The stock market finished Wednesday’s trading on a lackluster note, with the three major indices finishing mixed, as investors digested news of the US economy’s contraction in the first quarter of the year that triggered fears of a possible recession.
Among all major indices, only the Dow Jones and S&P 500 ended in the green, up 0.35 percent and 0.15 percent, respectively. In contrast, the tech-heavy Nasdaq dipped by 0.09 percent.
Ten firms, on the other hand, managed to record strong gains, thanks to impressive earnings performance and optimistic outlooks for the rest of the year.
In this article, we have named 10 of the top-performing stocks on Wednesday and detailed the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A trader cheers his market gains. Photo by Tima Miroshnichenko on Pexels
10. Sandstorm Gold Ltd. (NYSE:SAND)
Sandstorm Gold saw its share prices rise by 3.69 percent on Wednesday to close at $8.70 apiece as investors snapped up shares on optimism that it would report an impressive earnings performance for the past quarter.
In its market note, Zacks Research said that it expects Sandstorm Gold Ltd. (NYSE:SAND) to be one of the three firms to beat analyst estimates to reflect the higher gold prices in the period. The two others were Kinross Gold Corp. and IAMGOLD Corp.
“Higher prices are expected to have supported the performance of gold miners in the first quarter,” Zacks Research said.
According to Sandstorm Gold Ltd. (NYSE:SAND), it is scheduled to release the official net earnings figures for the first quarter on May 6, 2025.
During the past three months, the company said it sold approximately 18,500 attributable gold equivalent ounces and realized record preliminary revenues of $50.1 million.
9. Mondelez International, Inc. (NASDAQ:MDLZ)
Mondelez International grew its share prices by 3.78 percent on Wednesday to close at $68.13 apiece as investors cheered the company’s earnings beat and maintained outlook for the rest of the year.
In its latest earnings release, Mondelez International, Inc. (NASDAQ:MDLZ) said that its performance for the first quarter of the year provided the company with continued confidence to maintain its full-year 2025 outlook.
For this year, the company reaffirmed organic net revenue growth of 5 percent and adjusted earnings per share to decline by approximately 10 percent. The company also expected free cash flow of more than $3 billion.
During the first quarter, net income attributable to the company fell by 71 percent to $402 million from $1.412 billion in the same period a year earlier, while revenues were flat at $9.3 billion.
“We delivered solid Q1 2025 results in line with our expectations, driven by strong execution of our growth strategy while navigating unprecedented cocoa cost inflation,” said MDLZ Chairman and CEO Dirk Van de Put. “We remain committed to delivering against our strategic agenda and staying agile in this volatile operating environment to drive sustainable shareholder value.”
8. Acadia Healthcare Company, Inc. (NASDAQ:ACHC)
Acadia Healthcare rallied by 4.70 percent on Wednesday to close at $23.40 apiece as investors resorted to bargain-hunting amid oversold conditions while repositioning portfolios ahead of its first quarter earnings release.
Year-to-date, the company’s share price has already marked a whopping 40.98 percent decline, giving opportunities for investors to buy its shares at cheap valuations.
Meanwhile, the company said that it will announce the result of its first quarter earnings performance after market close on Monday, May 12, 2025.
On April 9, Guggenheim analyst Jason Cassorla initiated coverage of Acadia Healthcare Company, Inc. (NASDAQ:ACHC) with a Buy rating and a $36 price target, amid the company being a leading pure-play behavioral health provider with a strong position to capitalize on the increasing demand for mental health services.
7. BridgeBio Pharma, Inc. (NASDAQ:BBIO)
Shares of BridgeBio rallied by 5.33 percent on Wednesday to finish at $38.36 each as investors cheered the company’s sales from its new heart drug, beating analyst expectations.
In its latest earnings release, BridgeBio Pharma, Inc. (NASDAQ:BBIO) said that its heart treatment Attruby was gaining traction with 2,072 prescriptions written by 756 prescribers as of April 25. The momentum built on encouraging numbers released in February helped propel the company’s share price.
Attruby’s positive development offset the company’s dismal earnings performance during the first quarter of the year.
During the period, BridgeBio Pharma, Inc. (NASDAQ:BBIO) widened its net loss by 371 percent to $169.6 million from $36 million in the same period a year earlier, while revenues fell by 45 percent to $116 million from $211 million year-on-year. Of the total revenue, $36.7 million was attributed to Attruby.
6. Western Digital Corporation (NASDAQ:WDC)
Western Digital saw its share prices jump by 7.98 percent on Wednesday to finish at $43.86 apiece as investor sentiment was fueled by its strong earnings performance in the third quarter of fiscal year 2025.
In its earnings release, Western Digital Corporation (NASDAQ:WDC) said that net income in the past quarter expanded by 285 percent to $520 million from $135 million in the same period a year earlier, while net revenues jumped by 30.9 percent to $2.294 billion from $1.752 billion year-on-year.
