10 Stocks Surviving Market Slaughter

Ten stocks stood firmer on Wednesday despite a bloodbath in the broader market, as investors loaded portfolios amid a series of company-specific developments, including analyst upgrades, among others.

Meanwhile, Wall Street’s major indices all finished in the red, led by the Nasdaq losing 1.98 percent, followed by the Dow Jones, declining 1.87 percent, and the S&P 500, down 1.62 percent.

Indices aside, we name the 10 top-performing companies during the session and break down the reasons behind their gains.

To come up with the list, we considered the stocks with a market capitalization of $2 billion and 5 million shares in trading volume.

10. Cerebras Systems Inc. (NASDAQ:CBRS)

Cerebras Systems climbed by 4.64 percent on Wednesday to close at $237.33 apiece, as investors took heart from a fresh bullish rating for its stock.

In its market note, Morgan Stanley recommended investors buy shares of Cerebras Systems Inc. (NASDAQ:CBRS), while issuing a price target of $250.

Even with the day’s rally, the new figure marked a 5 percent upside potential from its latest closing price.

Morgan Stanley views Cerebras Systems Inc. as “one of the most differentiated AI infrastructure companies” that even Nvidia Corp. is unable to replicate.

It said that Cerebras Systems Inc. was well-positioned to capture a huge opportunity from the rapidly growing AI, supported by the latter’s contracted backlog of 750 MW committed capacity agreements.

It added that low-latency inference has become an important growth category that the company is uniquely positioned to address.

With fast tokens being more expensive than regular tokens, Morgan Stanley said that the low-latency category could account for 10 percent or more of inference hardware sales over the next few years.

Cerebras Systems Inc. is a newly listed firm that debuted on the stock market only on May 14. From its initial public offering price of $185, the stock was already up by 28 percent.

9. PENN Entertainment Inc. (NASDAQ:PENN)

PENN Entertainment saw its share prices jump by 5.56 percent on Wednesday to close at $21.45 apiece, as investors positioned their portfolios ahead of the launch of a $360 million casino and hotel development in Illinois.

In line with the closing of Hollywood Casino Aurora riverboat property on Wednesday, June 10, PENN Entertainment Inc. (NASDAQ:PENN) said that it is scheduled to launch the land-based casino development on June 24, 2026.

The project is set to rise at 2500 N. Farnsworth Ave., adjacent to the Chicago Premium Outlets near Interstate 80 in Aurora. It will feature approximately 1,200 gaming slots, including high-limit slots and table games, a baccarat room, and a sportsbook.

The hotel component, on the other hand, will feature 226 rooms and suites, an outdoor entertainment area, a full-service spa, high-quality bars and restaurants, an approximately 12,000-square-foot event center with meeting areas, and roughly 1,700 parking spaces. The hotel began accepting reservations in May.

“Our new location is ideally situated to welcome guests to enjoy a broad array of entertainment and dining experiences in the region,” PENN Entertainment Inc. Senior Vice President for Operations Rafael Verde said.

“In the meantime, we invite our customers to visit our nearby locations, including the new Hollywood Casino Joliet and Ameristar East Chicago,” he noted.

8. Devon Energy Corp. (NYSE:DVN)

Devon Energy grew its share prices by 5.74 percent on Wednesday to close at $46.60 apiece, as investors cheered a flurry of corporate updates, including plans to return 70 percent of free cash flow to its shareholders.

In a notice on its website, Devon Energy Corp. (NYSE:DVN) said that it is planning to return 70 percent of its free cash flow to investors through a combination of dividends and share repurchase activities.

The company earlier announced to distribute $0.32 in dividends per share to all shareholders on record as of June 15, 2026. The figure marked a 33 percent increase from the $0.24 previously. Payments will be made on June 30, 2026.

In addition, Devon Energy Corp. continues to execute its $8 billion authorized share repurchase program, as it aims to boost shareholder and company value to align with what it believes to be its intrinsic value.

It also plans to repay $1.25 billion worth of debt this year to help improve its balance sheet.

In terms of production, the company is targeting to produce 1.38 million barrels of oil equivalent per day for the full year 2026, following the completion of its $58 billion acquisition of Coterra Energy. The figure includes 500,000 barrels of oil per day.

