In this article, we will take a look at the 10 stocks that rebounded this week. If you want to check out some more companies on the list, go directly to 5 Stocks That Rebounded This Week.
U.S. stocks extended their losses on Friday morning after a report from the Bureau of Labor Statistics showed unemployment rate surprisingly fell to 3.5 percent in September, from 3.7 percent in the prior month. The report also revealed that U.S. recruiters added 263,000 new jobs during the last month, above the consensus of 250,000.
The data suggests that U.S. economy is still producing jobs at a decent pace despite recent hikes from the Fed. Many expect additional increases in interest rates following the latest data.
Meanwhile, Schlumberger Limited (NYSE:SLB), Take-Two Interactive Software, Inc. (NASDAQ:TTWO) and Lamb Weston Holdings, Inc. (NYSE:LW), were among the notable stocks that rebounded during the current week despite a broad sell-off.
Schlumberger Limited (NYSE:SLB) shares bounced back following a recovery in crude oil prices, while Take-Two Interactive Software, Inc. (NASDAQ:TTWO) shares gained value after receiving an upgrade. On the other hand, Lamb Weston Holdings, Inc. (NYSE:LW) shares jumped after smashing profit expectations for its fiscal first quarter.
Many other stocks, including DraftKings Inc. (NASDAQ:DKNG) and L3Harris Technologies, Inc. (NYSE:LHX), also made it to the list of 10 stocks that rebounded this week.
Photo by Austin Distel on Unsplash
10. Richardson Electronics, Ltd. (NASDAQ:RELL)
Number of Hedge Fund Holders: 6
Shares of Richardson Electronics, Ltd. (NASDAQ:RELL) rebounded this week after delivering impressive financial results for its fiscal first quarter. The electronic component distributor reported earnings of 45 cents per share, compared to 20 cents per share in the corresponding period of 2021.
In addition, Richardson Electronics, Ltd. (NASDAQ:RELL) posted revenue of $67.6 million, up 25.8 percent on a year-over-year basis. The results easily exceeded analysts’ average estimate of 24 cents per share for earnings and $62.40 million for revenue.
Richardson Electronics, Ltd. (NASDAQ:RELL) attributed the latest performance to sales gains across all business segments. Moving forward, the company expects a continuous improvement in its earnings and revenue throughout the rest of its fiscal year.
9. InterDigital, Inc. (NASDAQ:IDCC)
Number of Hedge Fund Holders: 12
Shares of InterDigital, Inc. (NASDAQ:IDCC) rebounded sharply earlier this week after the developer of digital wireless technology solutions raised its sales outlook for the third quarter.
InterDigital, Inc. (NASDAQ:IDCC) now expects to generate revenue in the range of $112 – $115 million for Q3, up from its previous guidance between $96 – $100 million. The updated outlook is also above the consensus of $98.83 million.
In addition, InterDigital, Inc. (NASDAQ:IDCC) projected operating costs between $88 – $90 million for the same period.
8. IDT Corporation (NYSE:IDT)
Number of Hedge Fund Holders: 14
IDT Corporation (NYSE:IDT) is next on the list of 10 stocks that rebounded this week. The stock has jumped nearly 17 percent since Monday, October 3. The surge is primarily attributed to its recent earnings. The telecommunications and payment company posted adjusted earnings of 70 cents per share for its fiscal fourth quarter, up from 66 cents per share in the year-ago period.
Revenue came in at $329 million, compared to $390 million in the same period last year. Among other updates, IDT Corporation (NYSE:IDT) reported that it repurchased $13.4 million worth of its common stock during Q4.
Discussing the results, CEO of IDT Corporation (NYSE:IDT), Shmuel Jonas, said in a statement:
“In the fourth quarter and for the full 2022 fiscal year, our high-margin, rapidly growing fintech and cloud communications businesses delivered impressive year-over-year and sequential results.”
7. DraftKings Inc. (NASDAQ:DKNG)
Number of Hedge Fund Holders: 27
Shares of DraftKings Inc. (NASDAQ:DKNG) advanced nearly nine percent this week. Most of that surge was driven by rumors that ESPN is about to ink a deal with DraftKings.
The potential partnership with DraftKings Inc. (NASDAQ:DKNG) will enable ESPN to strengthen its foothold in the legalized sports betting space. Nevertheless, the two companies haven’t responded to reports.
Like DraftKings Inc. (NASDAQ:DKNG), Schlumberger Limited (NYSE:SLB), Take-Two Interactive Software, Inc. (NASDAQ:TTWO) and Lamb Weston Holdings, Inc. (NYSE:LW) are also on the list of 10 stocks that rebounded this week.
6. L3Harris Technologies, Inc. (NYSE:LHX)
Number of Hedge Fund Holders: 34
Shares of L3Harris Technologies, Inc. (NYSE:LHX) bounced back this week after the defense contractor announced that it is acquiring Viasat Inc’s military communication segment in a transaction valued at $1.96 billion.
The acquisition will help L3Harris Technologies, Inc. (NYSE:LHX) enhance its cybersecurity and communication capabilities. The segment, named Link 16 Tactical Data Links, generates annual revenue of around $400 million.
The two companies expect the deal to close by the second of 2023. Discussing the move, CEO of L3Harris Technologies, Inc. (NYSE:LHX), Christopher E. Kubasik, said in a statement:
“Global national security requirements are increasing rapidly in this sector, and now we will be able to advance JADC2 and broaden our multi-function, multi-domain mission solutions through integration with Link 16.”
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Disclosure: None. 10 Stocks That Rebounded This Week is originally published on Insider Monkey.
