Ten stocks stood firmer on Tuesday, bucking a mixed performance in the broader market, thanks to company-specific developments that boosted investor appetite.
Meanwhile, only the Nasdaq finished in the green among Wall Street’s major indices, inching up by 0.23 percent. The Dow Jones and the S&P 500 both fell by 0.62 percent and 0.24 percent, respectively.
Indices aside, this article focuses on the 10 big names with the best performance on Tuesday, and details the reasons behind their gains.
To come up with the list, we focused on the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
A man in black suit holding a tablet looks at stock market data on a monitor. Photo by Tima Miroshnichenko on Pexels
10. Compass Inc. (NYSE:COMP)
Compass bounced back by 5.13 percent on Tuesday to close at $10.87 apiece as investors poured funds back in after an analyst downplayed the potential impact of a technology giant’s possibility to emerge as a competitor in the real estate listing market.
This followed news on Monday that Google is testing out a new service that would list real estate properties directly on its search engine.
Similar to features from property websites, Google’s listing test enables users to view the full details of a property, including unit sizes, the number of bedrooms and bathrooms, and the year it was constructed, among others.
Following the news, Wells Fargo issued comments for one of Compass Inc.’s (NYSE:COMP) counterparts, downplaying the impact of Google testing and helping allay investor fears for the overall sector.
According to Wells Fargo, it expects Google’s move to provide only a limited downside to Zillow Inc., saying that it does not expect a meaningful financial impact from listings on Google.
“The listings product appears similar to Google Hotel Metasearch results; introduction could increase traffic cost to Zillow, but disintermediation unlikely,” it said.
“In the hotel category, Google merchandises hotel rooms in search results as a metasearch ad product for OTAs (online travel agencies). We would expect a similar approach in real estate,” it added.
9. Applied Digital Corporation (NASDAQ:APLD)
Applied Digital jumped by 5.48 percent on Tuesday to close at $24.24 apiece as investors took heart from its chief executive’s hints that the company is currently in talks with companies for three of its campuses, alongside bargain-hunting following four straight days of decline.
“We’re negotiating for two or three other campuses at the moment. The demand just keeps coming,” Applied Digital Corporation (NASDAQ:APLD) CEO Wes Cummins was quoted as saying in an interview shared on the firm’s social media on Monday.
It was unclear whether negotiations were for a potential leasing partnership or a fundraising activity, but investors took the announcement as a cue about its ongoing expansion program.
“We’ve developed an ability to execute on construction and financing—that’s a critical pillar too…We expect to just continue to add more customers and scale across more sites,” he added.
At present, Applied Digital Corporation (NASDAQ:APLD) boasts of $16 billion worth of multi-year partnerships with hyperscalers, of which $11 billion came from CoreWeave Inc. alone.
Its first facility in Ellendale, North Dakota came online only this month, successfully delivering a full 100 MW critical IT load.
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