Ten stocks boasted double-digit gains on Wednesday, with six soaring to fresh record highs, as investors took heart from a flurry of strong corporate earnings in the first quarter of the year.
Meanwhile, Wall Street’s three main indices were left in the dust, with the Nasdaq the only gainer, albeit by a mere 0.04 percent. The Dow Jones and the S&P 500 declined by 0.57 percent and 0.04 percent, respectively.
In this article, we identify the 10 top-performing stocks on Wednesday and break down the reasons behind their gains.
To come up with the list, we only considered the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Applied Optoelectronics Inc. (NASDAQ:AAOI)
Applied Optoelectronics climbed by 11.34 percent on Wednesday to close at $152.83 apiece, after bagging $20.9 million worth of fund grant from the state of Texas for the advancement of semiconductor production in the area.
The award forms part of the Texas Semiconductor Innovation Fund (TSIF) grant, which would help support its manufacturing expansion plans in Sugar Land, Texas.
The TSIF provides grants to businesses, higher education, and state entities, in a bid to support economic development particularly from the semiconductor sector.
At present, Applied Optoelectronics Inc. (NASDAQ:AAOI) is underway with the expansion of an additional 210,000-square-foot manufacturing facility adjacent to its current headquarters in Sugar Land, where it will establish one of the largest production capacities for AI-focused data center transceivers in the US.
Upon completion, the new facility is expected to generate more than 500 new jobs.
“The support from the State of Texas is critical to our expansion plans and is a tangible commitment by the state to advancing semiconductor innovation for the AI era,” Applied Optoelectronics Inc. CFO Stefan Murry said.
“AOI was founded by a team from the University of Houston, and over the intervening 29 years we have expanded in Texas to become a major international supplier of optical products enabling the AI age. With this investment, we can continue to expand our Texas-based capacity for production of the advanced high-speed optical transceivers that interconnect today’s AI data centers, helping cloud providers improve network performance while making their data centers more energy efficient and scalable,” he noted.
9. Teva Pharmaceutical Industries Ltd (NYSE:TEVA)
Teva Pharmaceutical rallied for a third consecutive day on Wednesday, climbing 11.89 percent to close at $35.38 apiece, as investors took heart from its strong earnings performance in the first quarter of the year.
In an updated report, Teva Pharmaceutical Industries Ltd (NYSE:TEVA) said that attributable net income soared by 72 percent to $369 million from $214 million in the same period last year, on the back of a 25.6 percent jump in operating income to $652 million versus $519 million year-on-year.
Revenues inched up by 2.3 percent to $3.98 billion from $3.89 billion, amid portfolio growth and disciplined execution, even with lower revenues lenalidomide capsules due to increased generic competition in the US.
For this year, Teva Pharmaceutical Industries Ltd maintained its revenue outlook for 2026, at $16.4 billion to $16.8 billion.
However, it notably lowered its guidance for other key metrics, including operating income, adjusted EBITDA, and diluted earnings per share (EPS).
Operating income was cut to a range of $3.8 billion to $4 billion, versus the $4.55 billion to $4.8 billion range prior.
Adjusted EBITDA was reduced to $4.23 billion to $4.53 billion, versus $5 billion to $5.3 billion previously.
Diluted EPS was pegged to end at $1.91 to $2.11, lower than the $2.57 to $2.77 previously.
8. Intel Corp. (NASDAQ:INTC)
Intel rallied to a fresh all-time high on Wednesday, as investors resumed buying positions after an analyst posted a highly optimistic sentiment for its stock, supported by its recent earnings blowout and upbeat outlook for the second quarter of the year.
In intra-day trading, the stock climbed to its highest price of $94.95 before trimming gains to finish the session just up by 12.06 percent at $94.75 apiece.
In the recent episode of Mad Money, host and former hedge fund manager Jim Cramer underscored his “very bullish” stance on Intel Corp. (NASDAQ:INTC) since CEO Lip-Bu Tan took the reins, with the company posting a strong revenue performance in the first quarter.
Intel Corp.—once at the forefront of the chip industry before falling behind in key technological shifts—grew its net revenues by 7 percent in the first three months of 2026 to $13.6 billion versus $12.7 billion in the same period in 2025, on the back of strong demand for CPUs amid the rapidly growing AI era.
“They delivered their biggest revenue beat in more than 5 years with 7 percent growth. Their margins expanded dramatically too. All this comes down to something that I’ve mentioned a lot lately, the next leg of the AI revolution. The company’s proving so rapidly that it’s surprisingly been able to meet the demand that, well, that’s because Lip-Bu Tan is a great manufacturer,” Cramer noted.
Further buoying sentiment was an optimistic outlook for the second quarter of the year, with revenues projected to grow by 7 to 14.7 percent to a range of $13.8 billion to $14.8 billion, versus the $12.9 billion in the same period in 2025.
Meanwhile, last year’s second-quarter revenues were flat from the same period in 2024.
