In this article, we will take a look at the top 10 gainers on Friday.
Sportswear retailer Foot Locker, Inc. (NYSE:FL), entertainment conglomerate Warner Bros. Discovery, Inc. (NASDAQ:WBD) and automaker General Motors Company (NYSE:GM) were among the top gainers on Wall Street today.
Shares of Foot Locker, Inc. (NYSE:FL) rose after beating profit expectations for its fiscal second quarter, while shares of General Motors Company (NYSE:GM) moved up after the Detroit-based automaker said it is resuming the disbursement of quarterly dividends.
Many other stocks, including Bill.com Holdings, Inc. (NYSE:BILL) and Axsome Therapeutics, Inc. (NASDAQ:AXSM), also made hefty gains today. Check out the complete article below to see the reasons behind the upward movement of these stocks.
Image by Sergei Tokmakov Terms.Law from Pixabay
10. Madison Square Garden Entertainment Corp. (NYSE:MSGE)
Number of Hedge Fund Holders: 11
Shares of Madison Square Garden Entertainment Corp. (NYSE:MSGE) rose nearly five percent in the pre-market trading session today following the news that the company is exploring a spinoff of its assets, which includes its famous sports arena, theaters and cable networks.
Madison Square Garden Entertainment Corp. (NYSE:MSGE) said a potential spinoff of these businesses would boost shareholder value. However, the entertainment holding company hasn’t provided any surety regarding the competition of the spinoff.
The company made the latest announcement along with its fiscal fourth-quarter results. Madison Square Garden Entertainment Corp. (NYSE:MSGE) posted revenue of $453.5 million, up 74 percent over the comparable period of 2021. Revenue from the Tao Group Hospitality climbed 101 percent to $139.8 million, while MSG Networks revenue fell 16 percent to $139.1 million in the quarter. In comparison, entertainment revenue skyrocketed to $179 million, from $31.1 million in the year-ago period.
On the downside, Madison Square Garden Entertainment Corp. (NYSE:MSGE) reported a loss of $3 per share, wider than a loss of $1.12 per share in the same quarter last year.
9. Axsome Therapeutics, Inc. (NASDAQ:AXSM)
Number of Hedge Fund Holders: 19
Shares of Axsome Therapeutics, Inc. (NASDAQ:AXSM) rallied over 30 percent this morning after receiving FDA approval for its depression medicine Auvelity. The oral pill helps in decreasing depression symptoms in adults.
The time it takes to reduce the symptoms are considerably lower than the existing antidepressants in the market. Axsome Therapeutics, Inc. (NASDAQ:AXSM) said it would commercially introduce Auvelity in the U.S. during the fourth quarter.
Some industry experts believe the approval could be a turning point for Axsome Therapeutics, Inc. (NASDAQ:AXSM), considering the rapid effects of the drug.
8. Vipshop Holdings Limited (NYSE:VIPS)
Number of Hedge Fund Holders: 22
Shares of Vipshop Holdings Limited (NYSE:VIPS) rose over six percent in the mid-day trading session on Friday after the Chinese online discount retailer surpassed profit and sales expectations for the second quarter.
Vipshop Holdings Limited (NYSE:VIPS) earned 37 cents per ADS on an adjusted basis, topping expectations of 20 cents per share. Revenue for the quarter jumped 17.1 percent on a year-over-year basis to $3.66 billion, beating estimates of $3.39 billion.
Among other updates, Vipshop Holdings Limited (NYSE:VIPS) reported that its gross merchandise value (GMV) fell 15.6 percent to 40.6 billion yuan, while total active customers declined 18.4 percent to 41.7 million in the quarter. Total orders also decreased to 186.3 million, from 221.5 million in the year-ago period.
Looking forward, Vipshop Holdings Limited (NYSE:VIPS) expects to generate revenue in the range of 21.2 billion – 22.4 billion yuan in the current quarter. The outlook represents a drop of 10 – 15 percent over the third quarter of 2021.
7. Old Republic International Corporation (NYSE:ORI)
Number of Hedge Fund Holders: 25
Shares of Old Republic International Corporation (NYSE:ORI) jumped to a nearly four-month high in mid-day trading Friday. The surge was mainly driven by two key announcements by the Illinois-based company.
Old Republic International Corporation (NYSE:ORI) reported today that its board authorized a plan to repurchase $450 million worth of its common stock. In addition, the provider of insurance underwriting and related services also announced a special dividend of $1 per share.
Speaking on the development, CEO of Old Republic International Corporation (NYSE:ORI), Craig R. Smiddy, said:
“Old Republic continues to perform at a high level, a testament to our talented associates executing on our specialty, diversified business strategy. Today’s announcement by our Board continues a long history of prudent capital management and reflects our Board’s confidence in the strength of our earnings and cash flow.”
Like Old Republic International Corporation (NYSE:ORI), shares of Foot Locker, Inc. (NYSE:FL), Warner Bros. Discovery, Inc. (NASDAQ:WBD) and General Motors Company (NYSE:GM) also gained value today.
6. Blueprint Medicines Corporation (NASDAQ:BPMC)
Number of Hedge Fund Holders: 26
Shares of Blueprint Medicines Corporation (NASDAQ:BPMC) rose over five percent this morning after Stifel lifted its price target for the Massachusetts-based precision therapy company from $93 per share to $100 per share.
