10 Stocks Stealing Market Spotlight

Ten stocks soared higher on Wednesday, mirroring a broader market optimism, as investors continued to place bets on an interest rate cut in the last Federal Open Market Committee meeting for the year.

The Dow Jones led the charge among Wall Street’s main indices, up 0.86 percent; followed by the S&P 500, up 0.30 percent; and the Nasdaq, up 0.17 percent.

Indices aside, we name the 10 top-performing stocks on Wednesday and break down the reasons behind their gains.

To come up with the list, we focused exclusively on companies with a $2 billion market capitalization and 5 million shares in trading volume.

Photo by Burak The Weekender on Pexels

10. Quantum Computing Inc. (NASDAQ:QUBT)

Quantum Computing rallied for a second day on Wednesday, adding 9.73 percent to close at $12.07 apiece as investors continued to load portfolios to take advantage of its cheap valuation.

The rally followed a 30 percent drop last month to $11.70 from $16.71 in the last trading day of October, which traders took as opportunity to load up on shares.

Additionally, Quantum Computing Inc. (NASDAQ:QUBT) mirrored an overall market optimism ahead of the last Federal Open Market Committee meeting for the year, where the US central bank’s Monetary Board is expected to announce a 25-basis point rate cut.

Quantum Computing Inc. (NASDAQ:QUBT) is an integrated photonics and quantum optics technology company providing quantum machines and TFLN foundry services.

In the third quarter of the year, it swung to a net income of $2.38 million from a $5.67 million net loss in the same period last year, primarily driven by a $9.2 million gain from the mark-to-market of a derivative liability and interest income of $3.5 million.

Revenues jumped by 280 percent to $384,000 from $101,000 year-on-year, on the back of research and development services and custom hardware contracts.

9. Ondas Holdings Inc. (NASDAQ:ONDS)

Ondas Holdings extended gains for a second day on Wednesday, jumping 10.53 percent to finish at $8.92 apiece following announcements that it won the bidding for the development of an autonomous border protection system for a government entity.

In a statement, Ondas Holdings Inc. (NASDAQ:ONDS) said that the company, through its business unit, Ondas Autonomous Systems, was chosen by an undisclosed government entity as the prime contractor for the design, development, and integration of a full-scale drone-based autonomous border protection system for both fixed and mobile environments.

The system will enable 24/7 ISR, autonomous swarm deployment, and rapid detection and mitigation of ground and aerial threats across complex terrain and high-activity border zones. All sensors, effectors, and mission operations will be unified under a centralized command-and-control architecture.

The program is expected to begin next month and completed in two years. Development will be implemented in multiple phases.

“This program builds directly on our global momentum and accelerates our strategy to deliver integrated, mission-ready autonomous solutions to defense and homeland security customers,” said Ondas Holdings Inc. (NASDAQ:ONDS) Chairman and CEO Eric Brock.

For his part, OAS co-CEO Oshri Lugassy said that by combining OAS’ autonomous platforms with capabilities from its partners, the company “will deliver a highly automated border protection architecture capable of swarm deployment, rapid threat interception, and persistent ISR.”