Ten stocks finished the trading session with hefty gains, mirroring a broader market optimism following President Donald Trump’s decision to delay the imposition of tariffs on pharmaceutical goods, while shrugging off concerns of a government shutdown.
Meanwhile, Wall Street’s main indices all finished in the green, led by the Nasdaq, up 0.42 percent, followed by the S&P 500 with a 0.34 percent increase, and the Dow Jones with a meager 0.09 percent gain.
In this article, we spotlight the names of the best-performing companies on Wednesday and detail the reasons behind their strong performance.
To come up with the list, we focused exclusively on mid-cap stocks with more than $2 billion in market capitalization and 5 million shares in trading volume.
A stock market data. Photo by Alesia Kozik on Pexels
10. AstraZeneca PLC (NASDAQ:AZN)
AstraZeneca saw its share prices jump to a new all-time high on Wednesday, as investors cheered reports that President Donald Trump delayed the imposition of a 100-percent tariff on all pharmaceutical imports.
A report by Politico quoting a White House official said that Trump delayed the imposition of drug levies, set to take effect today, October 1, as the US government negotiates drug pricing with pharmaceutical giants.
Following the news, AstraZeneca PLC (NASDAQ:AZN) soared to its highest 52-week price of $84.61 before trimming gains to end the day just up by 9.96 percent at $84.36 apiece.
AstraZeneca PLC (NASDAQ:AZN) rallied alongside its counterparts in the US and Europe, helped by Pfizer Inc.’s landmark deal with the US government to lower drug prices for Americans and make them at par with prices in other key developing countries.
Analysts said they expected drugmakers to follow suit in return for lower tariffs on their drugs entering the US.
“We expect EU pharma to follow suit and negotiate with the Trump administration for exemptions,” Lucy Coutts, investment director at wealth managers JM Finn, was quoted as saying in a report by Reuters.
JPMorgan also said that it expects the Pfizer deal to become the bellwether for other drug companies in their negotiation strategies.
9. Enovix Corp. (NASDAQ:ENVX)
Shares of Enovix Corp. jumped by 11.43 percent on Wednesday to close at $11.11 apiece as investor sentiment was bolstered by the US government’s support for the local lithium industry.
Enovix Corp. (NASDAQ:ENVX) rallied alongside its counterparts, supported by the US government’s acquisition of a 10 percent stake in Lithium Americas and its subsidiary, in line with plans to boost domestic supply and reduce the country’s reliance on imports.
The move sparked expectations that the government could be in the works for new policies to prop up the lithium industry, similar to other industries it considered vital to national security. At present, China is the world’s largest lithium refiner.
While focused on manufacturing lithium-ion batteries, Enovix Corp. (NASDAQ:ENVX) stands to benefit from the Trump administration’s initiatives to ramp up domestic lithium manufacturing, as the move could help lower prices of raw materials for companies like Enovix, which is more appealing than relying on overseas suppliers.
8. Sable Offshore Corp. (NYSE:SOC)
Sable Offshore snapped a five-day losing streak on Wednesday, jumping 14.89 percent to close at $20.06 apiece as investors took heart from an investment bullish coverage and price target for its stock.
In a market note, Benchmark gave the company a “buy” recommendation with a price target of $47, marking an upside potential of 134 percent from its latest closing price.
The upgrade followed Sable Offshore Corp.’s (NYSE:SOC) submission of an alternative option to pursue an “offshore storage and treating vessel” to transport crude oil from its offshore pipelines instead of relying on its onshore network, which still needs regulatory approvals to operate.
According to Sable Offshore Corp. (NYSE:SOC), it would program $100 million in capital expenditures to pursue Plan B, as well as $3-$4 per barrel of oil equivalent in operating expenses.
“[We continue] to work diligently with the State of California to safely and responsibly resume petroleum transportation through the onshore pipeline in accordance with its Federal Consent Decree, which was entered into by several state and federal agencies. Continued delays related to the onshore pipeline will prompt Sable to fully pivot back to a leased OS&T strategy, which was utilized to process SYU production in federal waters from 1981-1994,” Sable Offshore Corp. (NYSE:SOC) said.
