Ten companies kicked off the trading week outperforming the broader market amid a flurry of company-specific developments, including acquisition plans, that bolstered buying appetite. One company was notable for its rally to a new high.
Meanwhile, Wall Street’s three major indices all finished in the red. The Dow Jones fell by 0.45 percent, the tech-heavy Nasdaq dropped by 0.30 percent, and the S&P 500 declined by 0.25 percent.
In this article, let us explore the 10 strong performers on Monday alongside the reasons behind their gains.
To compile the list, we focused exclusively on stocks with $2 billion in market capitalization and at least 5 million shares in trading volume.
A trader cheering his market gains. Photo by Tima Miroshnichenko on Pexels
10. XPeng Inc. (NYSE:XPEV)
XPeng Inc. rallied for a third consecutive day on Monday, adding 5.97 percent to close at $21.41 apiece, as investors turned optimistic about sales prospects over the looming launch of its first hybrid vehicle.
This followed the release of China’s Ministry of Industry and Information Technology’s catalog of expected vehicle launches, which included XPeng Inc.’s (NYSE:XPEV) hybrid version of the X9 variant, X9 EREV.
Shortly after the catalog release, the company’s CEO, He Xiaopeng, confirmed that the new vehicle is scheduled to be launched in the fourth quarter of the year, and that it is a global model that was tested in 20 countries and 330 cities.
The X9 EREV is slightly longer than the all-electric X9, which is equipped with a 1.5-liter engine as an extender.
According to He, XPeng Inc. (NYSE:XPEV) was looking to make X9 EREV a reliable seven-seater family car.
In other news, XPeng Inc. (NYSE:XPEV) is set to announce the results of its second quarter earnings performance before market open next Tuesday, August 19.
9. Albemarle Corp. (NYSE:ALB)
Albemarle Corp. (NYSE:ALB) extended its winning streak to a third straight day on Monday, jumping 7 percent to close at $80.76, as investors turned optimistic about a surge in lithium prices following a huge player’s suspension of one of its mining operations in China.
According to a report by Bloomberg, Chinese firm Contemporary Amperex Technology Co. Ltd. (CATL) suspended its mining operations at the Jianxiawo lithium mine in Jiangxi province amid an expired mining permit that it does not expect to get renewed soon.
While CATL has begun negotiations with the Chinese government for the renewal, it was expecting a prolonged halt amid China’s intensified regulatory oversight of mining companies to curb overcapacity.
Based on data from the Australian government, CATL’s suspended site alone can produce over 46,000 metric tons of lithium carbonate equivalent a year, or roughly 3 percent of the global supply forecast for 2025.
Albemarle Corp. (NYSE:ALB) also rallied alongside its lithium counterparts.
In other news, Albemarle Corp. (NYSE:ALB) announced that its chief operating officer, Netha Johnson, has stepped down from his post. No reason for the departure was divulged. He was replaced by Mark Mummert, effective immediately.
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