Devon Energy Corp. is allocating $4.9 billion for its expansion plans, of which 60 percent will be poured into its Permian Basin. It said it would provide timely updates as it looks to focus on the development of the project.

“Optimizing our portfolio ‌remains a top priority, and a complete review of our strategic and financial criteria is well underway,” CEO Clay Gaspar said.

7. Venture Global Inc. (NYSE:VG)

Venture Global saw its share prices increase by 6.58 percent on Wednesday to finish at $13.29 apiece, as investors loaded portfolios ahead of another round of cash dividends.

In a notice to investors earlier this month, Venture Global Inc. (NYSE:VG) said that it would distribute worth $0.018 in cash dividends to all Class A and B shareholders on record as of June 15, 2026, payable on June 30.

The dividends followed the stellar results of its earnings performance for the first quarter of the year, with net income attributable to common shareholders surging by 23 percent to $488 million from $396 million in the same period last year.

Revenues also grew by 59 percent to $4.599 billion from $2.894 billion year-on-year, having exported 130 cargoes and achieving a new sales record of 481 TBtu of liquefied natural gas in the same comparable period.

“The first quarter of 2026 was a dynamic and at times volatile period for the global LNG market, and we are proud that our company has played a critical role in helping maintain supply stability. Venture Global continues to deliver reliable US energy to our customers, while generating strong financial results for our shareholders,” Venture Global Inc. CEO Mike Sabel said.

6. Alignment Healthcare Inc. (NASDAQ:ALHC)

Alignment Healthcare rallied for a second day on Wednesday, climbing 7.08 percent to finish at $20.56 apiece, as investors took heart from an investment firm’s bullish coverage for its stock.

In a market note, KeyBanc issued an “overweight” rating and a $28 price target on shares of Alignment Healthcare Inc. (NASDAQ:ALHC), marking a 37 percent upside potential from its latest closing price.

KeyBanc said that the coverage reflected its more optimistic stance for Alignment Healthcare Inc., despite a bumpy ride for the company since it reported its first-quarter earnings performance.

According to KeyBanc, the stock has lagged behind the broader market in recent weeks despite a strong rally on Tuesday.

Much of the weakness, the investment firm said, can be pointed to funds pouring into larger and more established players such as UnitedHealth Group and Humana, which are viewed as more attractive, and not due to development specific to Alignment Healthcare Inc..

KeyBanc said that bear points appeared “overblown,” especially in the context of moderating utilization.

“In our view, solid fundamentals and increasingly attractive valuation should sustain the recovery,” it said.

5. Applied Optoelectronics Inc. (NASDAQ:AAOI)

Applied Optoelectronics jumped by 7.52 percent on Wednesday to finish at $175.13 apiece, as investors resumed buying positions in its stock amid strong investor optimism, fueled by the continued expansion of the artificial intelligence sector.

Investor optimism can be partly attributed to reports that AI giant OpenAI is looking to ink a lease deal with Fermi Inc., suggesting continued expansion in the broader sector.

The positive news spilled over to suppliers tied to data center development, including Applied Optoelectronics Inc. (NASDAQ:AAOI), on expectations that they will leverage AI expansion initiatives.

In other news, the optics industry received an optimistic rating from Nvidia Corp. CEO Jensen Huang.

At the ongoing Computex conference in Taiwan, Huang validated the importance of the optics industry in the future of artificial intelligence, saying that the right strategy “is to scale up with copper as long as you can. After that, you scale up further with optics.”

“You scale out with optics, and you scale across with optics. So you use optics wherever you must, you use copper wherever you can,” he noted.

Applied Optoelectronics Inc. rallied alongside its counterparts, namely Marvell Technology, Credo Technology Group, Coherent Corp., and Lumentum Holdings, among others.

Further boosting sentiment was Rosenblatt’s highly optimistic outlook for the sector, saying that it expects key players to expand production capacities by approximately 12x through 2030 to support the growing demands from AI.

4. AXT Inc. (NASDAQ:AXTI)

AXT Inc. saw its share prices increase by 8.84 percent on Wednesday to finish at $85.29 apiece, as investors loaded portfolios in stocks riding the AI wave, thanks to strong optimism for the sector.