7. NovaGold Resources Inc. (NYSEAmerican:NG)
NovaGold extended its winning streak to a fifth consecutive day on Wednesday to hit a new all-time high as investors cheered the start of work for one of the largest open-pit gold mines in the world.
In intra-day trading, NovaGold Resources Inc. (NYSEAmerican:NG) soared to its highest 52-week price of $10.15 before paring gains to end the day just up by 15 percent at $10.12 apiece following the release of its third-quarter business and earnings update.
According to the company, work is now underway for the Donlin Gold mine project in Alaska, having already requested feasibility study proposals from top-tier engineering firms qualified for the project, while also building its workforce. It said it expects to award the contract before the end of the year and begin construction next year, with the development expected to take 18 to 24 months.
Meanwhile, NovaGold Resources Inc. (NYSEAmerican:NG) also announced that it widened its net loss in the third quarter of the year by 46 percent to $15.6 million from $10.7 million in the same period last year, as loss from operations jumped by 73 percent to $13.7 million from $7.9 million year-on-year.
6. AST SpaceMobile Inc. (NASDAQ:ASTS)
AST SpaceMobile jumped by 16 percent on Wednesday to close at $56.94 apiece as investors cheered the kickstart of its next-generation satellite launch campaign.
In a social media post late Tuesday, AST SpaceMobile Inc. (NASDAQ:ASTS) said that it is now in preparations for the official launch of the BlueBird 6 satellite, following the successful completion of its final assembly and testing. It is set to ship to India on October 12 for launch.
BlueBird 6 will be followed by the BlueBird 7 satellite, which AST SpaceMobile Inc. (NASDAQ:ASTS) targets to ship to the Cape Canaveral launch site in Florida, also this month.
Meanwhile, BlueBirds 8 to 16 are in various stages of production, with launches planned every 1 to 2 months on average for this year until 2026.
AST SpaceMobile Inc. (NASDAQ:ASTS) is targeting to complete 40 phased arrays by early 2026 to bring its BlueBird satellites to 46 in total.
Meanwhile, it targets to bring up to 60 satellites in orbit by the end of next year.
“We have partnered with 50+ mobile network operators serving nearly 3 billion subscribers, supported by a flexible spectrum strategy blending our own licensed spectrum with partner spectrum. These BlueBirds will be the largest commercial satellites ever deployed in LEO (low earth orbit)—each featuring a 2,400 sq ft phased array with true direct-to-cell broadband, capable of up to 10,000 MHz of processing bandwidth and peak speeds of 120 Mbps per cell,” AST SpaceMobile Inc. (NASDAQ:ASTS) said.
5. The AES Corporation (NYSE:AES)
The AES Corporation soared by 16.79 percent on Wednesday to close at $15.37 apiece as investors gobbled up shares following reports that it was set to be acquired by Global Infrastructure Partners (GIP) for $38 billion.
A report by Financial Times said Wednesday that the BlackRock-owned investment firm is currently in talks with The AES Corporation (NYSE:AES) for the acquisition that would include the latter’s $29 billion debt. A deal could be finalized this week, albeit not guaranteed.
The AES Corporation (NYSE:AES) has been exploring strategic options since July after receiving takeover bids from infrastructure investors, including GIP.
Meanwhile, BlackRock’s acquisition plans were aimed at capitalizing on the booming energy demand amid the rapid growth of the artificial intelligence sector.
Following the reports, investment firm Barclays assigned an “overweight” rating with a $14 price target on The AES Corporation’s (NYSE:AES) stock.
4. QuantumScape Corp. (NYSE:QS)
QuantumScape ended two days of losses on Wednesday, surging 18.43 percent to close at $14.59 apiece as investors repositioned portfolios after striking a partnership agreement with Corning Inc. for the development of ceramic separator manufacturing capabilities for solid-state batteries.