7. Plug Power Inc. (NASDAQ:PLUG)
Plug Power snapped a four-day losing streak on Wednesday, jumping 12.54 percent to close at $3.41 apiece, after a bullish rating, while investors repositioned portfolios ahead of its first quarter earnings performance.
In a market note, Clear Street upgraded Plug Power Inc. (NASDAQ:PLUG) to $3.50 from $3, while maintaining its buy recommendation, amid expectations of strong momentum for contract wins.
Clear Street also raised its sales target for Plug Power Inc. to 8 percent, at $144 million, for the first quarter of the year.
Official results are scheduled to be released after market close on May 11, 2026. A conference call will be held to discuss the results.
Meanwhile, the investment firm reduced its full-year sales forecast for the company to $817 million—an implied 15 percent growth year-on-year, but was lower by 2 percent than previously expected.
It also trimmed its forecast for first half revenues, but turned more bullish for the second semester of the year.
In its upcoming earnings call, investors are expected to watch for the listed firm’s updated outlook under the leadership of newly-installed chief executive officer, Jose Luis Crespo, who assumed the role last March 2.
Prior to the CEO role, Crespo served as Plug Power Inc.’s president and chief revenue officer, where he helped drive growth through cost discipline, margin expansion, and capital efficiency, resulting in revenues hitting more than $700 million last year from only $27 million in 2013. He also deepened strategic partnerships with global customers, including Amazon, Walmart, Home Depot, Galp, and Iberdrola, while advancing hydrogen fuel cell and electrolyzer deployments across multiple industries.
Crespo replaced Andy Marsh, who transitioned to chairman of Plug Power Inc.’s board of directors, consistent with the leadership transition plan announced last October.
6. Rush Street Interactive (NYSE:RSI)
Rush Street climbed to a new all-time high on Wednesday, as investors cheered its stellar earnings performance in the first quarter of the year, with profits soaring by more-than-double, and revenues hitting records.
At intra-day trade, the stock jumped to its highest price of $29 before trimming gains to finish the session just up by 16.58 percent at $27.98 apiece.
In an updated report, Rush Street Interactive (NYSE:RSI) said that its net income soared by 134 percent to $26.2 million from $11.2 million in the same period last year, while revenues climbed by 41 percent to $370.4 million from $262.4 million.
The strong quarter was attributed to the strong monthly active users, having jumped by 51 percent year-on-year to 839,000.
In the North America alone, average revenue per MAU stood at $317, while that of Latin America was at $54.
“These results validate the customer-centric approach that has consistently driven our performance. The systematic enhancements we’ve made throughout the entire player journey have created a compounding dynamic where strong acquisition brings high-quality players, effective retention keeps them engaged, and exceptional experiences drive value,” Rush Street Interactive CEO Richard Schwartz said.
Looking ahead, Rush Street Interactive raised its revenue growth forecast for full-year 2026 by 31 to 36 percent to a range of $1.49 billion to $1.54 billion, versus $1.375 billion to $1.425 billion previously.
Adjusted EBITDA is projected at $230 million to $250 million, or growth of 50 to 63 percent year-on-year, versus $210 million to $230 million prior.
5. NXP Semiconductors NV (NASDAQ:NXPI)
NXP Semiconductors soared to a fresh all-time high on Wednesday, as investors cheered its stellar earnings performance in the first quarter of the year, with profits more-than-doubling and cracking past the $1 billion level, thanks to a strong demand from AI.
At intra-day trade, NXP Semiconductors NV (NASDAQ:NXPI) climbed to its highest price of $292.85 before paring gains to finish the session just up by 25.59 percent to $289.25 apiece.
In an updated report, NXP Semiconductors NV said that its GAAP net income attributable to shareholders surged by 129 percent to $1.12 billion from only $490 million in the same period last year, while total revenues climbed by 12 percent to $3.18 billion from $2.8 billion year-on-year.
“Our growth reflects sustained investment, disciplined execution, and growing customer adoption of our differentiated portfolio, particularly in industrial and automotive processing that supports software-defined vehicles and physical AI” said NXP Semiconductors NV President and CEO Rafael Sotomayor said.
“The momentum we have built is expected to accelerate through the remainder of 2026, with progress increasingly extending across the core of our business,” he noted.
For the second quarter, the company is targeting to generate GAAP revenues of $3.35 billion to $3.55 billion, or an implied growth of 14 to 21 percent year-on-year.
Diluted earnings per share (EPS) are pegged at $2.6 to $3.01, while operating income is projected at $948 million to $1.079 billion.
4. Bloom Energy Corp. (NYSE:BE)
Bloom Energy climbed to a new all-time high on Wednesday, as investors took heart from its strong earnings performance, having swung to profitability in the first quarter of the year.
At intra-day trade, Bloom Energy Corp. (NYSE:BE) jumped to its highest price of $290.47 before paring gains to end the session just up by 27.21 percent at $287.97 apiece.
