Ten stocks capped off the trading week soaring by significant gains amid the flurry of strong corporate earnings, upbeat outlooks, and merger deals which boosted buying appetite.

The stocks—four of which soared to new record highs—bucked a lackluster performance on the broader market after the three benchmark indices finished mixed during the day. Of the three indices, only the Nasdaq closed in the green, up 0.13 percent. Meanwhile, the Dow Jones and the S&P 500 fell by 0.65 percent and 0.05 percent, respectively.

In this article, we name the 10 top performing stocks on Friday and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and more than 5 million shares in trading volume.

10. Topgolf Callaway Brands Corp. (NYSE:MODG)

Topgolf rallied to a new one-year high on Friday, as investors positioned portfolios amid reports that it is exploring a sale of its entertainment business for around $1 billion.

At intra-day trading, the stock soared to its highest price of $11.60 before trimming gains to end the day just up by 6.52 percent at $11.27 apiece.

According to a report by Wall Street Journal, citing sources privy to the matter, Topgolf Callaway Brands Corp. (NYSE:MODG) is now in talks with private equity firm Leonard Green & Partners for the potential takeover.

The move followed announcements last year that it would split its businesses into two to focus on their strengths and capitalize on the strong growth of its Callaway gold equipment and lifestyle brand.

Meanwhile, Bloomberg reported last month that Topgolf Callaway Brands Corp. (NYSE:MODG) was also considering a sale of its Callaway brand and that it was already soliciting interests from private equity funds and fashion firms.

Earlier this month, the company announced a 308 percent wider net loss in the third quarter of the year at $14.7 million versus $3.6 million in the same period last year. Net revenues dropped by 7.8 percent to $934 million from $1.012 billion year-on-year.

In other news, Topgolf Callaway Brands Corp. (NYSE:MODG) announced the extension of a multi-year licensing agreement with Perry Ellis International Inc. for the design, manufacturing and distribution of Callaway-branded golf and lifestyle apparel through 2032. A new premium Callaway Apparel line is also expected to be launched no later than 2028.

9. Bloom Energy Corp. (NYSE:BE)

Bloom Energy snapped a three-day losing streak on Friday, adding 8.05 percent to close at $111.89 apiece as investors resorted to bargain-hunting following the previous days’ drop.

Earlier, Bloom Energy Corp. (NYSE:BE) successfully raised $2.2 billion in fresh funds to finance research and development, manufacturing activities, and other general corporate purposes.

Under the terms of the issuance, noteholders are able to convert their holdings to cash, shares, or a combination of both beginning August 15, 2030, before the notes mature on November 30, 2030.

Every $1,000 note would be converted to 5.1290 Class A common shares, representing a 52.50 percent premium over its $127.85 closing price on October 30, 2025.

Bloom Energy Corp. (NYSE:BE) also reported earlier that it widened its net loss attributable to shareholders by 56 percent to $23 million from $14.7 million year-on-year, but was lower by 46 percent than the $42.6 million net loss in the last quarter.

Revenues grew by 57 percent to $519 million from $330 million in the same period last year, on the back of a 55.7 percent jump in product and service revenues during the same period.

8. Ondas Holdings Inc. (NASDAQ:ONDS)

Ondas Holdings rallied for a second day on Friday, jumping 9.45 percent to close at $7.18 apiece as investors took heart from an investment firm’s bullish rating for its stock.

In a market note on the same day, Oppenheimer upgraded Ondas Holdings Inc. (NASDAQ:ONDS) to “outperform” from “perform” previously, while giving it a price target of $12 or an implied 67 percent upside potential from its latest closing price.

The upgrade followed Ondas Holdings Inc.’s (NASDAQ:ONDS) strong earnings performance in the third quarter of the year, with net loss attributable to shareholders shrinking by 17.7 percent to $8.78 million from $10.67 million in the same period last year. The figure included an increase of $2 million in interest and dividend income from the higher cash balance, as well as a $6.9 million unrealized gain on minority equity investments made during the third quarter.

Meanwhile, revenues soared by 582 percent to $10.1 million from $1.48 million year-on-year, on the back of strong delivery volumes from Iron Drone and Optimus systems under its contracts with military and public safety customers, coupled with revenues from the recent Apeiro Motion acquisition.

Adjusted EBITDA loss, on the other hand, grew by 23 percent to $8.76 million from $7.1 million.

