Ten big names soared higher on Thursday, defying a broader pessimistic market, thanks to a flurry of positive industry developments that spilled over to their stocks. Of the 10 firms, seven notably propelled to new all-time highs.
In contrast, the Dow Jones fell 0.65 percent, the S&P 500 dropped 0.63 percent, and the tech-heavy Nasdaq declined by 0.47 percent.
In this article, we focus on the 10 top-performing companies on Thursday and break down the reasons behind their gains.
To come up with the list, we focused exclusively on mid-cap stocks with at least $2 billion in market capitalization and 5 million shares in trading volume.
Photo by Tima Miroshnichenko on Pexels
10. ASE Technology Holding Co. Ltd. (NYSE:ASX)
ASE Technology jumped to a new all-time high on Thursday, as its stock continued to benefit from investors’ semiconductor hunting game amid the growing demand from the artificial intelligence (AI) sector.
In intra-day trading, ASE Technology Holding Co. Ltd. (NYSE:ASX) jumped to its highest level of $12.84 before paring gains to end the day just up by 5.45 percent at $12.58 apiece.
Additionally, the rally was supported by reports that one of its subsidiaries acquired a plant engineering project from Acter Group for T$1 billion ($32.6 million) as part of its expansion plans.
In other developments, ASE Technology Holding Co. Ltd. (NYSE:ASX) earlier this month broke ground for a new $579 million plant in Kaohsiung as it aims to expand the production of advanced 3D chip on wafer on substrate (CoWoS) IC packaging services.
The project is expected to generate nearly 2,000 new jobs and be completed in the first quarter of 2028.
9. Micron Technology Inc. (NASDAQ:MU)
Micron Technology soared to a new all-time high on Thursday following bullish analyst ratings and news that it officially secured the green light of the state of New York for a power line that would connect to its planned $100 billion semiconductor plant.
During the trading session, Micron Technology Inc. (NASDAQ:MU) surged to its highest 52-week price of $206.34 before trimming gains to close the day just up by 5.52 percent at $202.53 apiece.
The intra-day rally was primarily boosted by UBS and Citigroup’s bullish coverage for the stock, giving it a “buy” recommendation with higher price targets of $245 and $240, respectively.
According to the analysts, Micron Technology Inc. (NASDAQ:MU) is expected to benefit from the worsening shortage of data storage, with demand from hyperscalers now doubling year-on-year.
After market hours, Micron Technology Inc. (NASDAQ:MU) secured the approval of the New York State Public Service Commission for the development of a new transmission line that would support power supply to its semiconductor megafab facility in Onondaga County.
Over the next 20 years, the facility is expected to generate 50,000 jobs, including 9,000 direct positions.
8. Sibanye Stillwater Ltd. (NYSE:SBSW)
Sibanye Stillwater jumped to a fresh 52-week high on Thursday, as investors gobbled up shares in mining companies following gold’s climb to the $4,300 territory.
In intra-day trading, Sibanye Stillwater Ltd. (NYSE:SBSW) jumped to its highest price of $13.11 before trimming gains to end the day just up by 6.04 percent at $12.82 apiece.
As of writing, spot prices of gold and platinum—Sibanye Stillwater Ltd.’s (NYSE:SBSW) largest assets—both surged during the session.
Gold spot prices were up by 2.83 percent to $4,326.58, as investors poured funds into precious metals over growing optimism for an interest rate cut and amid renewed geopolitical tensions between the US and China. On the other hand, spot prices of platinum were up by 3.17 percent to $1,718 per ounce.
In other news, Sibanye Stillwater Ltd. (NYSE:SBSW) announced that South African state-owned asset management company Public Investment Corporation (PIC) recently raised its stake in the company by an additional 2.35 percent, bringing its total ownership in the company to more than 20 percent.
The recent acquisition strengthened PIC’s position as one of Sibanye Stillwater Ltd.’s (NYSE:SBSW) largest shareholders to date.
7. Knight-Swift Transportation Holdings Inc. (NYSE:KNX)
Knight-Swift rallied for a 4th straight day on Thursday, adding 6.43 percent to finish at $47.04 apiece after earning bullish coverage from Bank of America.
