Ten companies soared by double digits on Thursday, mirroring a broader market optimism, after the US central bank lowered interest rates for the first time this year.
The stocks outperformed Wall Street’s three major indices, four of which rallied to new all-time highs.
Meanwhile, the tech-heavy Nasdaq led the gains among Wall Street’s main indices, jumping 0.94 percent, followed by the S&P 500 with a 0.48 percent gain, while the Dow Jones grew by 0.27 percent.
This article focuses on Thursday’s 10 top performers alongside the reasons behind their strong performance.
To come up with the list, we considered only 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. Ouster Inc. (NASDAQ:OUST)
Ouster rallied for a fourth straight day on Thursday, jumping by another 13.43 percent to close at $34.72 apiece as investors continued to load positions after inking a partnership with Constellis to advance security operations technologies through AI.
In a statement earlier this week, Ouster Inc. (NASDAQ:OUST) said it will create with Constellis a unified security solution combining the latter’s AI-driven sensor fusion platform called Lexso with Ouster’s Gemini and lidar.
Meanwhile, Gemini will serve as the brain behind Lexso, leveraging Ouster Inc.’s (NASDAQ:OUST) proprietary AI software to process 3D digital lidar data for real-time analytics, threat classification, and automated response protocols to bring Physical AI to advanced security operations.
“Constellis’ deep operational expertise, network, and reputation make them an invaluable partner in deploying Ouster Gemini for critical and large-scale security operations,” said Ouster Inc. (NASDAQ:OUST) CEO Angus Pacala.
“Our deployment with Lexso underscores how lidar-powered AI can transform situational awareness and decision-making for the most demanding security environments,” he added.
9. Eightco Holdings Inc. (NASDAQ:ORBS)
Eightco Holdings snapped a three-day losing streak on Thursday, jumping 15.56 percent to close at $12.55 apiece as investors resorted to bargain-hunting following the previous days’ decline.
Earlier this week, Eightco Holdings Inc. (NASDAQ:ORBS) raised as much as $270 million through a private placement with institutional investors, proceeds of which will be used to establish a treasury of Worldcoin tokens.
Apart from Worldcoins, Eightco Holdings Inc. (NASDAQ:ORBS) said it would also hold cash and acquire Ethereum coins as its secondary reserve assets.
Worldcoin is a cryptocurrency project co-founded by Sam Altman, chief executive officer of OpenAI. It is part of the World network, which creates a zero-knowledge Proof of Human through iris-scanning, so a person’s human information is not stored on the blockchain. It was designed to ultimately tackle two major challenges being faced by the digital era: to verify human identity in a world now dominated by artificial intelligence, and promote global financial inclusion through Worldcoin.
“Proof of Human is the next critical step in the AI revolution, and World is uniquely positioned to deliver the trust, verification, and authentication that the world needs as AI becomes more deeply embedded in every aspect of our lives,” said Eightco Holdings Inc. (NASDAQ:ORBS) Chairman Dan Ives.
8. Figure Technology Solutions, Inc. (NASDAQ:FIGR)
Shares of Figure Technology climbed to a new all-time high for the fourth time this month, as investors continued to post strong confidence, supported by an interest rate cut by the US central bank.
During the session, the stock soared to its highest 52-week price of $46.20 before trimming gains to end the day just up by 16.16 percent at $43.17 apiece.
Investors appeared to have loaded positions on strong confidence that it would largely benefit from the lower interest rates, having been reduced by 25 basis points by the Federal Reserve on Wednesday.
Lower interest rates bode well for Figure Technology Solutions, Inc. (NASDAQ:FIGR), which leverages blockchain technology to connect lenders and borrowers of home loans, as lower borrowing rates could spark more demand for mortgages, refinancing, and home equity loans.
Figure Technology Solutions, Inc. (NASDAQ:FIGR) is a newly listed company that debuted on the stock market on September 11. The company was able to raise $787.5 million from its initial public offering.