For the full-year 2025, Ondas Holdings Inc. (NASDAQ:ONDS) expects higher revenues of $36 million, versus the $25 million targeted previously, reflecting the continued strong performance of the core OAS business as well as the addition of newly acquired businesses since the beginning of the second quarter of 2025.

7. Fluence Energy, Inc. (NASDAQ:FLNC)

Fluence Energy snapped a three-day losing streak on Friday, jumping 10.22 percent to finish at $17.91 apiece as investors took heart from an investment firm’s higher price target for the company.

In a market note on Thursday, Roth Capital markedly raised its price target for Fluence Energy, Inc. (NASDAQ:FLNC) to $17 from $7 previously. The new figure still marks a 5.35 percent upside from its latest closing price.

On November 24, after market close, Fluence Energy, Inc. (NASDAQ:FLNC) will release the results of its financial and operating highlights for the fourth quarter of fiscal year 2025.

Fluence Energy, Inc. (NASDAQ:FLNC) already guided earlier that it would likely hit only the lower range of its $2.6 billion to $2.8 billion guidance due to a slower-than-expected production expansion at its recently commissioned US manufacturing facilities. However, the expected revenues from the delay are projected to carry over to fiscal year 2026.

“These facilities are expected to reach targeted capacity by calendar year-end, ensuring on-time customer deliveries and strengthening Fluence’s domestic content position,” it said.

6. RLX Technology Inc. (NYSE:RLX)

RLX Technology jumped by 10.30 percent on Friday to close at $2.57 apiece as investors cheered the results of its earnings performance in the third quarter of the year.

In an updated report, RLX Technology Inc. (NYSE:RLX) said attributable net income jumped by 22.6 percent to 203.16 million yuan from 165.65 million yuan in the same period last year.

Revenues increased by 49 percent to 1.13 billion yuan from 756 million yuan year-on-year, primarily driven by its equity investments in the European markets, strong organic growth of its international business, and the gradual recovery of its business in China.

Net revenues from the international business alone represented 71.6 percent of the total revenues for the period.

Following the results, RLX Technology Inc. (NYSE:RLX) announced that shareholders and ADS holders as of January 26, 2026 record are set to receive $0.1 worth of cash dividend for every unit they hold.

Payment date is scheduled on February 2, 2026 for shareholders, and February 9, 2026 for ADS holders.

Additionally, RLX Technology Inc. (NYSE:RLX) announced the successful buyback of $330 million worth of its shares as of September 30, 2025. The total amount forms part of the company’s $500 million share repurchase program to deliver greater shareholder value.

5. Figure Technology Solutions, Inc. (NASDAQ:FIGR)

Figure Technology soared by 16.33 percent on Friday to close at $40.24 apiece as investors took heart from a strong earnings performance in the third quarter of the year.

In an updated report, Figure Technology Solutions, Inc. (NASDAQ:FIGR) said it grew its net income by 228 percent to $89.8 million from $27.4 million in the same period last year.

Revenues jumped by 54 percent to $156 million from $101 million year-on-year on the back of consumer loan market volume expansion, which soared by 70 percent year-on-year to $2.5 billion, and included Figure Connect volume of $1 1 billion.

Looking ahead, Figure Technology Solutions, Inc. (NASDAQ:FIGR) aims to maintain an annual EBITDA margin above 60 percent, of which the Figure Connect segment is expected to represent 60 percent of the total.

In other news, Figure Technology Solutions, Inc. (NASDAQ:FIGR) said it sought the approval of the Securities and Exchange Commission (SEC) for its proposed public offering of tokenized stocks called “Series A Blockchain Common Stock.”

The tokenized stocks will not be listed on any legacy exchange, but will trade on the company’s alternative trading system and be convertible into Class A common shares.

4. Canadian Solar Inc. (NASDAQ:CSIQ)

Canadian Solar soared to a new two-year high on Friday, after hitting the higher end of its revenue guidance and beating gross margins expectations for the third quarter period.

At intra-day trading, the stock climbed to its highest price of $34.59 before trimming gains to finish the day just up by 17.33 percent at $33.58 apiece.

In an updated report, Canadian Solar Inc. (NASDAQ:CSIQ) said that net revenues ended at $1.5 billion, hitting the higher end of its revenue guidance range of $1.3 billion to $1.5 billion during the period.

Gross margins also jumped by 17.2 percent, exceeding its 14 to 16 percent growth expectations.

