Market Beaters: 10 Stocks Defying the Odds

Ten stocks stood their ground on Wednesday, bucking a lackluster trading on the broader market, as investors took path from a series of company developments, including mergers and acquisitions, and earnings, among others.

On Wall Street, only the Dow Jones and the S&P 500 finished in the green, up 0.68 percent and 0.06 percent, respectively. The tech-heavy Nasdaq dropped by 0.26 percent.

Indices aside, we name the 10 outperforming stocks on Wednesday 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.

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10. Venture Global Inc. (NYSE:VG)

Venture Global bounced back by 7.86 percent on Wednesday to close at $8.12 after bagging two long-term supply agreements with international companies this week.

In a statement on the same day, Venture Global Inc. (NYSE:VG) said it entered into a 20-year agreement with Japan-based Mitsui & Co. Ltd. for the supply of 1 million tons of LNG per annum over the next 20 years.

The deal will officially begin in 2029 and marks Venture Global Inc.’s (NYSE:VG) third long-term contract with a Japanese firm.

Earlier this week, the company also secured a separate 20-year agreement with Spain-based Naturgy for an LNG supply deal beginning in 2030. The agreement represents its first long-term deal with a Spanish firm since its first contract in 2018.

According to Venture Global Inc. (NYSE:VG) CEO Mike Sabel, the deals reflect the continued confidence of its customers in the company and the robust demand for LNG globally.

“Venture Global remains committed to meeting that demand with flexible, fast, affordable, and dependable long-term supply,” he added.

With the two new agreements, the company’s long-term value contracts now stand at a total of 6.75 million tons per annum.

9. Cleveland-Cliffs Inc. (NYSE:CLF)

Cleveland-Cliffs ended two straight days of losses on Wednesday, jumping 8.14 percent to close at $11.03 apiece as investors welcomed the addition of a key leader from a global advisory firm executive to its board of directors.

In a statement, Cleveland-Cliffs Inc. (NYSE:CLF) said it appointed Edilson Camara to its Board of Directors, effective immediately. He will serve on the Board’s Compensation and Organization Committee to support the company’s talent, governance, and global industrial strategy.

Camara is currently the CEO Emeritus of Egon Zehnder, a top global executive search and leadership advisory firm, and a senior partner in the firm’s industrial practice group.

“Ed’s global industrial perspective and deep experience in senior leadership and talent frameworks align exceptionally well with Cleveland-Cliffs’ strategic priorities,” said Cleveland-Cliffs Inc. (NYSE:CLF) Chairman, President, and CEO Lourenco Goncalves.

“His ability to navigate complex industrial environments and develop high-performing leadership teams will be a tremendous asset to our Board and our shareholders,” he added.