Ten stocks kicked off the trading week with impressive gains, mimicking an overall market rally, as investors loaded positions ahead of an expected rate cut in this week’s Federal Open Market Committee (FOMC) meeting.
The stocks, seven of which rallied to all-time highs, surged by 9 percent to double digits during the session, and were dominated by uranium and nuclear firms after the US government signaled support for the expansion of the sector.
In this article, we name the 10 firms alongside the reasons behind their gains. To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
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10. IREN Ltd. (NASDAQ:IREN)
Shares of IREN Ltd. jumped by 9.36 percent to hit a new all-time high as investors took path from an analyst’s bullish coverage for its stock.
During the session, IREN Ltd. (NASDAQ:IREN) soared to its highest price of $37.23 before trimming gains to end the day just up by 9.36 percent at $37.14 apiece.
This followed investment firm Compass Point’s “buy” recommendation for its stock, underscoring strong optimism.
In other developments, IREN Ltd. (NASDAQ:IREN) has been riding the growing artificial intelligence wave amid expectations for huge demand in high-performance computing (HPC) services.
Earlier this month, IREN Ltd. (NASDAQ:IREN) said it expanded its Nvidia GPUs to 10,900 to support its AI Cloud business as it continues to transition into AI servicing.
In August alone, the company raked in $2.4 million in revenues from AI Cloud alone, higher by 4.3 percent than the $2.3 million registered in the month earlier.
9. Lyft Inc. (NASDAQ:LYFT)
Shares of Lyft Inc. (NASDAQ:LYFT) rallied to a new all-time high on Monday, as investors cheered potential benefits from a pending legislation in California that is expected to bolster its EBITDA next year.
During the session, the stock touched a new 52-week price of $20.50 before a slight pullback to end the day just up by 9.77 percent at $20.44 apiece.
Last week, investment firm Bernstein said that California was looking to consider state bills AB 1340 and SB 371, which would allow drivers to negotiate terms as a union while maintaining their independent contractor status and lower the required uninsured motorist coverage.
The latter is expected to reduce Lyft Inc.’s (NASDAQ:LYFT) costs by nearly 30 percent of its 2026 EBITDA, although Bernstein expects most savings would be reinvested through lower prices for consumers and higher driver earnings.
Bernstein maintained its price target of $16 and market perform rating on Lyft Inc. (NASDAQ:LYFT).
In other news, the company announced plans to raise $450 million through the issuance of convertible senior notes due 2030, with proceeds to be used to fund a share buyback program, alongside other general corporate purposes.
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