Ten stocks boasted strong gains on Tuesday, outperforming a lackluster performance on Wall Street, as investors continued to digest a flurry of strong corporate earnings. Of the 10 stocks, four notably notched new record highs.
In contrast, Wall Street’s three major indices finished mixed, with the Dow Jones the only gainer, up 0.11 percent. The S&P 500 and the Nasdaq both dropped by 0.16 percent and 0.71 percent, respectively.
In this article, we spotlight the 10 big names that performed well on Tuesday and break down the reasons behind their gains.
To come up with the list, we considered the stocks with a $2 billion market capitalization and 5 million shares in trading volume.
The New York Stock Exchange building. Photo by Дмитрий Трепольский on Pexels
10. Wolfspeed Inc. (NYSE:WOLF)
Wolfspeed rallied for a 6th consecutive day on Tuesday to reach a fresh all-time high, as investors resumed buying positions after posting improved earnings in the third quarter of fiscal year 2026.
In intra-day trading, the stock climbed to its highest price of $53.98 before trimming gains to end the session just up by 6.78 percent at $53.72 apiece.
In an updated report, Wolfspeed Inc. (NYSE:WOLF) said that it slashed its net losses by 58 percent in the three months ending March 2026, at $119.9 million versus $285.5 million in the same period last year.
Revenues declined by 18.9 percent to $150.2 million from $185.4 million year-on-year, but fell within its earlier guidance of $140 million to $160 million.
CEO Robert Feurle said that Wolfspeed Inc. (NYSE:WOLF) continued to make meaningful progress against its priorities, improving long-term growth trajectory and financial flexibility to execute strategic priorities.
Looking ahead, the company expects to generate revenues of $140 million to $160 million for the fourth quarter ending June 2026, or a decline of 18.8 percent to 29 percent from the $197 million posted in the same comparable period.
Operating expenses are projected to remain flat on a quarter-on-quarter basis, while gross margins are expected to end in the red.
9. Alignment Healthcare Inc. (NASDAQ:ALHC)
Alignment Healthcare bounced back by 7.11 percent on Tuesday to finish at $18.38 apiece, as investors positioned portfolios ahead of business updates from its participation in a health conference this week, while digesting changes in its leadership composition.
In a notice on its website, Alignment Healthcare Inc. (NASDAQ:ALHC) said that it would participate in the BofA Securities Health Care Conference on Wednesday, May 13, where investors are expected to watch out for business updates and guidance.
In other news, Alignment Healthcare Inc. (NASDAQ:ALHC) announced changes to its leadership, with John Kao now assuming chairmanship, in addition to his role as CEO. He will replace Joseph Konowiecki, who transitioned as vice chairman and executive vice president of corporate affairs for the company.
Kao will continue to lead the company day-to-day, maintaining continuity of strategy and execution.
“Alignment is making strong progress as we enter our next phase of growth. Taking on the role of Chairman allows me to work even more closely with the Board as we focus on disciplined execution, long-term value creation, and delivering for the seniors and providers we serve,” he noted.
Meanwhile, Alignment Healthcare Inc. (NASDAQ:ALHC) welcomed Shane Hochradel as its new chief operations officer. He brings experience leading complex healthcare operations across Medicare, Medicaid, and commercial businesses, most recently at Elevance Health and previously at UnitedHealth Group and Highmark Health.
As COO, Hochradel will oversee enterprise operations, providing leadership across markets and functions.
8. Oscar Health Inc. (NYSE:OSCR)
Oscar Health extended its winning streak to a 5th straight session on Tuesday to hit a seven-month high, as investors resumed buying positions following a stellar first-quarter performance, having more than doubled its net income during the period.
At intra-day trading, the stock climbed to as much as $23.76, or just 4-cents shy of its 52-week high of $23.80 in October 2025. It trimmed a few cents toward the end to be just up by 7.86 percent at $23.73 apiece.
The rally was primarily driven by continued optimism following news that its net income soared by 147 percent to $679 million from $275 million in the same period last year.
Revenues increased by 52 percent to $4.6 billion from $3.05 billion in the same period last year, thanks to higher rates and membership.
Following the results, Oscar Health Inc. (NYSE:OSCR) reaffirmed its outlook of $18.7 billion to $19 billion in revenues for full-year 2026, or an implied growth of 60 percent to 62 percent from the $11.7 billion posted in 2025.
It also expects to incur operating income of $250 million to $450 million, or a reversal of $396 million operating loss year-on-year.
7. Aramark (NYSE:ARMK)
Aramark bounced back by 8.64 percent on Tuesday to hit an all-time high, as investors increased their exposure following news that it is making a foray into the hyperscale AI data center market in a bid to capture a share in the rapidly growing sector.
In intra-day trading, Aramark (NYSE:ARMK) climbed to its highest price of $51.17 before trimming gains to finish the session just up by 8.64 percent at $48.41 apiece.
In an updated report, Aramark (NYSE:ARMK) said that it recently launched the Aramark Nexus, a new platform delivering hospitality and workforce support services for hyperscale AI data centers and other large-scale, complex, and often remote operating environments.
It said that a new multi-year agreement with a top global hyperscaler is underway, and that it expects a significant pipeline of growth opportunities for the said business.
In other news, Aramark (NYSE:ARMK) reported stellar earnings in the second quarter of fiscal year 2026, with net income attributable to shareholders jumping by 65 percent to $101.95 million from only $61.85 million in the same period last year.
Revenues increased by 14 percent to $4.9 billion from $4.28 billion year-on-year, primarily led by broad-based net new business and base business growth in food and support services in both the US and international.
Meanwhile, operating income grew by 26 percent as enhanced technology capabilities boosted productivity gains.
6. Legend Biotech Corp. (NASDAQ:LEGN)
Legend Biotech rebounded by 10.48 percent on Tuesday to finish at $28.26 apiece, as investors cheered its strong performance in the first quarter of the year, having slashed its net losses and propelled its revenues, thanks to strong sales from its cancer treatment, Carvykti.
In an updated report, Legend Biotech Corp. (NASDAQ:LEGN) said that it narrowed its net loss by 46 percent to $54.3 million from $101 million in the same period last year.
Total revenues increased by 56 percent to $305.1 million from $195 million year-on-year, thanks to a 62 percent jump in net trade sales from Carvykti.
“We believe Carvykti’s continued adoption and strong year‑over‑year growth reinforce our leadership in BCMA CAR‑T and the strength of our underlying operating model,” Legend Biotech Corp. (NASDAQ:LEGN) CEO Ying Huang said
“As scale continues to build, we are seeing operating leverage translate into improving margins, supporting our path toward sustainable profitability. This continued progress is enabling us to advance our broad pipeline of cell therapy programs and extend the impact of our platform to address unmet needs for patients across multiple indications.”
Carvykti is now available in 18 countries, having been launched recently in Italy, Poland, Czech Republic, and Australia.
While we acknowledge the potential of LEGN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LEGN and that has 100x upside potential, check out our report about the cheapest AI stock.
Click to continue reading and see the other 5 Stocks With Stunning Gains.
Disclosure: None. Follow Insider Monkey on Google News.
