In this article, we will take a look at the top 10 gainers on Wednesday.
The three key U.S. indices, including S&P 500, Dow Jones Industrial Average and Nasdaq Composite, rose on Wednesday morning following better-than-expected Q2 results from several notable stocks.
PayPal Holdings, Inc. (NASDAQ:PYPL), Moderna, Inc. (NASDAQ:MRNA) and CVS Health Corporation (NYSE:CVS) were among the leading companies that contributed to the gains of these indices.
In addition, Gilead Sciences, Inc. (NASDAQ:GILD), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and Paycom Software, Inc. (NYSE:PAYC) were also spotted moving higher following their earnings reports.
Image by mohamed Hassan from Pixabay
10. Robinhood Markets, Inc. (NASDAQ:HOOD)
Number of Hedge Fund Holders: 19
Robinhood Markets, Inc. (NASDAQ:HOOD) released its financial results for the second quarter after the closing bell on Tuesday, August 2. The financial services company posted a narrower-than-expected loss and announced plans to cut 23 percent of its staff.
The latest quarterly performance and workforce reduction plan sent its shares up more than 12 percent this morning.
Robinhood Markets, Inc. (NASDAQ:HOOD), which went public in July 2021, has lost significant value over the last year. The drop is mainly attributed to dwindling crypto prices and record inflation. The company’s share price has plunged nearly 80 percent during the past 12 months and about 43 percent so far in 2022.
Coming back to Q2 results, Robinhood Markets, Inc. (NASDAQ:HOOD) posted a loss of 34 cents per share, while analysts were looking for a loss of 37 cents per share. On the downside, the quarterly revenue of $318 million missed the expectations of $321 million.
9. SoFi Technologies, Inc. (NASDAQ:SOFI)
Number of Hedge Fund Holders: 22
Shares of SoFi Technologies, Inc. (NASDAQ:SOFI) jumped over 11 percent in the pre-market trading session today. The surge came after the digital financial services provider posted better-than-expected financial results for the second quarter.
SoFi Technologies, Inc. (NASDAQ:SOFI) reported an adjusted loss of 12 cents per share, narrower than analysts’ average estimate for a loss of 14 cents per share. Revenue for the quarter climbed 50 percent on a year-over-year basis to $356.1 million, beating the expectations of $340.8 million.
Looking forward, SoFi Technologies, Inc. (NASDAQ:SOFI) now expects to generate adjusted revenue in the range of $1.508 – $1.513 billion, up from its previous projection of $1.505 -$1.51 billion.
Like SoFi Technologies, Inc. (NASDAQ:SOFI), shares of PayPal Holdings, Inc. (NASDAQ:PYPL), CVS Health Corporation (NYSE:CVS), Gilead Sciences, Inc. (NASDAQ:GILD) also rose after their recent earnings.
8. Moderna, Inc. (NASDAQ:MRNA)
Number of Hedge Fund Holders: 41
Shares of Moderna, Inc. (NASDAQ:MRNA) rose over four percent in the pre-market trading session today after surpassing financial expectations for the second quarter. The biotechnology company earned $5.24 in the quarter, compared to $6.46 per share in the year-ago period.
In addition, Moderna, Inc. (NASDAQ:MRNA) posted revenue of $4.7 billion, up 9 percent over the comparable period of 2021. Analysts were looking for earnings of $4.58 per share on sales of $4.1 billion.
Among other updates, Moderna, Inc. (NASDAQ:MRNA) announced that its board of directors has authorized a plan to repurchase $3 billion worth of its common stock.
Commenting on the results, CEO Stéphane Bancel said in a statement:
“Despite the slowing economy and challenges in the biotech industry, Moderna is in a unique position: a platform to drive scale and speed in research of new medicines, a strong balance sheet with $18 billion of cash and an agile, mission-driven team of over 3,400 people and growing. We will continue to invest and grow as we have never been as optimistic about Moderna’s future.”
7. NortonLifeLock Inc. (NASDAQ:NLOK)
Number of Hedge Fund Holders: 42
Shares of NortonLifeLock Inc. (NASDAQ:NLOK) rose over six percent in the mid-day trading session today after receiving provisional consent from U.K.’s competition watchdog CMA to acquire Avast.
NortonLifeLock Inc. (NASDAQ:NLOK) initially disclosed its plan to buy Avast in August 2021. However, CMA launched an investigation earlier this year to see if the deal could hurt competition and affect customers in the U.K.
Nevertheless, CMA just announced that the merger doesn’t pose a threat to competition in the country as there are several alternative cyber security services available for customers. NortonLifeLock Inc. (NASDAQ:NLOK) has already secured approvals for the said merger in Germany, Spain and the United States.
Like NortonLifeLock Inc. (NASDAQ:NLOK), PayPal Holdings, Inc. (NASDAQ:PYPL), CVS Health Corporation (NYSE:CVS), Gilead Sciences, Inc. (NASDAQ:GILD) were also spotted gaining value this morning.
6. RingCentral, Inc. (NYSE:RNG)
Number of Hedge Fund Holders: 43
Shares of RingCentral, Inc. (NYSE:RNG) advanced over seven percent in the pre-market trading session today. The company’s solid financial results for the second quarter drove the surge.
RingCentral, Inc. (NYSE:RNG) earned 45 cents per share on an adjusted basis, up from 32 cents per share in the year-ago period. Revenue also climbed 28 percent on a year-over-year basis to $487 million. The results easily exceeded the consensus of 40 cents per share for earnings and $479 million for revenue.
For the full year, RingCentral, Inc. (NYSE:RNG) raised its adjusted earnings outlook to a range of $1.91 – $1.95 per share. It was previously looking for adjusted earnings between $1.83 – $1.87 per share.
