Top 10 Gainers on Wednesday

Published August 24, 2022 at 4:30 pm EDT Updated September 7, 2026 at 11:36 am EDT

In this article, we will take a look at the top 10 gainers of this morning.

Financial software provider Intuit Inc. (NASDAQ:INTU), exercise equipment maker Peloton Interactive, Inc. (NASDAQ:PTON) and online luxury fashion platform Farfetch Limited (NYSE:FTCH) were among the top gainers on Wednesday.

Shares of Peloton Interactive, Inc. rose following the news that it will start selling its products on Amazon, while Intuit Inc. shares moved up after surpassing financial expectations for Q4. Meanwhile, shares of Farfetch Limited took off after it decided to acquire 47.5 percent stakes in online fashion retailer YNAP.

In addition, Chinese e-commerce stocks, including JD.com, Inc. (NASDAQ:JD) and Pinduoduo Inc. (NASDAQ:PDD), were also trading higher today. Check out the complete article to see why these stocks gained value this morning.

Photo by Austin Distel on Unsplash

10. Paycor HCM, Inc. (NASDAQ:PYCR)

Number of Hedge Fund Holders: 6

Shares of Paycor HCM, Inc. (NASDAQ:PYCR) advanced over three percent in the pre-market trading session today. The surge came after the human capital management solutions provider released its fiscal fourth-quarter results.

Paycor HCM, Inc. reported earnings of 4 cents per share, beating the expectations of 2 cents. Revenue for the quarter climbed 26 percent on a year-over-year basis to $111 million, while analysts were looking for $103.49 million.

Looking forward, Paycor HCM, Inc. expects revenue in the range of $112 – $114 million for its fiscal first quarter and between $510 – $516 million for its fiscal year 2023.

Earlier this year, investment management firm ClearBridge Investments also mentioned Paycor HCM, Inc. in its fourth-quarter 2021 investor letter, stating:

“We also purchased shares of two disruptive software companies that came public earlier in the year. Paycor, a software company n which we previously held a private investment in other portfolios, provides a product offering spanning core payroll & HR tools, with additional bundles that assist with talent management, employee engagement, benefit administration and workforce management tools.”

9. Bed Bath & Beyond Inc. (NASDAQ:BBBY)

Number of Hedge Fund Holders: 14

Bed Bath & Beyond Inc. is once again in the headlines after its shares skyrocketed nearly 30 percent in pre-market trading Wednesday. Today’s rally was driven by reports that Bed Bath & Beyond Inc. has secured financing to reduce debts and raise its cash levels.

Investors hope the reports turn out to be true as financing would help Bed Bath & Beyond Inc. in regaining supplier confidence and better steer through this challenging time.

Bed Bath & Beyond Inc. remained one of the most heavily traded stocks in recent weeks. Individual investors on social media platforms, such as Reddit, have been trying to pump the stock despite multiple downgrades from analysts. Yet, shares of Bed Bath & Beyond Inc. are still down about 40 percent on a year-to-date basis.

8. La-Z-Boy Incorporated (NYSE:LZB)

Number of Hedge Fund Holders: 16

La-Z-Boy Incorporated (NYSE:LZB) announced better-than-expected financial results for its fiscal first quarter, sending its shares up more than 8 percent in the pre-market trading session on Wednesday.

The Michigan-based furniture manufacturer reported adjusted earnings of 91 cents per share, significantly higher than 55 cents per share in the year-ago period. In addition, La-Z-Boy Incorporated generated revenue of $604.1 million in the quarter versus $524.8 million in the corresponding period of 2021. The results surpassed the consensus of 67 cents per share for earnings and $566.1 million for revenue.

For the current quarter, La-Z-Boy Incorporated projected revenue of $590 – $605 million, representing a gain of 2 – 5 percent on a year-over-year basis. The outlook is nearly in line with the consensus of $595 million.

Like La-Z-Boy Incorporated, Intuit Inc., Peloton Interactive, Inc. and Farfetch Limited were also among the top 10 gainers on Wednesday.

7. Caleres, Inc. (NYSE:CAL)

Number of Hedge Fund Holders: 18

Shares of Caleres, Inc. (NYSE:CAL) turned green before the opening bell on Wednesday after beating financial expectations for its fiscal second quarter and lifting its sales outlook for the full year.

Caleres, Inc. earned $1.38 per share in Q2, compared to 97 cents per share in the year-ago period. Revenue for the quarter jumped 9.3 percent versus last year to $738.3 million. The footwear company primarily benefitted from the solid performance of its Brand Portfolio segment. Analysts were looking for earnings of $1.32 per share on revenue of $735.61 million.

Looking forward, Caleres, Inc. now expects its fiscal 2022 sales to grow in the range of 4 – 6 percent, compared to its previous growth projection of 2 – 5 percent.

6. II-VI Incorporated (NASDAQ:IIVI)

Number of Hedge Fund Holders: 31

Shares of II-VI Incorporated (NASDAQ:IIVI) rose over five percent this morning following an upbeat financial performance for its fiscal fourth quarter. The optical materials and semiconductors maker reported earnings of 98 cents per share, easily surpassing the expectations of 94 cents.