AXT Inc. (NASDAQ:AXTI) recently held its annual shareholders’ meeting last week to discuss and vote on corporate resolutions, including the hiking of authorized capital stock to 120 million shares from 70 million shares.

The resolution secured the approval of the shareholders and is effective upon filing with the Securities and Exchange Commission.

The amendment did not have any effect on the par value per share of AXT Inc.’s common stock.

In other developments, AXT Inc. is set to participate in the Northland Securities Virtual Growth Conference 2026 on June 23. Investors are expected to watch for early business cues and updates about its second-quarter earnings performance.

Last month, the company announced a huge improvement to its earnings performance for the first quarter of the year, with attributable net loss slashed by 81 percent to $1.62 million from $8.798 million in the same period last year. The drop was due to an 84 percent decrease in operating loss, at $1.585 million versus $10.275 million year-on-year. Revenues also surged by 39 percent to $26.9 million from $19.3 million year-on-year.

3. Webull Corp. (NASDAQ:BULL)

Webull rallied by 11.27 percent on Wednesday to close at $6.12 apiece, as investors resorted to bargain-hunting after crashing back to the $5 level last week.

The stock has already seen its stock price drop by 4.37 percent this month alone, while slashing its price by 21 percent year-to-date.

In other news, Webull Corp. (NASDAQ:BULL) last week expanded its investment options with the launch of a mutual fund for Individual Retirement Accounts.

In a statement, the company said that the new offering provides eligible IRA customers access to professionally managed mutual funds, enabling investors to build more diversified portfolios directly within its platform.

Webull Corp. said that the launch represents another step in its continued expansion of investment products designed to support a broader range of investor needs and long-term financial goals.

“Expanding access to mutual funds within IRA accounts allows investors to more easily diversify their portfolios and manage their retirement savings through a single platform,” said Lindsay Ryan, head of US products.

“By bringing more investment choices into one streamlined experience, we’re helping clients simplify long-term financial planning and stay focused on achieving their goals,” she noted.

2. Clover Health Investments Corp. (NASDAQ:CLOV)

Clover Health extended its winning streak to a third straight day on Wednesday, to hit a new all-time high, as investors loaded portfolios after the company earned a rating upgrade from the Centers for Medicare and Medicaid Services (CMS).

In intra-day trading, the stock surged to its highest price of $5.14 before trimming gains to end the session just up by 13.99 percent at $4.89 apiece.

In a regulatory filing, Clover Health Investments Corp. (NASDAQ:CLOV) announced that it received a 4.5 rating from CMS after it was ordered by a US court to recalculate its rating for the company.

It can be learned that Clover Health Investments Corp. earlier sued the CMS and the US Department of Health and Human Services for its downgraded rating to 3.5 from what it deemed should be 4.0, saying that the agency calculated based on “improper use” of quality measures and methodologies.

The 3.5 rating, it said, would have slashed millions worth of quality bonuses and government reimbursements, as well as hurt its competitiveness and weaken future growth.

1. Fermi Inc. (NASDAQ:FRMI)

Fermi Inc. snapped a three-day losing streak on Wednesday, surging 22.60 percent to finish at $6.89 apiece, following news reports that OpenAI was planning to ink a deal from its Project Matador campus.

JMP Citizens reportedly said that OpenAI was among the companies assessing Fermi Inc.’s (NASDAQ:FRMI) capacity at the Project Matador, with the two firms nearing an agreement.

Fermi Inc. earlier said that it was on track to deliver approximately 1.1 gigawatts of new power at its Amarillo campus by the end of the year. The entire project is designed to deliver 17 GW of energy by 2030.

Last month, Fermi Inc. hinted at securing a leasing agreement with a new tenant over the next three months, details of which have not been divulged.

It said that it is also working diligently to hire its next CEO with the help of executive recruiting firm Heidrick & Struggles, following the ouster of Toby Neugebauer two weeks earlier. It is likewise exploring strategic partnerships to accelerate the deployment of power and data centers.

“Fermi America is at a meaningful inflection point in its development,” Fermi Inc. Chairman Marius Haas said.

In other news, Fermi Inc. markedly widened its net loss in the first quarter of the year to $188.69 million from $78 million in the same period last year, dragged by a higher operating loss of $166 million versus only $78 million year-on-year.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Follow Insider Monkey on Google News.