Ten companies soared by double digits on Wednesday, mirroring a broader market rally, as investors continued to earn a boost from impressive corporate earnings performance and a more optimistic growth outlook, among others.
Notably, the stocks climbed by as much as 15 to 30 percent in just the previous trading session.
Meanwhile, the tech-heavy Nasdaq jumped by 1.21 percent, the S&P 500 rose by 0.73 percent, and the Dow Jones was up by 0.18 percent.
In this article, we highlight the 10 top performers on Wednesday and detail the reasons behind their gains.
To compile the list, we focused on stocks with at least $2 billion in capitalization and more than 5 million shares in trading volume.
A trader cheers his market gains. Photo by Tima Miroshnichenko on Pexels
10. Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR)
Bitmine Immersion extended its rally for a second day on Wednesday, jumping 15.53 percent to close at $38.47 apiece after hiking its Ethereum ownership to $3 billion, making it the largest holder of the said cryptocurrency to date.
Last Monday, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) said it raised its ownership in Ethereum to a total of 833,137 in just over 30 days. The coins bear an average price of $3,491.86.
Following the acquisition, Bitmine Immersion Technologies Inc. (NYSEAmerican:BMNR) now ranks as the third largest crypto treasury in the world, next to Microstrategy and MARA Blockchain.
The recent acquisition forms part of the company’s ETH treasury strategy announced on June 30 as it eyes becoming one of the major holders of Bitcoin and Ethereum coins globally.
Meanwhile, Ethereum prices were up by 1.6 percent to $3,669 as of this writing.
“BitMine moved with lightning speed in its pursuit of the ‘alchemy of 5 [percent]’ of ETH, growing our ETH holdings to over 833,000 from zero 35 days ago,” said Bitmine Immersion Technologies, Inc. (NYSEAmerican:BMNR) Chairman Thomas Lee.
9. The New York Times Company (NYSE:NYT)
The New York Times soared by 15.54 percent on Wednesday to close at $61.95 apiece as investor sentiment was fueled by a strong income performance in the second quarter of the year.
In an updated report, The New York Times Company (NYSE:NYT) said net income increased by 26.6 percent in the second quarter of the year to $82.9 million from $65.5 million in the same period last year. Revenues grew by 9.7 percent to $685.87 million from $625 million year-on-year on the back of strong figures across all segments.
In the six-month period, net income jumped by 25 percent to $132.5 million from $105.9 million year-on-year, while revenues were up by 8.4 percent to $1.32 billion from $1.2 billion.
Additionally, The New York Times Company (NYSE:NYT) continued to post a sequential increase in its total subscribers, by 1.9 percent quarter-on-quarter, and by 9.6 percent year-on-year.
For the third quarter, The New York Times Company (NYSE:NYT) expects total revenues to grow by low- to mid-single digits; digital advertising revenues to rise by low double-digits; digital subscriptions between 13 and 16 percent; and total subscription revenues by 8 to 10 percent.
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