Revenue jumped 10 percent on a year-over-year basis to $887 million, topping the estimates of $858.7 million. II-VI Incorporated also released its segment-wise sales results. Its photonic solutions revenue advanced 8.7 percent to $597.4 million, while compound semiconductors revenue jumped 12.1 percent to $289.6 million in the quarter.

For the current quarter, II-VI Incorporated expects adjusted earnings in the range of 77 – 90 cents per share and revenue between $1.3 – $1.4 billion. The outlook compares to the consensus of 96 cents per share for earnings and $1.02 billion for revenue.

5. Farfetch Limited (NYSE:FTCH)

Number of Hedge Fund Holders: 39

Shares of Farfetch Limited climbed over 20 percent in mid-day trading Wednesday after the U.K-based company decided to acquire 47.5 percent stakes in online fashion retailer YNAP.

Farfetch Limited will buy stakes from Switzerland-based Richemont. The acquisition will help Farfetch Limited entice more shoppers toward its online luxury fashion retail platform.

Moving forward, Farfetch Limited can also execute the option of buying the remaining stakes in YNAP withing the next 5 years.

Earlier this year, investment management firm Polen Capital talked about Farfetch Limited in its first quarter 2022 investor letter, stating:

“We also initiated a position in global luxury fashion e-commerce marketplace Farfetch in the first quarter and took advantage of meaningful weakness in the company’s share price during the period. Farfetch previously had too large a market cap for the Portfolio, but it has since moved to a level where it’s appropriate to own it – both in this Portfolio and in our smid-cap strategy. The company’s fundamentals remain attractive as indicated by the compelling results Farfetch reported in February.”

4. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 39

Peloton Interactive, Inc. will start selling its exercise equipment and fitness accessories on Amazon in an effort to bolster its sales. The news sent Peloton shares up more than 13 percent this morning.

Previously, Peloton Interactive, Inc. was selling its products primarily through its own online platform and showrooms. The company believes adding digital channels, like Amazon, would increase brand awareness.

Separately, investment management firm Rowan Street Capital discussed Peloton Interactive, Inc. in its first-half 2022 investor letter, stating:

“Peloton Interactive, Inc. (NASDAQ:PTON) has been a costly mistake for the fund thus far. We started a small position back in September of 2020 and added to it as the stock declined and the price got “cheaper and cheaper.”

We would like to walk you through the rationale why we bought the stock in the first place and why we added to the position. We will give you just a short summary in the main body of the letter, and for those who are interested in a more detailed version, we have included a write-up on Peloton in the Appendix at the end of this letter.”

3. Pinduoduo Inc. (NASDAQ:PDD)

Number of Hedge Fund Holders: 41

Shares of Pinduoduo Inc. rallied over five percent after the opening bell on Wednesday following rumors that the Chinese agricultural-focused technology platform is planning to enter the U.S. market.

Pinduoduo Inc. is believed to be exploring new growth opportunities amid China’s economic slowdown. According to reports, the company is discussing things with its merchant partners before formally disclosing its international expansion plans.

Shanghai-based Pinduoduo Inc. has rapidly increased its shares in China’s highly competitive e-commerce market in recent years. The company, founded in 2015, now competes with the likes of well-established companies like Alibaba.

2. JD.com, Inc. (NASDAQ:JD)

Number of Hedge Fund Holders: 62

Shares of JD.com, Inc. rose over eight percent this morning after Benchmark raised its price target for the Chinese e-commerce company from $106 per share to $109 per share.

The price-target hike came a day after JD.com, Inc. announced better-than-expected financial results for the second quarter. The company earned 61 cents per share on an adjusted basis, smashing the expectations of 41 cents per share.

In addition, JD.com, Inc. posted revenue of $40 billion, up 5.4 percent over the year-ago period and better than the consensus of $38.4 billion. Among other updates, JD.com, Inc. reported that annual active customer accounts jumped 9.2 percent to 580.8 million during the 12-month period ended June 30.

1. Intuit Inc. (NASDAQ:INTU)

Number of Hedge Fund Holders: 75

Shares of Intuit Inc. advanced nearly six percent before the opening bell today after the financial software provider surpassed profit and sales expectations for its fiscal fourth quarter.

Intuit Inc. reported adjusted earnings of $1.10 per share, beating the consensus of 98 cents per share. Revenue came in at $2.4 billion, topping the expectations of $2.34 billion.

The company also issued financial outlook for its fiscal year 2023. Intuit Inc. guided for adjusted earnings in the range of $13.59 – $13.89 per share and revenue between $14.485 – $14.700 billion.

Praising the results, CEO of Intuit Inc., Sasan Goodarzi, said:

“We had a very strong fourth quarter, ending the year with momentum. We’re more confident than ever in our long-term business strategy as we power prosperity around the world. Our platform and offerings are mission-critical for consumers and small businesses, and we are proud that Intuit is the platform of choice for over 100 million customers around the world.”

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