Wall Street Can’t Keep Up: 10 Big Names on a High

Ten stocks soared by double digits on Thursday, bucking a lackluster broader market, thanks to more strong corporate earnings and optimistic outlooks, among others.

On Wall Street, only the Dow Jones finished in the green, inching up 0.03 percent. The Nasdaq and the S&P 500 both fell by 1.18 percent and 0.54 percent, respectively.

Indices aside, we spotlight the 10 top performers on Thursday and break down the reasons behind their gains.

To come up with the list, we focused exclusively on the stocks with a $2 billion market capitalization and 5 million shares in trading volume.

Photo by Tima Miroshnichenko on Pexels

10. Intuitive Machines Inc. (NASDAQ:LUNR)

Intuitive Machines rebounded by 11.20 percent on Thursday to finish at $17.67 apiece, after an investment firm reiterated an optimistic coverage for the stock.

In a market report, B. Riley reaffirmed its “buy” recommendation and $25 price target, marking a 41 percent upside potential from its latest closing price.

This followed the listed firm’s ongoing $175 million share sale, as it aims to raise funds to support revenue expansion and investment in technologies to advance communications and data processing networks, including extending flight-proven satellite platforms into those growth markets. The transaction is expected to close tomorrow, February 27.

Additionally, Intuitive Machines Inc. (NASDAQ:LUNR) intends to invest in expanding its Near Space Network Services (NSNS) and establish a solar system internet independent of Earth.

“Through investments in the Lanteris platforms, specifically the 1300 series, the company believes it can grow market share in Geostationary Orbit, expand capability around the Moon, extend capability to Mars, and support emerging high-power on-orbit data processing and edge computing,” it said.

“The company believes this investment will enhance its ability to win and execute higher margin, recurring revenue programs such as Golden Dome initiatives, Tracking and Data Relay Satellite System, the Mars Telecommunications Orbiter, as well as the evolving space-based orbital data center market,” it noted.