Ten stocks kicked off the trading week soaring by double digits as investors loaded up portfolios amid company-specific catalysts, while waiting for more concrete developments from the ongoing US-China trade talks.
The firms outpaced the sluggish performance among Wall Street’s major indices. The Nasdaq and S&P 500 both ended in the green, recording gains of 0.31 percent and 0.09 percent, respectively. In contrast, the Dow Jones remained unchanged from Friday’s close.
In this article, we highlight the names of Monday’s top-performing firms and detail the reasons behind their strong performance.
To compile the list, we considered only stocks with a market capitalization of at least $1 billion and a trading volume of over 5 million.
10. eToro Group Ltd. (NASDAQ:ETOR)
eToro grew its share prices by 10.58 percent to close at $75.97 apiece, as investor sentiment was boosted by a rating upgrade from an investment firm.
In its first coverage, Jefferies gave a “buy” recommendation on stocks of eToro Group Ltd. (NASDAQ:ETOR) with a price target of $80 apiece, representing a 5.3-percent upside from its latest closing price.
Jefferies said it was confident that eToro Group Ltd. (NASDAQ:ETOR) is “well-positioned to benefit from the growing adoption of retail investing globally.”
Jefferies also noted the company’s strength in the European Union and the UK markets, given its various product offerings and distinguished brand.
Meanwhile, two other investment firms turned conservative about the trading platform operator’s stock.
UBS initiated coverage with a “neutral” stand and a price target of $70, representing a 7.8-percent downside from the firm’s closing price.
Citi, for its part, was also “neutral,” giving eToro Group Ltd. (NASDAQ:ETOR) a price target of $72, or 5.2 percent lower than its closing price on Monday.
9. The Goodyear Tire & Rubber Company (NASDAQ:GT)
The Goodyear snapped a three-day losing streak on Monday, adding 10.71 percent to its valuation to close at $11.78 apiece after earning an upgraded rating from an investment firm.
In its market note, BNP Paribas raised its rating for The Goodyear Tire & Rubber Company (NASDAQ:GT) to “Outperform” from “Neutral” previously, while also giving a price target of $15, or a 27 percent upside from its latest closing price.
BNP Paribas’ assessment reflected its optimism for the company’s business despite the threats of automotive tariffs, thanks to its ability to manage pricing and product mix.
Additionally, it said that approximately 55 percent of all tires sold in the US that are not compliant with the United States-Mexico-Canada Agreement (USMCA) now face a 25-percent tariff, giving The Goodyear Tire & Rubber Company (NASDAQ:GT) an estimated 10.5 percentage point advantage over its competitors.
In the first quarter of the year, The Goodyear Tire & Rubber Company (NASDAQ:GT) swung to a net income of $115 million from a net loss of $57 million in the same period last year.
Net sales, however, declined by 6.7 percent to $4.2 billion from $4.5 billion year-on-year.
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