Ten stocks soared higher on Wednesday after a flurry of catalysts, including corporate earnings and newly inked partnerships, among others.
The companies boasted easy double-digit gains, outperforming Wall Street’s main indices, which also finished in the green during the session. The Dow Jones rose by 1.04 percent, the S&P 500 grew 0.32 percent, while the Nasdaq inched up by 0.14 percent.
Indices aside, let us explore the 10 top performers on Wednesday alongside the reasons behind their strong performance.
To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.
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10. LifeStance Health Group, Inc. (NASDAQ:LFST)
LifeStance Health extended its winning streak to a fourth straight day on Wednesday, jumping 10.94 percent to close at $5.17 apiece after reporting a strong performance in the second quarter of the year.
Based on its updated report, net loss narrowed by 84 percent to $3.8 million from $23.3 million in the same period last year. Revenues increased by 11 percent to $345.3 million from $312.3 million year-on-year on the back of a higher visit volume from net clinician growth.
Clinician base ended at 7,708 during the period, an increase of 173 or 11 percent from the first quarter of the year.
“I am incredibly proud of the LifeStance team for the strong results achieved in the second quarter,” said LifeStance Health Group, Inc. (NASDAQ:LFST) CEO Dave Bourdon, underscoring the double-digit organic revenue growth and 10 percent adjusted EBITDA margin.
Encouraged by the results, LifeStance Health Group, Inc. (NASDAQ:LFST) maintained its full-year revenue growth target of $1.4 billion to $1.44 billion, as well as adjusted EBITDA to $140 million to $150 million.
For the third quarter of the year, total revenues were expected to grow between $345 million and $365 million, while adjusted EBITDA was pegged at $33 million to $39 million.
9. Venture Global, Inc. (NYSE:VG)
Venture Global rallied for a second straight day on Wednesday, surging 11.99 percent to close at $13.64 apiece, following its legal battle victory against Shell PLC (NYSE:SHEL) and optimism that it would win similar arbitration cases with other companies.
Earlier this week, Venture Global, Inc. (NYSE:VG) won the battle against Shell over its failure to deliver liquefied natural gas under long-term contracts in 2023.
Other companies, namely BP, Edison, Orlen, Repsol, and Galp, similarly accused the LNG firm of profiting from the sale of natural gas on the spot market while failing to deliver them their contracted cargoes from the Calcasieu Pass export facility in Louisiana.
They said it was profiteering by selling commission cargoes at higher spot prices, a claim Venture Global, Inc. (NYSE:VG) firmly debunked, saying that it delayed commercial operations due to a faulty electric system that did not allow the plant to operate.
In other news, Venture Global, Inc. (NYSE:VG) said it grew its net income in the second quarter of the year by 21 percent to $368 million from $303 million in the same period last year, on the back of higher income from operations of $675 million primarily due higher LNG sales volumes at the Plaquemines Project.
Revenues soared by 180 percent to $3.1 billion from $1.1 billion year-on-year.
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