In the first nine months alone, the company swung to a net income of $1.607 billion from a net loss of $837 million in 2023, as net revenues surged by 60 percent to $6.9 billion from $4.3 billion in the same comparable period.
“Western Digital executed well in its fiscal third quarter, achieving revenue at the high end of our guidance range and gross margin over 40%,” said CEO Irving Tan. “Even in a world marked by geopolitical uncertainty and shifting tariff dynamics, one thing remains constant: the exponential growth of data. When it comes to storing that data, at scale, no technology rivals the cost-efficiency and reliability of HDDs. With our rich portfolio of storage products, WD is uniquely positioned to meet our customers’ mass storage needs.”
5. Kingsoft Cloud Holdings Limited (NASDAQ:KC)
Kingsoft extended its rally for a third consecutive day on Wednesday, jumping 9.42 percent to finish at $13.59 apiece after earning a positive rating from an investment company.
On Wednesday, Citi reaffirmed its Buy rating and price target of $21.50 on Kingsoft Cloud Holdings Limited (NASDAQ:KC). The price target represented a 58 percent upside potential from the company’s closing price on Wednesday.
According to Citi, the rating was based on the stock’s strong momentum, buoyed by the release of Xiaomi’s first Large Language Model, MiMo.
Investors had hoped that any developments in Xiaomi could spill over into the company, having been both chaired and led by businessman Lei Jun.
Citi also underscored that MiMo has already outperformed competitors such as OpenAI’s O1 mini and Alibaba’s Qwen-32 B-Preview in specific tasks like mathematical reasoning and code generation.
4. Seagate Technology Holdings PLC (NASDAQ:STX)
Seagate Technology jumped by 11.56 percent on Wednesday to close at $91.03 apiece as investor sentiment was bolstered by the company’s impressive earnings performance in the third quarter of fiscal year 2025.
In its earnings release, Seagate Technology Holdings PLC (NASDAQ:STX) said net income skyrocketed by 1,260 percent to $340 million from $25 million in the same period a year earlier.
Revenues also grew by 30.5 percent to $2.16 billion from $1.655 billion year-on-year.
Looking ahead, the company said it expects minimal impact from the ongoing trade tensions globally.
The company targeted the full 2025 fiscal year to clock in revenues of $2.4 billion, plus or minus $150 million, and earnings per share of $2.4, plus or minus $0.20.
Seagate Technology is a leading innovator of mass-capacity data storage.
3. Qorvo Inc. (NASDAQ:QRVO)
Qorvo Inc. jumped by 14.4 percent on Wednesday to close at $71.67 apiece after announcing an impressive earnings performance in the fourth quarter of fiscal year 2025.
In a statement, Qorvo Inc. (NASDAQ:QRVO) said net income in the fourth quarter expanded by 1,063 percent to $31.4 million from $2.7 million in the same period a year earlier, despite revenues dropping by 7.6 percent to $869.5 million from $941 million year-on-year.
“Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint,” said Qorvo Inc. (NASDAQ:QRVO) President and CEO Bob Bruggeworth.
Looking ahead, QRVO expects revenues to settle at $775 million, plus or minus $25 million, in June 2025, with a non-GAAP gross margin between 42 and 44 percent.
2. New Gold Inc. (NYSEAmerican:NGD)
New Gold Inc. surged by 18.81 percent on Wednesday to close at $3.98 apiece after reporting a strong earnings performance in the first quarter of the year.
In its earnings statement, New Gold Inc. (NYSEAmerican:NGD) said net loss narrowed by 61.6 percent to $16.7 million from $43.5 million in the same period a year earlier, as revenues rose by 8.8 percent to $209.1 million from $192.1 million year-on-year.
Revenue increased over the prior-year period primarily due to higher metal prices and copper sales volume, partially offset by lower gold sales volume.
Consolidated gold production ended at 52,186 ounces in the first quarter, while copper production was at 13.6 million pounds.
First quarter gold production represented approximately 15 percent of the midpoint of annual consolidated production guidance of 325,000 to 365,000 ounces of gold, slightly ahead of the planned first quarter of 14 percent.
1. Oddity Tech Ltd. (NASDAQ:ODD)
Oddity Tech extended its winning streak for a seventh straight day on Wednesday, jumping 30.36 percent to finish at $61.44 apiece as investors cheered the company’s impressive earnings performance and optimistic business outlook amid global market uncertainty.
In a statement, Oddity Tech Ltd. (NASDAQ:ODD) said net income rose by 15 percent in the first quarter of the year to $38 million from $33 million in the same quarter in 2024.
Net revenues surged by 26.4 percent to $268 million from $212 million year-on-year.
“We are pleased with our financial results for the first quarter, which beat our guidance across revenue, gross margin, adjusted EBITDA, and adjusted EPS,” said ODD CFO Lindsay Drucker Mann, adding that the excellent performance pushed the company to raise its full year 2025 outlook.
According to the company, it now expects net revenues to grow to between $790 million and $798 million, as compared with the $776 million to $785 million projected earlier. If realized, this would represent a growth between 22 and 23 percent year-on-year.
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