A lackluster trading persisted on the stock market on Tuesday, with all major indices finishing in the green territory, but eked out only slight gains.
The tech-heavy Nasdaq rallied the most, up 0.46 percent, followed by the S&P 500 with 0.16 percent, and the Dow Jones with a marginal 0.01 percent.
Despite the muted trading, investors poured funds into several companies, pushing their prices to achieve modest gains. In this article, we listed the 10 top performers today 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 in trading volume.
Stock market charts. Photo by Kaboompics.com on Pexels
10. AppLovin Corp. (NASDAQ:APP)
AppLovin extended its winning streak for a fifth straight day on Tuesday, adding 1.93 percent to close at $346.29 apiece despite the lack of positive catalysts to spark buying appetite.
Based on its historical share price data, APP continues to attract investor interest despite the company being embroiled in a class action lawsuit over allegations of possible securities violations.
According to the lawsuit, APP provided investors with material information concerning its financial growth and stability.
“[APP’s]’ statements included, among other things, confidence in [its] launch of AXON 2.0 digital ad platform and using “cutting-edge AI technologies” to more efficiently match advertisements to mobile games, in addition to expanding into web-based marketing and e-commerce,” one of the investigating law firm’s statement said.
“Moreover, defendants publicly reported impressive financial results, outlooks, and guidance to investors, all while using dishonest advertising practices,” it added. APP has yet to comment on the allegations.
9. Freeport-McMoran Inc. (NYSE:FCX)
Freeport-McMoran rose for a second day on Tuesday, adding 3.36 percent to end at $43.01 as investors resorted to bargain-hunting to take advantage of its cheap valuation while trading in line with higher copper prices.
According to analysts, FCX’s current valuation indicates that it is currently undervalued.
FCX is a US-based mining company based in Phoenix, Arizona, and is currently the world’s largest producer of molybdenum.
Earlier this month, it said that it was hoping President Donald Trump to declare copper a critical mineral, a move that would unlock tax credits to bolster production of the red metal in the US and offset global counterparts.
In the fourth quarter of 2024, FCX saw adjusted net income increase by 14 percent to $450 million from $393 million in the same period a year earlier.
However, adjusted net profit for the full-year period declined by 3.3 percent to $2.146 billion from $2.221 billion in 2023.
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