Ten stocks recorded whopping gains on Thursday, outperforming the lackluster performance of the broader market, as investors continued to place positions amid a flurry of corporate earnings releases.
Meanwhile, the tech-heavy Nasdaq and the S&P 500 both finished in the green, albeit up by only 0.18 percent and 0.07 percent, respectively. In contrast, the Dow Jones was down by 0.70 percent.
In this article, we highlight the 10 best-performing stocks on Thursday and break down the reasons behind their gains.
To compile the list, we focused exclusively on stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.
An investor looking at the stock market performance on a digital device.
10. Lufax Holding Ltd. (NYSE:LU)
Lufax Holdings extended its winning streak to a fourth straight day on Thursday, jumping 5.68 percent to close at $3.35 apiece as investor sentiment was bolstered by the company’s asset sale strategy to rid itself of non-performing loans.
Earlier this week, Lufax Holding Ltd. (NYSE:LU), through its subsidiary Ping An Consumer Finance, entered into an asset transfer agreement with Shenzhen China Merchants Ping An Asset Management for the sale of 469 million yuan worth of non-performing debts for a consideration of 36.44 million yuan.
The transfer of claims will effectively reduce the credit risk for Lufax Holding Ltd. (NYSE:LU), which announced earlier this year that it was able to narrow its total outstanding loans by 18 percent to 193.4 billion yuan from 235.2 billion yuan previously.
Lufax Holding Ltd. (NYSE:LU) is a dual-listed financial services company based in China, whose trading remains suspended on the Hong Kong Stock Exchange pending regulatory issues.
9. T-Mobile US, Inc. (NASDAQ:TMUS)
T-Mobile rallied for a fifth consecutive day on Thursday, adding 5.8 percent to close at $247.5 apiece after achieving an impressive earnings performance in the second quarter of the year.
During the period, T-Mobile US, Inc. (NASDAQ:TMUS) grew its net income by 10 percent to $3.2 billion from $2.9 billion in the same period last year, pushing its six-month figure up by 16.5 percent to $6.175 billion from $5.299 billion year-on-year.
Diluted earnings per share ended at $2.84, or 14 percent higher than the $2.49 year-on-year.
Total revenues also rose by 6.9 percent to $21.1 billion from $19.77 billion in the same period a year earlier, while postpaid net customer additions clocked in at 1.7 million.
Following the strong performance, T-Mobile US, Inc. (NASDAQ:TMUS) raised its growth outlook for the year, with postpaid net customer additions now expected to jump to between 6.1 million and 6.4 million, or an increase from prior guidance of 5.5 million to 6 million.
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