In this article, we will take a look at the top 10 gainers today.
All three major U.S. indices turned red in mid-day trading Tuesday after the Bureau of Labor Statistics released better-than-expected job openings data for September. The data showed that job openings in the U.S. increased during the last month, contrary to the consensus forecast calling for a drop. The data also indicates that demand for labor is growing despite recent rate hikes by the Fed.
If we look at the key U.S. indices, S&P 500 was down 0.34 percent, Dow Jones Industrial Average slipped 0.28 percent and Nasdaq Composite was negative 0.60 percent as of 01:48 PM ET. Nevertheless, the better-than-expected financial results from stocks like Pfizer Inc. (NYSE:PFE), NXP Semiconductors N.V. (NASDAQ:NXPI) and Arista Networks, Inc. (NYSE:ANET) offset losses in these indices to some extent.
Shares of Pfizer Inc., NXP Semiconductors N.V. and Arista Networks, Inc. rose this morning after beating profit and sales expectations for the third quarter.
Moreover, shares of ride-hailing giant Uber Technologies, Inc. (NYSE:UBER) also jumped on massive volume following its solid operating earnings outlook for Q4. Uber Technologies, Inc. (NYSE:UBER) projected adjusted EBITDA in the range of $600 – $630 million for the current quarter, well above analysts’ average estimate of $567.7 million.
Check out the complete article below to see some other top gainers of the day.
Photo by Austin Distel on Unsplash
10. SoFi Technologies, Inc. (NASDAQ:SOFI)
Number of Hedge Fund Holders: 22
Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) jumped more than 13 percent this morning after the online personal finance company surpassed financial expectations for the third quarter.
SoFi Technologies, Inc. reported a loss of 9 cents per share, narrower than analysts’ average estimate for a loss of 11 cents per share. Revenue for the quarter skyrocketed 51 percent on a year-over-year basis to $419 million, crushing expectations of $393 million.
For the full year, SoFi Technologies, Inc. raised its revenue outlook to a range of $1.517 – $1.522 billion, from its previous projection between $1.508 – $1.513 billion.
Speaking on the results, CEO of SoFi Technologies, Inc., Anthony Noto, said in a statement:
“Our strong momentum in member, product and cross-buy adds reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy. We added nearly 424,000 new members, and ended with over 4.7 million total members, up 61% year-over-year. We also added over 635,000 new products, and ended with nearly 7.2 million total products, a 69% annual increase.”
9. Henry Schein, Inc. (NASDAQ:HSIC)
Number of Hedge Fund Holders: 29
Henry Schein, Inc. (NASDAQ:HSIC) is next on the list of top 10 gainers today. The stock advanced more than 6 percent in mid-day trading Tuesday after the healthcare products supplier beat profit expectations for the third quarter.
The company reported adjusted earnings of $1.15 per share, up from $1.10 per share in the year-ago period. Revenue for the quarter slipped 3.5 percent versus last year to $3.1 billion. Analysts expected Henry Schein, Inc. to report earnings of $1.14 per share on revenue of $3.19 billion.
Henry Schein, Inc. also disclosed the sales results of its flagship units. Its global dental revenue slipped 2.1 percent to $1.8 billion, while global medical revenue fell 6.7 percent to $1.1 billion in the quarter.
Looking forward, Henry Schein, Inc. expects adjusted earnings in the range of $4.79 – $4.87 per share for the full year. The outlook represents a growth of 6 – 8 percent over last year.
8. Lattice Semiconductor Corporation (NASDAQ:LSCC)
Number of Hedge Fund Holders: 33
Shares of Lattice Semiconductor Corporation (NASDAQ:LSCC) soared over 12 percent this morning after delivering solid profit and sales for the third quarter. The Oregon-based semiconductor firm reported adjusted earnings of 48 cents per share versus 28 cents per share in the third quarter of 2021. Analysts were looking for earnings of 44 cents per share.
Revenue for the quarter climbed 30.8 percent on a year-over-year basis to $172.50 million, while analysts expected Lattice Semiconductor Corporation to produce revenue of $166.28 million.
Among other updates, Lattice Semiconductor Corporation reported that its adjusted gross margin expanded to 69.5 percent, from 63.6 percent in the comparable period of the prior year.
Like Lattice Semiconductor Corporation, shares of Pfizer Inc., Arista Networks, Inc. and Uber Technologies, Inc. also rose after their recent earnings.
7. Gartner, Inc. (NYSE:IT)
Number of Hedge Fund Holders: 38
Gartner, Inc. (NYSE:IT) delivered an impressive financial performance for the third quarter and lifted its guidance for the full year. As a result, its shares rose more than 7 percent after the opening bell today.
The research and advisory company earned $2.41 per share on an adjusted basis, compared to $2.03 per share in the same period last year. In addition, Gartner, Inc. posted revenue of $1.33 billion, up 15.2 percent over the year-ago period. The results easily surpassed the consensus of $1.87 per share for earnings and $1.29 billion for revenue.
If we look at its segment-wise sales performance, conferences revenue skyrocketed 215.5 percent, consulting revenue jumped 13 percent and research revenue rose 10.7 percent in the quarter.
Gartner, Inc. also raised its full-year adjusted earnings outlook to at least $10.06 per share. Moreover, it expects to generate revenue of at least $5.41 billion for the same period. Previously, it was looking for adjusted earnings of at least $8.85 per share and revenue of at least $5.35 billion.