Stifel analyst Bradley Canino thinks that the company’s drug, Ayvakit, to treat indolent systemic mastocytosis (ISM), would likely receive approval from regulators. Canino also reaffirmed his “Buy” rating for Blueprint Medicines Corporation (NASDAQ:BPMC).
The upgrade came a day after Blueprint Medicines Corporation (NASDAQ:BPMC) announced positive results from the second part of the study on Ayvakit to treat non-advanced systemic mastocytosis.
5. DaVita Inc. (NYSE:DVA)
Number of Hedge Fund Holders: 28
DaVita Inc. (NYSE:DVA) is a leading provider of kidney dialysis services in the U.S. It operates through a network of dialysis centers spread across the country. DaVita stock came into the limelight this morning after receiving an upgrade from UBS. The upgrade sent DaVita shares up more than four percent after the opening bell on Friday.
UBS analyst Andrew Mok raised its ratings for DaVita Inc. (NYSE:DVA) from “Neutral” to “Buy.” Mok is optimistic about the Denver-based company’s ability to deliver earnings growth next year. He also raised his price target for DaVita Inc. (NYSE:DVA) from $106 per share to $117 per share.
4. Foot Locker, Inc. (NYSE:FL)
Number of Hedge Fund Holders: 28
Shares of Foot Locker, Inc. (NYSE:FL) rose to a nearly six-month high before the opening bell today. The surge came after the sportswear retailer beat profit expectations for its fiscal second quarter and disclosed the name of its incoming CEO.
Foot Locker, Inc. (NYSE:FL) revealed that the former CEO of Ulta Beauty, Mary Dillon, will become the head of the company. She will replace the outgoing chief executive Richard Johnson next month.
Coming back to Q2 results, Foot Locker, Inc. (NYSE:FL) reported adjusted earnings of $1.10 per share versus $2.09 per share in the comparable period of 2021. Revenue came in at $2.07 billion, down 9 percent on a year-over-year basis. Analysts were looking for earnings of 80 cents per share on revenue of $2.07 billion.
Speaking on the results, CEO Richard Johnson said in a statement:
“Despite an increasingly challenging macroeconomic backdrop, we delivered a solid quarter against the favorable fiscal stimulus and promotional environment from last year. Driven by strong execution from our team and ongoing progress against our key objectives, we grew our sales 16.4% above levels from 2019.”
3. Bill.com Holdings, Inc. (NYSE:BILL)
Number of Hedge Fund Holders: 46
Shares of Bill.com Holdings, Inc. (NYSE:BILL) climbed nearly 20 percent in the pre-market trading session today after delivering better-than-expected financial results for its fiscal fourth quarter.
Bill.com Holdings, Inc. (NYSE:BILL) reported an adjusted loss of 3 cents per share, narrower than analysts’ average estimate for a loss of 13 cents. Revenue for the quarter skyrocketed 156 percent on a year-over-year basis to $200.2 million, smashing the expectations of $183 million.
Looking forward, Bill.com Holdings, Inc. (NYSE:BILL) expects adjusted earnings in the range of 5 – 7 cents per share and revenue between $208 – $211 million for the current quarter ending September 30, 2022.
2. Warner Bros. Discovery, Inc. (NASDAQ:WBD)
Number of Hedge Fund Holders: 68
Shares of Warner Bros. Discovery, Inc. (NASDAQ:WBD) rose nearly three percent this morning. The surge apparently came after the entertainment conglomerate disclosed that it is no longer a stakeholder in the U.K-based news startup GB News.
Warner Bros. Discovery, Inc. (NASDAQ:WBD) said in a statement:
“Following the merger between Discovery and WarnerMedia earlier this year our portfolio now includes several wholly owned news brands including CNN Worldwide, TVN Group in Poland and Newshub in New Zealand. In light of this, and our continued evaluation of our global and local investment portfolio, we have exited our investment in GB News and are no longer shareholders.”
Separately, Warner Bros. Discovery, Inc. (NASDAQ:WBD) also appeared in the second-quarter 2022 investor letter of investment management firm Smead Capital Management. Here’s what the firm said:
“Leading the downside were stocks we own tied to any economic optimism. Warner Bros. Discovery, Inc. (NASDAQ:WBD) suffered selling from AT&T (T) shareholders disposing of it upon distribution of the shares in the merger. We have been too optimistic about how long it would take for these uninterested parties to sell. Macerich (MAC) suffered from fears of what a recession and higher interest rates would do to their business, disregarding the recovery in the Class “A” mall space since 2020.”
1. General Motors Company (NYSE:GM)
Number of Hedge Fund Holders: 75
Shares of General Motors Company (NYSE:GM) rose after the opening bell on Friday after announcing that it is resuming the disbursement of quarterly dividends to shareholders.
The Detroit-based automaker plans to release the first dividend of 9 cents per share on September 15, 2022. In addition, General Motors Company (NYSE:GM) also increased its stock repurchase program to $5 billion
General Motors Company (NYSE:GM) had suspended dividend payouts following the coronavirus outbreak in 2020. Back then, it wanted to save cash to effectively steer through an uncertain economic environment caused by the pandemic.
However, the latest announcements indicate that senior leadership at General Motors Company (NYSE:GM) is optimistic about GM’s ongoing growth initiatives and its ability to expand while returning capital to stakeholders.
You can also take a peek at 8 Restaurant Stocks to Avoid as Americans Begin to Cut Spending and Jim Cramer Recommends These 10 Stocks For Recession.
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Disclosure: None. Top 10 Gainers on Friday is originally published on Insider Monkey.