“Third quarter revenue was at the high end of guidance, while gross margin exceeded expectations, supported by strong energy storage deliveries and a high mix of module shipments to profitable markets. Demand for energy storage continues to grow, driven by emerging applications such as data centers. We are managing the business with discipline, prioritizing profitability and investing strategically to ensure the resilience of our operations. I am pleased to share that our residential energy storage business is on track to become profitable in 2025,” said Canadian Solar Inc. (NASDAQ:CSIQ) Chairman and CEO Shawn Qu.

However, revenues dipped by 1.3 percent year-on-year to $1.487 billion from $1.508 billion mainly due to lower sales of solar modules partially offset by higher sales of battery energy storage systems.

Looking ahead, Canadian Solar Inc. (NASDAQ:CSIQ) said that it expects total revenues to be in the range of $1.3 billion to $1.5 billion and gross margin between 14 and 16 percent.

3. Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Avadel extended its winning streak to a 5th straight day on Friday to hit a new 10-year high as investor sentiment was boosted by its receipt of a new acquisition proposal which appeared to be superior to Alkermes PLC’s earlier bid.

At intra-day trading, the stock jumped to its highest price of $23.57 before ending the day just up by 22.45 percent at $23.56 apiece.

In a statement, Avadel Pharmaceuticals plc (NASDAQ:AVDL) said it received an unsolicited proposal from H Lundbeck A/S to acquire its shares at a price of $23 apiece, comprising of $21 in cash and non-transferrable contingent value rights (CVR) worth $2 upon the achievement of two annual sales milestones for Lumryz and valiloxybate.

According to Avadel Pharmaceuticals plc (NASDAQ:AVDL), its board of directors deemed that Lundbeck’s proposal would be superior to Alkermes, despite the two companies already signing a definitive agreement for a merger.

Under Alkermes’ offer, it would buy the shares at a price of $20 apiece, consisting of $18.50 per share, and a CVR of $1.50 contingent upon final approval of the Food and Drug Administration of Lumryz.

Avadel and Alkermes’ agreement allows for the former to talk and share information with another prospective buyer, but cannot break the agreement it signed with the latter.

2. Scholar Rock Holding Corp. (NASDAQ:SRRK)

Scholar Rock soared by 24.41 percent on Friday to close at $37.41 apiece as investor sentiment was boosted by the progress of its drug candidate for spinal muscular atrophy (SMA).

In an updated report, Scholar Rock Holding Corp. (NASDAQ:SRRK) said that it completed “constructive and collaborative” in-person meeting with the Food and Drug Administration last Wednesday, November 12, for its biologics license application of apitegromab.

Catalent Indiana, LLC, a unit of Novo Nordisk, joined Scholar Rock Holding Corp. (NASDAQ:SRRK) at the meeting and detailed progress in implementing the remediation plan, and affirmed that it expects the facility to be ready for reinspection by the end of this year.

Scholar Rock Holding Corp. (NASDAQ:SRRK) said BLA resubmission and US launch is anticipated by next year.

Additionally, it said that it targets to secure the approval of the European Medicines Agency (EMA) to sell apitegromab to Europe by mid 2026.

Also on Friday, the company announced the results of its earnings performance in the third quarter of the year, where it widened its net loss by 58 percent to $102 million from $64.5 million in the same period last year, pulled down by a 60 percent higher operating loss of $103.5 million versus $64.78 million year-on-year.

1. Cidara Therapeutics, Inc. (NASDAQ:CDTX)

Cidara Therapeutics soared to nearly a decade high on Friday, as investors gobbled up shares following news that it is set to be acquired by pharmaceutical giant Merck for $9.2 billion.

At intra-day trading, Cidara Therapeutics, Inc. (NASDAQ:CDTX) soared to its highest price of $218.85, before trimming gains to finish the day just up by 105.41 percent at $217.71 apiece.

In a statement, Cidara Therapeutics, Inc. (NASDAQ:CDTX) said that it entered into a definitive agreement with Merck, under which the latter would acquire its shares at a price of $221.50 apiece through its subsidiary.

The companies expect to close the transaction in the first quarter of 2026.

The acquisition followed Cidara Therapeutics, Inc. (NASDAQ:CDTX) receipt of a fast track designation from the Food and Drug Administration for its drug candidate, CD388, which aims to prevent influenza in individuals at higher risk of complications.

The CD388 is currently being evaluated in a Phase 3 study among adult and adolescent participants who are at higher risk of developing complications from influenza.

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