7. CleanSpark, Inc. (NASDAQ:CLSK)
Shares of CleanSpark rallied for a third straight day on Thursday, surging by 17.66 percent to end at $13.46 apiece and tracking the rally in Bitcoin prices amid strong optimism for the cryptocurrency.
This followed a roundtable discussion earlier this week, which aimed to advance US efforts to acquire 1 million Bitcoins over the next five years.
The meeting—hosted by Sen. Cynthia Lummis and Rep. Nick Begich—was attended by industry stakeholders, including CleanSpark, Inc. (NASDAQ:CLSK) Chairman and CEO Matthew Schultz, Strategy Inc. Chairman Michael Saylor, and Bitmine Chairman Thomas Lee, among others.
The roundtable followed Lummis’ introduction of a bill in March called the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act (Bitcoin Act), in line with President Donald Trump’s executive order to establish a national crypto treasury.
For its part, CleanSpark, Inc. (NASDAQ:CLSK) continued to ramp up its Bitcoin mining operations. Last month alone, it said it was able to produce 657 Bitcoins at an operational hash rate of 50 EH/s.
As of writing, the prices of Bitcoin have gone up by 0.84 percent to $117,436.60 apiece.
6. QuantumScape Corp. (NYSE:QS)
QuantumScape extended its rally for a second day on Thursday, climbing 18.23 percent to close at $12.13 apiece on strong investor confidence after taking center stage at the demonstration of the Ducati V21L prototype that runs on its solid-state battery cells.
The showcase highlighted significant improvements in battery chemistry and charging performance, with the cells able to charge between 10 and 80 percent in just around 12 minutes, as compared with today’s EV charging, which takes up to hours to fully charge.
The demonstration suggested the potential for solid-state batteries like those of QuantumScape Corp. (NYSE:QS) in transforming the future of the electric vehicle industry.
“This will be a rigorous proving ground for QS technology, which has shown unique capabilities, including 844 Wh/L energy density, just over 12-minute fast charging from 10 percent to 80 percent state of charge, and 10C continuous discharge,” QuantumScape Corp. (NYSE:QS) said in a statement earlier.
5. Ramaco Resources, Inc. (NASDAQ:METC)
Ramaco Resources soared to a new all-time high on Thursday, as investors took path from an investment firm’s bullish coverage for its stock.
In intra-day trading, Ramaco Resources, Inc. (NASDAQ:METC) jumped to its highest 52-week price of $32.17 before trimming gains to end the day just up by 18.65 percent at $30.92 apiece.
In a market report, Jefferies raised its price target for the stock to $45 from $27 previously, while maintaining a “buy” recommendation.
Jefferies called the new price target “conservative,” suggesting potential for even greater upside for Ramaco Resources, Inc. (NASDAQ:METC).
The revision reflected the analyst’s strong optimism for the Brook coal mine in Wyoming, which Ramaco Resources, Inc. (NASDAQ:METC) is currently ramping up.
According to the mining firm, it will increase the production of the facility to 5 million tons per year from 2 million tons previously.
The expansion is expected to support the project’s net present value to $5.1 billion from $1.6 billion, or equivalent to $77 per share.
4. Bullish (NYSE:BLSH)
Bullish extended its winning streak to a third straight day on Thursday, soaring 20.72 percent to end at $65.61 apiece as investors cheered the green light of the New York State Department of Financial Services (NYDFS) to provide digital asset trading services to institutions and advanced traders.
In a statement, Bullish (NYSE:BLSH) said its US arm, Bullish US Operations LLC, has received the NYDFS’ BitLicense and Money Transmission License, widely known as the ‘Virtual Currency Business Activity License,’ which allowed the company to provide asset spot trading and custody services.
“New York is widely recognized as being at the forefront of virtual currency regulation. Receiving our BitLicense and Money Transmission License from the [NYDFS] is a testament to Bullish’s commitment to regulatory compliance and our dedication to building trusted, institutional-grade digital asset infrastructure in key global markets,” said Bullish (NYSE:BLSH) CEO Tom Farley.
“As a former president of the New York Stock Exchange and a proud New Yorker, I look forward to Bullish’s contribution to the city’s thriving financial ecosystem,” he added.
