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Why These 10 Stocks Were Skyrocketing on Friday

Wall Street saw a strong trading session on Friday, with all major indices finishing firmly in the green ahead of President-elect Donald Trump’s return to office.

The Dow edged higher by 0.78 percent, while the S&P rallied 1 percent. Nasdaq, for its part, jumped 1.51 percent.

Ten companies—predominantly Bitcoin miners—were among the day’s standout performers, posting significant gains amid growing optimism in the broader cryptocurrency market, thanks to Trump’s commitment to supporting the sector.

Let’s take a closer look at the top-performing stocks from Friday’s session.

To come up with Friday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A trader cheers on gains. Photo by Tima Miroshnichenko on Pexels

10. ChampionX Corporation (NASDAQ:CHX)

ChampionX Corp., an oil and gas drilling services firm, saw its share prices rise by 7.07 percent on Friday to finish at $31.21 apiece following news that it secured the green light of the Committee on Foreign Investment in the United States for Schlumberger NV’s plan to fully acquire the company for $7.8 billion.

In a report on Friday, Schlumberger’s chief executive officer Olivier Le Peuch told investors that it was on track to close the deal within the first quarter of the year.

Schlumberger first announced its plan to acquire ChampionX in April this year. Three months later, it received a second request from the US Department of Justice about the transaction.

According to Schlumberger (SLB), its acquisition of ChampionX will strengthen its leadership position in oilfield services with world-class production chemicals and artificial lift technologies.

Schlumberger (SLB) expects to realize annual pretax synergies of approximately $400 million within the first three years post-closing through revenue growth and cost savings.

9. Oklo Inc. (NYSE:OKLO)

Shares of Oklo Inc. (OKLO) rose for a third day on Friday, rallying by 7.51 percent to end at $26.05 per share following announcements that it sealed a partnership with RPower for the development of a phased power model for data centers.

The said model will combine immediate energy deployment using RPower natural gas generators with a transition path to clean, reliable energy from Oklo’s Aurora powerhouses, thereby eliminating reliance on diesel generators and supporting scalable, sustainable operations.

In a statement on Thursday, Oklo said the collaboration “aims to ensure that data centers can access reliable energy today while building a clear and practical pathway to clean energy in the future.”

Oklo Inc. (OKLO) is a company engaged in advanced nuclear technology, while RPower is a provider of onsite prime and backup power solutions.

8. MicroStrategy Inc. (NASDAQ: MSTR)

Shares of MicroStrategy Inc (MSTR) ended Friday’s trading up by 8.04 percent to close at $396.5 apiece as investor sentiment was buoyed by a broader crypto market optimism under the incoming Trump administration.

MicroStrategy Inc (MSTR), a company heavyweight on Bitcoin, traded higher in line with its counterparts, amid earlier signals from President-elect Donald Trump that he would soon release an executive order making cryptocurrencies a national priority.

Additionally, reports said Trump was looking to create a crypto advisory council to give the industry a voice within his administration. A bitcoin stockpile is part of discussions about a possible executive order that would cover several areas of crypto policy.

In other news, MicroStrategy Inc (MSTR) recently added 2,530 Bitcoins for $243 million, bringing its total holdings to 450,000 Bitcoins.

7. Nuscale Power Corp. (NYSE: SMR)

Shares of Nuscale Power Corp. (SMR) grew by 8.23 percent on Friday amid a wider market optimism, further boosted by a report from the International Energy Agency (IEA) that the future looks bright for nuclear power.

In a recent report, the IEA posted a bullish outlook for the nuclear power sector at large, specifically small modular reactors (SMR), which Nuscale Power Corp. (SMR) is betting on, as being particularly promising.

According to IEA, Nuscale Power’s SMRs in particular offer exciting growth potential.

The IEA also expects an all-time high production of nuclear power this year, saying that the energy source is making a strong comeback.

According to the organization, over 70 gigawatts of nuclear power is now being built worldwide.

In a statement that’s quite pertinent for NuScale Power (SMR), the organization believes that small module reactors “in particular offer exciting growth potential.” Additionally, IEA wrote that the increasing demand for electricity and greater interest in nuclear power can “start a new era for the secure and clean power source.”

6. MARA Holdings Inc. (NASDAQ:MARA)

Shares of MARA Holdings (MARA) finished higher on Friday, adding 8.8 percent to end at $19.91 apiece as investors gobbled up shares in MARA Holdings (MARA) in hopes that the cryptocurrency industry is set for a boost under the incoming Trump administration.

Earlier reports said that Trump could release an executive order making cryptocurrency a national priority as soon as day one of his new term.

