These 10 Stocks Are Making Big Moves

Ten stocks soared higher on Tuesday, bucking a broader market decline, thanks to company-specific catalysts that sparked buying appetite.

In contrast, Wall Street’s main indices ended in a lackluster note, with the tech-heavy Nasdaq the only gainer, albeit inching up by only 0.03 percent. The Dow Jones and the S&P 500, on the other hand, 0.37 percent and 0.07 percent, respectively.

In this article, we name the 10 top performers on Tuesday and detail the reasons behind their gains.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and over 5 million shares in trading volume.

10. Albermarle Corporation (NYSE:ALB)

Albermarle Corp. rebounded by 7.21 percent on Tuesday to close at $70.22 apiece as investor sentiment was bolstered by an investment firm’s bullish rating for its stock.

In a market note, Jefferies reaffirmed its “buy” recommendation for Albermarle Corporation (NYSE:ALB), but lowered its price target for its stock to $84 from $85 previously. Still, the new figure marked a 19.6-percent upside from its latest closing price.

Meanwhile, Albermarle Corporation (NYSE:ALB) earned a more conservative “Hold” recommendation from Zacks Research, on expectations that it would post sales of $1.21 billion for the current quarter or a -15 percent change year-on-year.

Meanwhile, it sees the company recording $4.86 billion and $5.35 billion in sales for the current and next fiscal years indicating changes of -9.5 percent and +9.9 percent, respectively.

Albermarle Corporation (NYSE:ALB) is a US-based specialty chemicals manufacturing company that serves various industries, including agriculture, automotive, aviation, building and construction, among others.

9. Intel Corporation (NASDAQ:INTC)

Intel Corp. rallied by 7.23 percent on Tuesday to close at $23.59 apiece as investor sentiment was buoyed by its ongoing corporate restructuring plan to claw back to profitability.

Part of the move will see 529 jobs laid off across four major campuses in Oregon beginning July 15, the company said. The layoffs will affect employees at the Aloha, Hawthorne Farms, Ronler Acres, and Intel Jones campuses in Hillsboro.

“We are taking steps to become a leaner, faster, and more efficient company. Removing organizational complexity and empowering our engineers will enable us to serve the needs of our customers better and strengthen our execution,” Intel Corporation (NASDAQ:INTC) said.

“We are making these decisions based on careful consideration of what’s needed to position our business for the future, and we will treat people with care and respect as we complete this important work,” it added.

The recent job cuts form part of the company’s plan to reduce its workforce by 15 to 20 percent, citing affordability challenges and its current financial position.