In a market note on the same day, BofA raised its price target for Knight-Swift Transportation Holdings Inc. (NYSE:KNX) to $50 from $41 previously, while upgrading its recommendation to “buy” from “neutral.”
BofA said that the revision was based on a flurry of catalysts, including the enforcement of English Language Proficiency (ELP), limits on nondomiciled Commercial Drivers Licenses (CDL), and November 1 tariffs on imported heavy-duty trucks.
“We expect 3Q Transport results will reflect sub-seasonal demand trends given 2Q pre-shipping ahead of tariffs, yet we see increased potential for ELP, CDL, and tariff actions to aid the rate backdrop,” the investment firm said.
Next Wednesday, October 22, Knight-Swift Transportation Holdings Inc. (NYSE:KNX) is scheduled to release the results of its third-quarter earnings performance. A conference will be held after market hours to elaborate on the results.
6. Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA)
Banco Bilbao rallied to a fresh 52-week high on Thursday, as investors cheered its failed $19 billion takeover of Banco Sabadell, having lacked the support of the latter’s shareholders.
In intra-day trading, the stock soared to a fresh high of $20 before trimming gains to end the day just up by 6.68 percent at $19.48 apiece.
The failed takeover came after Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) failed to secure the minimum threshold of 50 percent voting rights, having only earned a quarter of shareholder approval. This officially put an end to an 18-month-long attempt by Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) to take over its rival.
Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) first moved to acquire Sabadell in April 2024, an initiative that also earned a wave of government opposition and warnings about job losses, which led to a months-long anti-trust review.
Eventually, the anti-trust watchdog intervened and allowed the takeover, but on condition that it would not fully merge for at least three years.
In line with the failed bid, Banco Bilbao Vizcaya Argentaria SA (NYSE:BBVA) said it would immediately resume shareholder remuneration from October 31, when it will start executing a pending 1 billion euro share buyback.
5. Endeavour Silver Corp. (NYSE:EXK)
Endeavour Silver extended its winning streak to a 5th straight day on Thursday to climb to a new all-time high as investor sentiment was boosted by robust mineral recovery rates at its new mining site in Jalisco, Mexico.
In intra-day trading, the stock soared to a 52-week high of $10.37 before paring gains to end the day just up by 6.95 percent at $10.15 apiece.
In a statement, Endeavour Silver Corp. (NYSE:EXK) said its new facility—the Terronera mine—consistently operated for 100 days after a successful commissioning phase, recording only eight days of downtime. The mine also sustained metal recoveries since mid-August.
Both mining and processing operations were operating at over 90 percent of their designed capacity of 2,000 tons, while metal recoveries were likewise sustained above 90 percent.
Over the next six months, Endeavour Silver Corp. (NYSE:EXK) said it targets to produce approximately 360,000 tons, with average grades of 122 g/t for silver and 2.52 g/t for gold. Higher grade zones are expected to be accessed in the middle of 2026.
“Bringing Terronera into commercial production marks a huge milestone for [the company] and represents a truly transformational moment in our … history,” said Endeavour Silver Corp. (NYSE:EXK) CEO Dan Dickson.
“This achievement not only reinforces our commitment to sustainable growth but also positions Endeavour as a leading mid-tier silver producer with a solid foundation for future expansion.”
4. Hecla Mining Company (NYSE:HL)
Hecla Mining jumped to a new all-time high on Thursday, as investors snapped up shares in mining companies amid gold’s rally to a new record level.
During the trading session, Hecla Mining Company (NYSE:HL) jumped to its highest price of $15.44 before trimming gains to end the day just up by 7.63 percent at $15.24 apiece.
Hecla Mining Company (NYSE:HL) rallied alongside its counterparts after gold cracked past the $4,300 territory on strong optimism for interest rate cuts, while investors treated it as safe haven amid renewed geopolitical tensions between the US and China.
In other news, Hecla Mining Company (NYSE:HL) earlier this month secured the approval of the US Forest Service for its planned copper-silver Libby Exploration Project in Lincoln County, Montana.