In a statement, QuantumScape Corp. (NYSE:QS) said the two firms would jointly develop the project in a bid to ramp up the production of its ceramic separators for commercial applications.
“Combining QS and Corning’s strengths in materials science and manufacturing, this agreement marks an important step in building an ecosystem of partners to rapidly industrialize QS’s next-generation battery technology,” QuantumScape Corp. (NYSE:QS) said.
Meanwhile, QuantumScape Corp. (NYSE:QS) is likewise benefitting from optimism for the overall lithium industry following the US government’s acquisition of a 10-percent stake in Lithium Americas. The move was aimed at reducing the country’s dependence on lithium imports, sparking confidence that the Trump administration could be in the works for policies to prop up domestic manufacturing.
3. Fluence Energy, Inc. (NASDAQ:FLNC)
Shares of Fluence Energy soared by 24.54 percent on Wednesday to end at $13.45 apiece as investor optimism for one of its largest shareholders, The AES Company, spilled over to its stock.
This followed reports by Financial Times on Wednesday that The AES Company, which owns a significant stake in Fluence Energy, Inc. (NASDAQ:FLNC), was in talks with investment firm BlackRock for a potential $38 billion merger agreement.
Investors anticipated that any ownership and leadership changes in AES could be beneficial for Fluence Energy, Inc. (NASDAQ:FLNC) on expectations that it would inject more capital, implement strategic adjustments, and ultimately support the growth of the company.
BlackRock has been setting its sights on AES since July this year, as it aims to position itself and capitalize on the booming energy sector, fueled by the strong power demand from the artificial intelligence industry.
Fluence Energy, Inc. (NASDAQ:FLNC) was a joint venture company between Siemens and AES and was launched in January 2018.
2. Neptune Insurance Holdings Inc. (NYSE:NP)
Neptune Insurance Holdings Inc. (NYSE:NP) soared by 24 percent on its first day as a publicly traded company, suggesting strong investor optimism for its business.
During its initial public offering, Neptune Insurance Holdings Inc. (NYSE:NP) successfully raised $368 million in fresh funds, having sold 18.4 million shares at a price of $18 to $20 apiece. The shares were sold by certain selling shareholders.
During the session, the company opened at $22.50 and grew by as much as 26.45 percent to $25.29 from its IPO price.
According to Neptune Insurance Holdings Inc. (NYSE:NP), the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 2.76 million common shares at the IPO price, less underwriting discounts and commissions.
Morgan Stanley acted as lead left bookrunner for the proposed offering, while J.P. Morgan and BofA Securities acted as active bookrunners.
BMO Capital Markets, Goldman Sachs & Co. LLC, Evercore ISI, Deutsche Bank Securities, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James, and TD Securities served as the joint bookrunners, while Dowling & Partners Securities LLC served as co-manager.
1. Plug Power Inc. (NASDAQ:PLUG)
Plug Power soared by 25.75 percent on Wednesday to end at $2.93 apiece as investors cheered the delivery of its first 10-megawatt electrolyzer to Galp Energia, the largest energy company in Portugal.
In a statement, Plug Power Inc. (NASDAQ:PLUG) said that the first 10-MW electrolyzer forms part of the 10 total deliveries, creating a full 100-MW system for Galp. The nine remaining machines are targeted to be delivered by early 2026.
Plug Power Inc. (NASDAQ:PLUG) touts its partnership with Galp as its largest worldwide, with the project capable of producing up to 15,000 tons of renewable hydrogen per year and replacing 20 percent of the grey hydrogen currently used at the Sines Refinery.
The switch was also said to reduce the refinery’s greenhouse emissions by approximately 11,000 tons per year.
“Plug is building the next generation of industrial energy solutions, and our collaboration with Galp shows that large-scale hydrogen is ready today,” Plug Power Inc. (NASDAQ:PLUG) CEO Andy Marsh said.
“This system will be a model for what’s possible across Europe’s refining sector and the broader energy industry,” he added.
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