3. Intel Corp. (NASDAQ:INTC)
Shares of Intel Corp. rallied to a new all-time high on Thursday as investors gobbled up shares after securing a $5 billion investment from technology giant Nvidia Corp. (NASDAQ: NVDA) and partnering to co-develop AI infrastructures and personal computing products.
In intra-day trading, the stock soared to its highest 52-week price of $32.38 before trimming gains to end the day up by 22.77 percent at $30.57 apiece.
In a statement, Nvidia Corp. said it acquired $5 billion of shares in Intel Corp. (NASDAQ:INTC) at a price of $23.28 apiece, subject to customary closing conditions, including required regulatory approvals.
In line with the investment, the two companies committed to jointly develop multiple generations of custom data center and PC products that accelerate applications and workloads across hyperscale, enterprise, and consumer markets.
Additionally, Intel Corp. (NASDAQ:INTC) and Nvidia will focus on seamlessly connecting their architectures using the latter’s NVLink, which would integrate the strengths of NVIDIA’s AI and accelerated computing with Intel’s leading CPU technologies and x86 ecosystem to deliver cutting-edge solutions for customers.
For data centers, Intel Corp. (NASDAQ:INTC) will build NVIDIA-custom x86 CPUs that NVIDIA will integrate into its AI infrastructure platforms and offer to the market.
For personal computing, Intel Corp. (NASDAQ:INTC) will build and offer to the market x86 system-on-chips (SOCs) that integrate NVIDIA RTX GPU chiplets. The new x86 RTX SOCs will power a wide range of PCs that demand integration of world-class CPUs and GPUs.
2. Acuren Corporation (NYSE:TIC)
Acuren climbed by 22.94 percent on Thursday to close at $13.45 apiece as investors resorted to bargain-hunting following four straight days of decline.
The company, a leading provider of critical asset integrity services, recently received a bullish rating from Jefferies’ initial coverage for its stock, with a $16 price target and a “buy” recommendation. The price target marked an 18.9 percent upside potential from its latest closing price.
According to Jefferies, its positive rating was based on optimism for Acuren Corporation (NYSE:TIC) to expand its EBITDA margins by approximately 200 basis points to 18 percent over the next two years on the back of cost synergies from its NV5 acquisition, alongside operating leverage and strategic business improvements.
Acuren Corporation (NYSE:TIC) recently completed its merger with NV5 Global, Inc., creating a market-leading North American provider of TICC and engineering services across critical industrial assets, public infrastructure, and the built environment.
Additionally, Jefferies was optimistic that Acuren Corporation (NYSE:TIC) can achieve more than a 20 percent increase in EBITDA margins in the long term through improved pricing strategies and scale benefits from continued industry consolidation.
1. 89bio Inc. (NASDAQ:ETNB)
Shares of 89bio surged to a fresh record high on Thursday as investor funds poured into its stock following announcements that it was set to be acquired by Swiss company Roche for $3.5 billion.
At intra-day trading, 89bio Inc. (NASDAQ:ETNB) soared by as much as 86 percent to its highest 52-week price of $15.06, before trimming gains to end the day just up by 85.15 percent at $14.96 apiece.
In a statement, Roche said it entered into a definitive agreement to acquire 89bio Inc. (NASDAQ:ETNB) as it aims to advance innovative therapies in cardiovascular, renal, and metabolic diseases (CVRM), especially for patients affected by overweight, obesity, and related health challenges such as MASH.
Under the agreement, Roche will conduct a tender offer of all outstanding and issued shares of 89bio Inc. (NASDAQ:ETNB) at a price of $14.50 apiece.
The acquisition also includes a non-tradable CVR to receive certain milestone payments of up to an aggregate of $6.00 per share in cash, representing a total equity value of approximately $2.4 billion at closing, and a total deal value of up to $3.5 billion.
The price was said to be a premium of 52 percent over 89bio Inc.’s (NASDAQ:ETNB) 60-day volume weighted average price last September 17.
Roche said it expects to close the transaction in the fourth quarter of the year.
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