The stock market edged lower on the last day of the trading week as investors sold off positions to mitigate risks from the anticipated trade talks between the US and China this weekend.
The Dow Jones and the S&P 500 both fell by 0.29 percent and 0.07 percent, respectively. In contrast, the tech-heavy Nasdaq ended flat.
Beyond the major indices, 10 companies traded strongly, finishing with as much as double-digit gains, thanks to the continued positive earnings performance and optimistic outlooks.
In this article, we name Friday’s 10 best-performing stocks and detail the reasons behind their gains.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
Photo by Markus Winkler on Pexels
10. Lucid Group Inc. (NASDAQ:LCID)
EV-maker Lucid Group Inc. jumped by 8.66 percent on Friday to close at $2.51 apiece as investor sentiment was fueled by its aggressive expansion plans, shunning news of a mixed earnings performance in the first quarter of the year.
According to the company, it is on track to ramp up vehicle production to 20,000 units per year, more than double the 9,000 units delivered last year.
In the first quarter alone, Lucid Group Inc. (NASDAQ:LCID) delivered 3,109 units, translating to $235 million in sales.
“We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities,” said Lucid Group Inc. (NASDAQ:LCID) Interim CEO Marc Winterhoff.
“Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well-positioned for future success,” he noted.
In the first three months, Lucid Group Inc. (NASDAQ:LCID) saw net loss attributable to shareholders widen by 6.7 percent to $731 million from $685 million in the same period last year. However, revenues grew by 36 percent to $235 million from $172.7 million year-on-year.
9. Algonquin Power & Utilities Corp. (NYSE:AQN)
Algonquin saw its share prices jump by 9.71 percent on Friday to close at $5.99 apiece as investors cheered the company’s swing to profitability in the first quarter of the year.
In a statement, Algonquin Power & Utilities Corp. (NYSE:AQN) said that it achieved a net income attributable to shareholders of $96.8 million, a reversal of the $89.1 million net loss recorded in the same period last year.
“Our results were solid, reflecting the strength of our core regulated utility operations, even when accounting for one-time items that contributed positive tailwinds,” said Algonquin Power & Utilities Corp. (NYSE:AQN) CEO Rod West, adding that he was encouraged by the opportunities ahead.
The company said that it would elaborate on its earnings performance in an investor call on June 3.
In other news, Algonquin Power & Utilities Corp. (NYSE:AQN) declared a cash dividend of $0.65 per share to shareholders for the period from April 1 to June 30, 2025. The dividends will be paid out on July 15.
Shareholders can also opt to receive the dividends in Canadian dollars in the amount of C$0.0897.
Hedge Fund Resource Center