In an updated report, the company said that it swung to a $70.65 million net profit attributable to shareholders from a $23.8 million attributable net loss in the same period last year.
Revenues also soared by 130 percent to $751 million from $326 million, on the back of a 208.4-percent jump in product revenues.
Commenting on the performance, Bloom Energy Corp. Chairman and CEO KR Sridhar said that the company is ushering in the era of digital power for the digital age, and that it is rapidly becoming the standard and “go-to choice” for on-site power.
Following the strong results, Bloom Energy Corp. raised its full-year 2026 revenue guidance to a range of $3.4 billion to $3.8 billion, versus the $3.1 billion to $3.3 billion as previously expected.
Non-GAAP operating income was pegged at $600 million to $750 million, higher than the $425 million to $475 million targeted prior.
3. Extreme Networks Inc. (NASDAQ:EXTR)
Extreme Networks soared by 28.15 percent on Wednesday to finish at $21.85 apiece—a seven-month high—as investors gobbled up shares after more-than-tripling its profits in the third quarter of fiscal year 2026.
In an updated report, Extreme Networks Inc. (NASDAQ:EXTR) said that its net income for the third quarter ending March climbed by 206 percent to $10.59 million from $3.46 million in the same period last year.
Meanwhile, net revenues grew by 11 percent to $316.87 million from $284.5 million year-on-year. Of the total, product revenues were accounted for the chunk at $199 million, or 11.8 percent higher than the $178 million year-on-year.
Subscription and support revenues, on the other hand, stood at $117.5 million, or 10 percent higher than the $106 million in the same comparable period.
“Our fifth straight quarter of double-digit growth highlights strong momentum, fueled by disciplined execution, differentiated technology, and rising demand for our AI-powered platform. We’ve fully addressed our current and longer-term supply chain needs, including memory, through targeted sourcing strategies, product redesign, and strategic purchase commitments. These actions position us for continued share gains and growth,” Extreme Networks Inc. President and CEO Ed Meyercord said.
For the fourth quarter ending June 2026, Extreme Networks Inc. is targeting revenues of $330 million to $335 million, or an implied growth of 7 percent to 9 percent year-on-year.
The company also expects to swing to an earnings per share of $0.12 to $0.15, from a loss per share of $0.06 in the same period a year earlier.
2. The Vita Coco Company, Inc. (NASDAQ:COCO)
Shares of Vita Coco rallied to a new all-time high on Wednesday, as investors cheered its strong earnings performance in the first quarter and a higher growth guidance for the full-year period.
At intra-day trade, The Vita Coco Company, Inc. (NASDAQ:COCO) jumped to its highest price of $67.21 before trimming gains to end the session just up by 29.67 percent at $66.95 apiece.
In a statement, the company said that it grew its net income by 61 percent to $30.47 million from $18.88 million in the same period a year earlier. Net sales increased by 37 percent to $179.76 million from $130.9 million year-on-year.
“Our healthy first quarter shipment performance was driven by very strong branded retail growth in all our major markets, reflective of solid underlying consumer demand and favorable promotional timing differences. Our improved pricing produced healthy gross margin and very strong adjusted EBITDA,” The Vita Coco Company, Inc. CEO Martin Roper said.
Following the results, The Vita Coco Company, Inc. raised its full-year net sales guidance to a range of $720 million to $735 million, versus $680 million to $700 million as previously projected.
Growth is expected to be bolstered by a targeted mid- to high-teens growth in Vita Coco Coconut Water and improvements in Private Label trends from new and regained business.
Adjusted EBITDA was also raised to a range of $132 million to $138 million, versus $122 million to $128 million year-on-year.
1. MaxLinear Inc. (NASDAQ:MXL)
MaxLinear soared to a fresh four-year high on Wednesday, as investors resumed buying positions in semiconductor stocks, thanks to the highly optimistic outlook for the industry further strengthened by strong earnings performance from key players.
At intra-day trade, the stock surged to a record high of $71.25 before paring gains to finish the session just up by 29.82 percent at $67.52 apiece.
Optimism remained bolstered by its 43-percent growth in revenues in the first quarter of the year, at $137 million versus the $95.9 million in the same period a year earlier.
It also narrowed its net loss by 9.45 percent to $45 million from $49.7 million year-on-year.
MaxLinear Inc. (NASDAQ:MXL) Chairman and CEO Kishore Seendripu pointed to the strong momentum for optical data center connectivity as having bolstered the company’s earnings performance for the period.
“Revenue grew 43 percent year over year, with infrastructure growing more than 130 percent to become our largest end market. This was driven primarily by strong execution and production ramps of our optical data center products at multiple hyperscale customers across scale-up and scale-out AI platforms,” he said.
Following the results, MaxLinear Inc. said that it is now at a clear inflection point in its optical data center business, marked by a step function increase in second-quarter revenues.
For the April to June period, the company is targeting to grow its revenues by 47 percent to 56 percent to a range of $160 million to $170 million, versus $108.8 million in the same period last year.
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