Speaking on the results, CEO Vlad Shmunis said in a statement:
“We continue to see the benefits of scale, with solid top line contributions complemented by increasing bottom line profitability. The market opportunity in front of us is large, and customers continue to gravitate to RingCentral because of our industry leading UCaaS and integrated CCaaS solution, proven reliability and broad geographic reach.”
5. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Number of Hedge Fund Holders: 44
Shares of Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) rose over six percent after the opening bell this morning. The rise was a result of better-than-expected financial performance for the second quarter.
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) attributed the results to solid sales contributions from its eczema drug Dupixent and vision drug Eylea. Overall, the company reported adjusted earnings of $9.77 per share, above the consensus of $9.54 per share. Revenue for the quarter plummeted 44 percent to $2.86 billion but surpassed the estimates of $2.80 billion.
Eylea continues to be one of the biggest sales drivers for Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). The eye drug generated revenue of $2.49 billion in the quarter, compared to $2.28 billion in the year-ago period. In addition, Dupixent brought revenue of $2.09 billion, representing a jump of about 40 percent over the comparable period of 2021.
Commenting on the results, CEO Leonard S. Schleifer said:
“The second quarter of 2022 was distinguished by record net product sales of EYLEA, Dupixent, and Libtayo, as well as multiple regulatory achievements for Dupixent, including U.S. approvals for atopic dermatitis among very young patients and for eosinophilic esophagitis in adults and adolescents, as well as European approval for pediatric asthma.”
4. Paycom Software, Inc. (NYSE:PAYC)
Number of Hedge Fund Holders: 49
Shares of Paycom Software, Inc. (NYSE:PAYC) jumped to a nearly four-month high this morning after the software company surpassed profit and sales expectations for the second quarter.
Paycom Software, Inc. (NYSE:PAYC) earned $1.26 per share on an adjusted basis, up from 97 cents per share in the same period last year. Revenue for the quarter climbed about 31 percent versus last year to $316.9 million. The results surpassed the consensus of $1.12 per share for earnings and $308.73 million for revenue.
Looking forward, Paycom Software, Inc. (NYSE:PAYC) anticipates revenue in the range of $327 – $329 million for the current quarter and between $1.354 – $1.356 billion for the full year.
3. Gilead Sciences, Inc. (NASDAQ:GILD)
Number of Hedge Fund Holders: 68
Gilead Sciences, Inc. (NASDAQ:GILD) beat financial expectations for the second quarter and raised its sales outlook for 2022. As a result, its shares jumped to a nearly two-month high after the opening bell today.
The California-based biopharmaceutical giant reported adjusted earnings of $1.58 per share, beating the consensus of $1.53 per share. Revenue came in at $6.26 billion, while analysts were expecting Gilead Sciences, Inc. (NASDAQ:GILD) to post revenue of $5.86 billion.
Gilead Sciences, Inc. (NASDAQ:GILD) also disclosed the sales performance of its flagship segments and drugs. HIV product revenue rose 7 percent to $4.2 billion, while HCV product sales jumped 18 percent to $448 million in the quarter. On the downside, Veklury sales plummeted 46 percent to $445 million.
For fiscal 2022, Gilead Sciences, Inc. (NASDAQ:GILD) now expects revenue in the range of $24.5 – $25 billion, up from its earlier outlook of $23.8 – $24.3 billion.
Discussing the results, CEO Daniel O’Day said:
“This was a very strong quarter for Gilead, with solid commercial and clinical execution. Excluding Veklury, product sales grew 7% year-over-year. There was continued strong demand for our HIV portfolio with further share growth for Biktarvy, and oncology revenues reached an all-time high, driven by cell therapy and Trodelvy.”
2. CVS Health Corporation (NYSE:CVS)
Number of Hedge Fund Holders: 72
Shares of CVS Health Corporation (NYSE:CVS) turned green this morning after the healthcare giant beat profit and sales expectations for the second quarter. The Woonsocket-based company reported adjusted earnings of $2.40 per share, smashing the expectations of $2.18 per share.
Revenue for the quarter rose 11 percent on a year-over-year basis to $80.6 billion, while analysts were expecting CVS Health Corporation (NYSE:CVS) to generate revenue of $76.4 billion.
Speaking on the results, CEO of CVS Health Corporation (NYSE:CVS), Karen S. Lynch, said:
“Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments. The continued success of our foundational businesses accelerated our strategy to expand access to health services and help consumers navigate to the best site of care.”
1. PayPal Holdings, Inc. (NASDAQ:PYPL)
Number of Hedge Fund Holders: 100
PayPal Holdings, Inc. (NASDAQ:PYPL) just delivered solid financial results for the second quarter. Moreover, the fintech giant disclosed that Elliott Investment Management has acquired a $2 billion stake in PayPal, making the activist investor one of its biggest shareholders.
Investors cheered the latest developments, sending PayPal Holdings, Inc. (NASDAQ:PYPL) shares up more than 12 percent in the pre-market trading session today.
For the second quarter, PayPal Holdings, Inc. (NASDAQ:PYPL) reported adjusted earnings of 93 cents per share, beating the expectations of 86 cents per share. Revenue for the quarter rose 9 percent versus last year to $6.81 billion, ahead of the consensus of $6.79 billion.
PayPal Holdings, Inc. (NASDAQ:PYPL) also raised its profit outlook for the full year. It projected adjusted earnings in the range of $3.87 – $3.97 per share, up from its earlier guidance between $3.81 – $3.93 per share. The updated forecast is above analysts’ average estimate of $3.82 per share.
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Disclosure: None. Top 10 Gainers on Wednesday is originally published on Insider Monkey.