6. IDEXX Laboratories, Inc. (NASDAQ:IDXX)
Number of Hedge Fund Holders: 40
Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) advanced over eight percent in the mid-day trading session on Tuesday. The surge was driven by the pet healthcare company’s better-than-expected results for Q3.
IDEXX Laboratories, Inc. reported earnings of $2.15 per share, up from $2.03 per share in the year-ago period and above expectations of $2.05 per share. Revenue also increased 4 percent on a year-over-year basis to $842 million, beating estimates of $831.52 million.
Looking forward, IDEXX Laboratories, Inc. expects earnings in the range of $7.74 – $7.98 per share and revenue growth between 3.5 – 4.5 percent for the full year.
5. Arista Networks, Inc. (NYSE:ANET)
Number of Hedge Fund Holders: 48
Shares of Arista Networks, Inc. rose over four percent in the mid-day trading session today. The surge came after the computer networking company delivered impressive financial results for Q3 and a solid outlook for the current quarter.
Arista Networks, Inc. earned $1.25 per share on an adjusted basis, significantly higher than 74 cents per share in the year-ago period and above the consensus of $1.04 per share. Revenue for the quarter skyrocketed 57 percent versus last year to $1.177 billion, smashing expectations of $1.05 billion.
For the fourth quarter, Arista Networks, Inc. projected revenue in the range of $1.175 – $1.2 billion. The guidance is above analysts’ average estimate of $1.09 billion.
Discussing the results, CEO Jayshree Ullal said:
“Arista continues to outpace our networking peers with record revenue in Q3 2022. Clearly, we are entering the next phase of Arista’s evolution in products, customer intimacy and new market expansion.”
4. Hologic, Inc. (NASDAQ:HOLX)
Number of Hedge Fund Holders: 55
Hologic, Inc. (NASDAQ:HOLX) posted its fiscal fourth-quarter results above expectations, sending its shares up more than 8 percent in mid-day trading Tuesday. The medical technology company reported adjusted earnings of 82 cents, ahead of the consensus of 63 cents per share.
Revenue for the quarter fell 27.6 percent versus last year to $953.3 million, but it was well above the expectations of $866.76 million. Hologic, Inc. also released its region-wise sales results. Its U.S. sales fell 23.4 percent to $728.6 million, while international sales plummeted 38.6 percent to $224.7 million in the quarter.
For its fiscal 2023, Hologic, Inc. guided for adjusted earnings in the range of $3.30 – $3.60 per share and revenue between $3.7 – $3.9 billion. This compares to analysts’ average estimate of $3.43 per share for earnings and $3.78 billion for revenue.
3. NXP Semiconductors N.V. (NASDAQ:NXPI)
Number of Hedge Fund Holders: 55
Shares of NXP Semiconductors N.V. rose over four percent this morning after the Dutch semiconductor company managed to beat profit and sales estimates for the third quarter.
NXP Semiconductors N.V. reported earnings of $2.79 per share on revenue of $3.45 billion. On the other hand, analysts were looking for earnings of $2.75 per share on sales of $3.43 billion
Among other updates, NXP Semiconductors N.V. reported that it repurchased 2.50 million shares of its common stock for $400 million during the quarter. Moving forward, NXP guided for revenue between $3.2 – $3.4 billion for the fourth quarter.
2. Pfizer Inc. (NYSE:PFE)
Number of Hedge Fund Holders: 70
Pfizer Inc. is next on the list of top 5 gainers today. The stock rose over two percent in mid-day trading Tuesday after the pharmaceutical giant posted better-than-expected results for the third quarter.
The New York-based company earned $1.78 per share on an adjusted basis, up from $1.27 per share in the corresponding period of 2021. Revenue came in at $22.6 billion versus $24.03 billion in the year-ago quarter. Analysts expected Pfizer Inc. to post earnings of $1.39 per share on revenue of $21.1 billion.
Pfizer Inc. also raised its financial outlook for the full year. The company now expects adjusted earnings in the range of $6.40 – $6.50 per share and revenue between $99.5 – $102 billion for fiscal 2022.
Separately, investment management firm Diamond Hill Capital talked about Pfizer Inc. in its third-quarter 2022 investor letter, stating:
“Also among our bottom contributors were health care products manufacturer Abbott Labs, global pharmaceutical company Pfizer Inc. (NYSE:PFE), media and technology giant Alphabet, and insurance company American International Group (AIG). Although Pfizer continues to report strong performance of its core drugs, sales of its COVID vaccine and treatment have likely peaked and sales are expected to decline going forward. We remain optimistic about the company long term as we believe management is taking the company in the right direction, focusing R&D, and making strategic acquisitions with profits generated from COVID vaccine sales.”
1. Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Holders: 129
Shares of Uber Technologies, Inc. rallied over 15 percent this morning after issuing a solid operating earnings outlook for the fourth quarter. The ride-hailing giant expects adjusted EBITDA in the range of $600 – $630 million for the current quarter, well above the consensus of $567.7 million.
Uber Technologies, Inc. released the outlook along with its third-quarter results. The company reported an adjusted loss of 61 cents per share for the three months ended September 30, significantly wider than analysts’ average estimate for a loss of 18 cents per share.
On the bright side, Uber Technologies, Inc. posted revenue of $8.3 billion, representing a surge of 72 percent over the year-ago period and above expectations of $8.1 billion. Gross booking for the quarter rose 26 percent versus last year to $29.12 billion, but the numbers were marginally below the consensus of $29.55 billion.
You can also take a peek at Top Drug Companies In the World in 2022 and 12 Best Consumer Staple Stocks.
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This article is originally published at Insider Monkey.
