Wall Street’s main indices were a mixed bag anew on Thursday, with the tech-heavy Nasdaq the sole loser, as investors continued to digest results of more corporate earnings and key economic data.
The Nasdaq was down by 0.18 percent. In contrast, the Dow Jones grew by 0.65 percent while the S&P 500 rose by 0.41 percent.
Beyond the major indices, 10 companies finished stronger on the back of impressive corporate earnings and planned mergers and acquisitions. In this article, we explore the specific reasons behind their surge.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.
10. NuScale Power Corporation (NYSE:SMR)
Shares of NuScale Power grew for a sixth straight day on Thursday, adding 4.62 percent to close at $24 each as investors cheered the announcement of huge future projects during the company’s release of its first quarter performance.
At a shareholders’ meeting, NuScale Power Corporation (NYSE:SMR) said that it is in advanced discussions with several potential customers for its small modular reactors that could deliver an operating power plant by 2030. The potential customers include the energy-hungry data centers, government agencies, utilities, coal plant operators transitioning to nuclear, and petrochemical and energy companies.
Additionally, it is also on track to secure the approval of the US Nuclear Regulatory Commission for the uprated 77-megawatt electric design over the next two months.
In the first quarter of the year, NuScale Power Corporation (NYSE:SMR) expanded by 857 percent to $13.4 million from $12 million in the same period last year.
9. On Holding AG (NYSE:ONON)
On Holding saw its share prices grow by 4.62 percent on Thursday to finish at $60.25 apiece following a bullish outlook for the rest of the year.
In a statement earlier, On Holding AG (NYSE:ONON) said it expects full-year net sales to grow by 28 percent from the same period a year earlier.
“[On Holding] continues to experience strong demand across channels, regions, and product categories. The company looks to further build on this global brand momentum with an exciting product pipeline for the rest of the year,” the company said.
In the first quarter of the year, On Holding AG (NYSE:ONON) achieved a 43-percent increase in net sales, at CHF726.6 million versus the CHF508.2 million in the same period last year.
The figure, however, failed to push its net income higher, having ended 38 percent lower at $56.7 million versus $91.4 million year-on-year.
Following the results, investment firm Goldman Sachs maintained its “hold” recommendation on its stock, while giving the company a $64 price target.
On the same day, investment firm Needham raised its price target for On Holding AG (NYSE:ONON), to $62 from $55 previously, while also recommending to buy the stock.
8. Cisco Systems, Inc. (NASDAQ:CSCO)
Cisco Systems grew its share price by 4.85 percent on Thursday to close at $64.26 apiece after a series of positive developments, including a strong earnings performance in the third quarter of fiscal year 2025.
In a statement, Cisco Systems, Inc. (NASDAQ:CSCO) said net income during the period surged by 31 percent to $2.5 billion from $1.9 billion in the same period last year, while revenues beat earlier expectations, jumping 11 percent to $14.1 billion from $12.7 billion year-on-year.
“The momentum we are seeing with AI is fueled by the power of our secure networking portfolio, our trusted global partnerships, and the value we bring to our customers,” said Chairman and CEO Chuck Robbins.
For the full fiscal year 2025, Cisco Systems, Inc. (NASDAQ:CSCO) expects revenues to settle between $56.5 billion and $56.7 billion, with the fourth quarter alone expected to rake in $14.5 billion to $14.7 billion.
7. Birkenstock Holding PLC (NYSE:BIRK)
Birkenstock Holding rallied for a seventh consecutive day on Thursday, jumping 5.89 percent to close at $57.70 each after reporting a strong earnings performance in the second quarter of fiscal year 2025.
In a statement, Birkenstock Holding PLC (NYSE:BIRK) said net income during the period increased by 47 percent to 105 million euros from 71.6 million euros in the same period last year, pushing its six-month net income to expand by 94 percent to 125 million euros from 64.5 million euros year-on-year.
Revenues rose by 19 percent to 574 million euros from 481 million euros in the second quarter alone, while revenues in the six-month period grew by 19.4 percent to 936 million euros from 784 million euros.
Following the results, Birkenstock Holding PLC (NYSE:BIRK) has raised its full fiscal year guidance, with revenues expected to increase by 15 to 17 percent despite the threats of higher tariffs.
6. ImmunityBio, Inc. (NASDAQ:IBRX)
ImmunityBio rallied by 7.23 percent on Thursday to end at $2.67 apiece following a strong earnings performance and ratings upgrade from investment companies.
In its earnings release, ImmunityBio, Inc. (NASDAQ:IBRX) said it narrowed its net loss attributable to stockholders by 3.3 percent to $129.6 million from the $134.1 million registered in the same period last year, as revenues skyrocketed by 41,192 percent to $16.5 million from only $40,000 in the same period last year.
