10 Stocks with Surprising Gains

The stock market finished mixed anew on Tuesday, as investors continued to digest a flurry of corporate earnings for the second quarter of the year while cheering the US government’s trade pact with the Philippines and Indonesia.

Among Wall Street’s major indices, only the Dow Jones and the S&P 500 finished in the green, up 0.40 percent and 0.06 percent, respectively. In contrast, the tech-heavy Nasdaq declined by 0.39 percent.

Main indices aside, 10 companies recorded huge gains during the session, jumping by as much as 9 to 18 percent, thanks to second quarter earnings that beat expectations.

In this article, we highlight Tuesday’s 10 top performers and break down the reasons behind their gains.

To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. Peabody Energy Corporation (NYSE:BTU)

Peabody Energy grew its share prices for a second day on Tuesday, adding 8.99 percent to close at $17.34 apiece, as investors cheered the Chinese government’s move to crack down on coal companies producing coal above permitted levels as part of its move to regulate the market.

The effort forms part of a broader initiative to stabilize the coal market and reduce oversupply—a move that could unlock higher global coal prices.

While Peabody Energy Corporation (NYSE:BTU) does not have direct mining operations in China, the supply tightening would help support in boosting demand for seaborne coal globally.

Peabody Energy Corporation (NYSE:BTU) is a US-based company that operates an extensive number of mining sites in Australia and the United States.

In a note on its website, Peabody Energy Corporation (NYSE:BTU) said it is scheduled to announce the results of its earnings performance for the second quarter of the year next week, July 31.

9. Transocean Ltd. (NYSE:RIG)

Transocean Ltd. rallied for a fourth straight day on Tuesday, adding 9.47 percent to close at $2.89 apiece as investors repositioned portfolios ahead of the release of its earnings performance for the second quarter of the year.

Transocean Ltd. (NYSE:RIG) is scheduled to announce the results of its financial and operating highlights on August 4. A conference call will be held at 9 AM Eastern Time.

In other news, Transocean Ltd. (NYSE:RIG) announced last week that it is working on a total contract backlog worth $7.2 billion across four offshore drilling rigs.

On Tuesday, it announced the successful exchange with certain shareholders its 4-percent senior guaranteed exchangeable bonds into stocks. The notes were set to mature this year.

Under the terms, the shareholders exchanged an aggregate principal amount of $157 million exchangeable bonds for 59 million shares with a par value of $0.10 apiece.

The transaction effectively lowered Transocean Ltd.’s (NYSE:RIG) outstanding bonds to $77 million.