Additionally, a cryptocurrency advisory is being eyed to give the industry a voice within his administration. A Bitcoin stockpile is part of discussions about a possible executive order that would cover several areas of crypto policy.

Trump, a former critic of cryptocurrency, has said that he will advocate for industry concerns during his upcoming administration, including appointing David Sacks as the newly-created “Crypto Czar” cabinet position to advance regulation and create a “strategic bitcoin reserve.”

5. Futu Holdings Ltd. (NASDAQ:FUTU)

Financial technology firm Futu Holdings (FUTU) grew its share prices by 8.87 percent on Friday—a second consecutive day—to close at $87.53 apiece after the company’s online trading platform, Moo Moo, sealed a partnership with The BlackRock Foundation for a $1-million research initiative aimed at studying new retail investors.

The research initiative, called The Investor Diaries, will study retail investors who entered the capital markets in 2020, focusing on those earning low to moderate incomes.

The project will track investors through voice diary entries, a national survey, and analysis of transaction data.

According to reports, new brokerage accounts hit 46 million from 2020 to 2021, an 80 percent increase over two years, with more than 75 percent of the investors remaining active today.

4. Intel Corp. (NASDAQ:INTC)

Shares of Intel Corp. (INTC) rallied by 9.25 percent on Friday to end at $21.49 apiece following news that it is being targeted for an acquisition by a huge undisclosed company.

Once the largest chipmaker globally, Intel Corp. (INTC) struggled to keep up in recent years amid competitive and fast-changing technological advancements.

Last month, Intel CEO Pat Gelsinger was ousted after the board lost confidence in his strategy to revive the iconic company.

Last year, reports said that Qualcomm approached Intel to discuss a potential acquisition before eventually cooling on the idea. Thereafter, Arm Holdings Plc has reportedly inquired about the possibility of buying Intel’s product division but was told the business was not for sale.

In August 2022, outgoing president Joe Biden signed into law the CHIPS and Science Act, which aims to boost domestic semiconductor manufacturing, strengthen supply chains, and support research and development in the US semiconductor industry.

Intel Corp. (INTC) was at the center of the act with the company’s plans to increase domestic chip manufacturing as a matter of national security.

3. Terawulf Inc. (NASDAQ:WULF)

Terawulf Inc (WULF) saw its shares jump by 9.4 percent on Friday to close at $6.4 apiece, as investors gobbled up shares in the company ahead of the Trump administration’s return to office.

Trump, who was previously a cryptocurrency critic, made promises to bolster the cryptocurrency industry by releasing an executive order that will make cryptocurrency a national priority as soon as the first day of his new term.

According to reports, Trump could create a crypto advisory council he previously promised to give the industry a voice within his administration. A bitcoin stockpile is part of discussions about a possible executive order that would cover several areas of crypto policy.

Terawulf Inc (WULF) develops, owns, and operates environmentally sustainable data center infrastructure specifically designed for Bitcoin mining and high-performance computing. Currently, Terawulf Inc (WULF) generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power.

2. JD.Com Inc. (NASDAQ:JD)

Shares of Chinese retailer JD.Com (JD) jumped by 10.11 percent on Friday to finish at $39 each as investors took heart from a recently sealed partnership with a government-run technology company for the launch an aquaculture farm in the southeast province of Guangdong.

Called the Jingdong Intelligent Fishery Industry Park, the two firms aim to produce 5,000 metric tons of output in 2025 worth $60.2 million with profits expected to be at $19.6 million.

The project will focus on mandarin fish, which is a premium species in Chinese seafood restaurants and is also popular in the e-commerce gift market.

As one of China’s biggest e-commerce players with a 20-percent market share and with 1,300 warehouses across China, JD.Com (JD) is a sought-after partner for local governments seeking to build new or modernize existing agriculture and fisheries operations.

1. Qorvo Inc. (NASDAQ:QRVO)

Qorvo Inc. (QRVO), a multinational firm engaged in developing products for wireless, wired, and power markets, saw its share prices jump by 14.43 percent on Friday to finish at $84.21 apiece following news that activist investor Starboard Value Partners acquired a substantial stake in the company.

Following the acquisition, Starboard Value Partners now holds 7.29 million shares of Qorvo Inc. (QRVO), representing a 7.7 percent stake valued at approximately $500 million.

The move was said to be indicative of the firm’s investment strategy, which focuses on identifying undervalued opportunities in the US public equity markets.

Qorvo Inc. (QRVO) is renowned for its radio frequency chips used in smartphones and tablets, with Apple being its largest client, contributing to over a third of its revenue. The company also plays a significant role in the connectivity and sensors segment for the Internet of Things and high-performance analog chips for aerospace and defense markets.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

Disclosure: None. This article is originally published at Insider Monkey.

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Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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