The higher revenues were driven by the strong performance of its Anktiva, an immunotherapy treatment for non-muscle invasive bladder cancer (NMIBC). According to the company, it continues to experience steady growth as urologists increase their use of the said treatment.
Following the results, two investment firms gave a “buy” recommendation on its stock.
It also earned an $8 price target from HC Wainwright and a $6 price target from BTIG.
5. Hertz Global Holdings, Inc. (NASDAQ:HTZ)
Hertz Global saw its share prices jump by 7.86 percent on Thursday to finish at $6.31 apiece as investors cheered the company’s addition of a new high-end vehicle brand to its fleet in a bid to meet growing demand for premium services.
Before the official summer season, Hertz Global Holdings, Inc. (NASDAQ:HTZ) added to its fleet the 2025 Jeep Wrangler, said to be one of the best-selling plug-in hybrid vehicles in the US, as it sees a high demand for the variant during the summer.
The launch followed Hertz Global Holdings, Inc.’s (NASDAQ:HTZ) release of its first quarter performance earlier this week. Net loss widened by 138 percent to $443 million from $186 million in the same period last year, while revenues dropped by 13 percent to $1.8 billion from $2.08 billion year-on-year.
“In a dynamic environment shaped by tariffs and economic uncertainty, capitalizing on our fleet as our most dominant economic lever keeps us agile today and positions us to deliver long-term, sustainable value,” said CEO Gil West.
4. Organon & Co. (NYSE:OGN)
Organon & Co. saw its share prices increase by 9.08 percent on Thursday to close at $8.77 apiece following news that it partnered with the Abu Dhabi Public Health Centre to enhance women’s health.
In a statement, the Abu Dhabi Public Health Centre said both entities will join forces to enhance women’s health by focusing on key areas of intervention and addressing critical health challenges such as a healthy pregnancy, exchanging of knowledge and expertise in cardiovascular, reproductive, and maternal health, as well as improving healthcare.
In the first quarter of the year, Organon & Co.’s (NYSE:OGN) net income declined by 57 percent to $87 million from $201 million in the same period last year, while revenues dipped by 7 percent to $1.5 billion from $1.6 billion year-on-year.
The company also maintained its full-year 2025 revenue guidance, at a range of $6.125 billion to $6.325 billion.
3. Nextracker Inc. (NASDAQ:NXT)
Nextracker Inc. rallied for an eighth consecutive day on Thursday, jumping 11.9 percent to finish at $61.59 apiece following news that it acquired US-based electrical infrastructure manufacturer Bentek Corporation for $78 million.
The acquisition effectively expanded Nextracker Inc.’s (NASDAQ:NXT) portfolio of products with the addition of electrical balance of system (eBOS), which ensures faster commissioning, better grid integration, and higher energy yield over the system’s lifetime.
“In utility-scale solar, eBOS quality and reliability are critical to system uptime and long-term return on investment. Bentek is a proven eBOS innovator and pioneer with several families of IP and issued patents,” said Nextracker Inc. (NASDAQ:NXT) CEO Dan Shugar.
The move builds on Nextracker Inc.’s (NASDAQ:NXT) previous acquisition in June 2024 when it acquired solar foundation firm Ojjo for $120 million, followed by Solar Pile International for $48 million in August last year.
2. DigitalBridge Group, Inc. (NYSE:DBRG)
DigitalBridge surged by 24.40 percent on Thursday to end at $11.83 apiece—a fourth consecutive day, after news that it is being targeted for acquisition by 26North Partners.
According to circulating reports, 26North Partners is in talks with energy trader Mercuria for the potential acquisition, and a deal may already occur in the next few days. Both companies have yet to confirm or deny the reports.
DigitalBridge is a US-based company that manages, owns, and invests in digital infrastructure across the world. Its footprint includes over 60 data centers, 20 interconnection hubs spanning 30 markets, and a modular Edge data center platform. Its investments include Vantage, DataBank, Scala, AtlasEdge, AIMS, Digita, Landmark Dividend, Switch, and multiple fiber and tower firms, among others.
1. Foot Locker, Inc. (NYSE:FL)
Foot Locker jumped by 85.7 percent on Thursday to close at $23.90 apiece following news that it is set to be acquired by Dick’s Sporting Goods for $2.4 billion.
In a statement, Foot Locker, Inc. (NYSE:FL) said it entered into a definitive merger agreement with Dick’s to acquire the former at a price of $24 apiece. Shareholders may also opt to instead convert each Foot Locker, Inc. (NYSE:FL) share to 0.1168 of Dick’s common stock.
The transaction is subject to regulatory and shareholders’ approval, as well as other customary closing conditions. The companies expect to close the transaction in the second half of 2025.
Preliminary results of its first quarter performance in the first quarter showed that Foot Locker, Inc. (NYSE:FL) swung to a net loss of $363 million from an $8 million net income in the same period last year. Sales also decreased by 2.6 percent.
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