U.S. stocks traded higher on Thursday, with the Dow Jones gaining around 50 points. Alaska Air Group, Inc. (ALK) was among the big stocks moving higher as it posted upbeat earnings, joining other major companies such as Xerox, United Rentals, and more.
Alaska Air Group reported fourth-quarter operating revenue of $2.55 billion, marking a 3% year-over-year increase, in line with the consensus estimate. The company also reported adjusted earnings per share (EPS) of $0.30, surpassing the consensus estimate of $0.18. Consequently, Alaska Air Group shares rose by 5.5% to $37.78 during Thursday’s session.
Aside from Alaska Air Group, several other big stocks recorded gains during the session:
- Vera Therapeutics, Inc. (VERA) saw a 40.2% surge in its shares, reaching $23.86, following the announcement of 72-week data from the OLE period of its Phase 2b ORIGIN clinical trial. Additionally, Oppenheimer initiated coverage on the stock with an Outperform rating and a $26 price target.
- AlTi Global, Inc. (ALTI) surged by 18.8% to $6.71 after Raymond James upgraded the stock from Market Perform to Strong Buy and announced a $9 price target.
- Hut 8 Corp. (HUT) rose by 14.5% to $7.27.
- Biomea Fusion, Inc. (BMEA) gained 14.1% to $17.12.
- Alpine Immune Sciences, Inc. (ALPN) jumped by 13.4% to $21.04.
- United Rentals, Inc. (URI) gained 13.3% to $653.64 after the company reported better-than-expected fourth-quarter financial results and issued FY24 revenue guidance.
- Richtech Robotics Inc. (RR) rose by 12% to $8.40 after signing a Letter of Intent with Ghost Kitchens International.
- Xerox Holdings Corporation (XRX) gained 11.5% to $18.33 following quarterly results.
- Nokia Oyj (NOK) gained 11.5% to $3.8050 after the company reported fourth-quarter financial results.
- American Airlines Group Inc. (AAL) jumped 10.4% to $15.39 after reporting better-than-expected fourth-quarter results.
- International Business Machines Corporation (IBM) gained 10.3% to $191.84 after reporting better-than-expected fourth-quarter financial results.
- ADT Inc. (ADT) gained 9.9% to $
These significant movements in the stock market on Thursday reflect the positive performance of various companies, with Alaska Air Group leading the way with its upbeat earnings. Investors and analysts continue to monitor these developments as they navigate the dynamic landscape of the stock market.
