net income, on the other hand, fell by 42 percent to $87 million from $150 million in the same period last year, as a result of the store closures earlier this year. Revenues dipped by 1.9 percent to $4.999 billion from $5.096 billion in the same period last year.
“Our teams achieved better than expected top and bottom-line results during the second quarter, driven by our strongest comparable sales growth in 12 quarters, reflecting the strong performance in Macy’s Reimagine 125 locations, Bloomingdale’s, and Bluemercury,” said Macy’s, Inc. (NYSE:M) Chairman and CEO Tony Spring.
Encouraged by the results, the company raised its net sales growth forecast for full-year 2025 to a range of $21.15 billion to $21.45 billion, from a $21 billion to $21.4 billion as previously expected.
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