The new site unlocks the potential of high-grade copper and silver production in northwest Montana, with a current inferred resource of 112.2 million tons.
“Mineralization remains open down dip and to the north, offering potential for further resource expansion. The Rock Lake fault (the fault) is thought to limit mineralization extension to the west; however, the dip of the fault was previously interpreted to be dipping east, whereas new interpretations indicate it may be dipping to the west, which would offer the potential to extend mineralization in that direction as well,” the company said.
3. GitLab Inc. (NASDAQ:GTLB)
GitLab grew its share prices by 10.6 percent on Thursday to end at $48.27 apiece as investors snapped up shares following reports that it was being eyed for takeover anew by DataDog Inc.
Citing sources privy to the matter, a report by Street Insider said that DataDog is currently in coordination with Morgan Stanley for the potential acquisition, with an offer price set to be around $60 per share.
The reports followed earlier buzz that GitLab Inc. (NASDAQ:GTLB) was exploring a sale since July 2024 after attracting strong acquisition interest.
Neither DataDog nor GitLab Inc. (NASDAQ:GTLB) has confirmed the reports.
GitLab Inc. (NASDAQ:GTLB) is an AI-powered Development, Security, and Operations platform, which enables organizations to increase developer productivity, improve operational efficiency, reduce security and compliance risk, and accelerate digital transformation.
At present, the company boasts of 50 million registered users, claiming that more than 50 percent of the Fortune 100 companies trust GitLab to secure their software.
2. JB Hunt Transport Services, Inc. (NASDAQ:JBHT)
JB Hunt jumped by 22.14 percent on Thursday to close at $169.57 apiece after reporting improved earnings performance in the third quarter of the year.
In an updated report, JB Hunt Transport Services, Inc. (NASDAQ:JBHT) grew its net income by 12.37 percent in the third quarter of the year to $170.8 million from $152 million in the same period last year. Consolidated revenues were flat at $3.05 billion, tempered by a 1 percent and 4 percent dip in gross revenue per load in intermodal and truckload, respectively; alongside a decrease in load volume of 8 percent and 1 percent in Integrated Capacity Solutions and Dedicated Contract Services, respectively; and 8 percent fewer stops in Final Mile Services.
For the nine-month period, JB Hunt Transport Services, Inc. (NASDAQ:JBHT) said that both net income and consolidated revenues were flat at $417 million and $3.05 billion, respectively.
JB Hunt Transport Services, Inc. (NASDAQ:JBHT) owed the company’s performance to the hard work of the company’s employees, saying that she remained confident in the long-term strategy on operational excellence and cost-saving measures, among others, to deliver shareholder value.
1. Praxis Precision Medicines, Inc. (NASDAQ:PRAX)
Praxis Precision soared to a new all-time high on Thursday, more than tripling its share price during the intraday session, as investors celebrated the stellar results of its drug candidate for a nervous condition that causes involuntary shaking.
During the session, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) soared to its highest price of $205.89, marking a jump of 259 percent, before trimming gains to end the day just up by 183.71 percent to $162.71 apiece.
In an updated report, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) said the first stage of the phase 3 study for the Ulixacaltamide drug saw the treatment improve the daily functioning of the 473 enrollees by 4.3 points as compared with placebo.
In the second trial, some 238 patients showed superior maintenance of effect on Ulixacaltamide as compared with those who switched to placebo.
Following the results, Praxis Precision Medicines, Inc. (NASDAQ:PRAX) said it would submit its New Drug Application (NDA) with the Food and Drug Administration by early 2026, with a pre-NDA meeting already requested.
“Patients in [the phase 3 study] had been living with essential tremor for an average of 30 years, with worsening symptoms and no effective treatment options. In just 15 months of recruitment, we had over 200,000 people interested in participating in this study, which is a powerful reflection of the large unmet need for a therapy like Ulixacaltamide. We look forward to the opportunity to have a pre-NDA meeting with the FDA soon to discuss the potential NDA,” said Praxis Precision Medicines, Inc. (NASDAQ:PRAX) President and CEO Marcio Souza.
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