Fabrinet Posts Strong Earnings, Joins Amer Sports, Hawaiian Holdings And Other Big Stocks Moving Higher On Tuesday

Author: Avi Kapoor | August 20, 2024 10:07am

U.S. stocks were mixed, with the Dow Jones index falling around 0.1% on Tuesday.

Shares of Fabrinet (NYSE:FN) rose sharply in today's session as the company reported better-than-expected fourth-quarter financial results and issued strong guidance on Monday.

Fabrinet reported quarterly earnings of $2.41 per share, which beat the analyst consensus estimate of $2.24 per share. Quarterly sales clocked in at $753.261 million, which beat the analyst consensus estimate.

Fabrinet expects first-quarter revenue to be in the range of $760 million to $780 million and earnings to be in the range of $2.33 to $2.40 per share.

Fabrinet shares jumped 18.2% to $273.76 on Tuesday.

Here are some other big stocks recording gains in today's session.

Bit Digital, Inc. (NASDAQ:BTBT) shares jumped 19.7% to $3.5702 after the company reported better-than-expected second-quarter sales results. Also, the company announced a binding term sheet with Boosteroid.
NANO Nuclear Energy Inc. (NASDAQ:NNE) gained 16.3% to $12.87. NANO Nuclear Energy announced the purchase of 14,000 sq. ft. facility for $1.71 million.
Tempus AI, Inc (NASDAQ:TEM) climbed 15.7% to $66.65 following last week’s expanded collaboration and investment in Personalis.
Amer Sports, Inc. (NYSE:AS) gained 12.2% to $13.87 after the company reported better-than-expected second-quarter financial results and raised FY24 earnings outlook.
Acelyrin, Inc. (NASDAQ:SLRN) gained 11.9% to $4.89.
Hawaiian Holdings, Inc. (NASDAQ:HA) rose 11.4% to $17.69 following a report suggesting that the period for the Department of Justice to complete its regulatory investigation of the merger proposal with Alaska Airlines has expired. The two companies are now one step closer to completing the deal and will now require approval from the U.S. Department of Transportation.
Navios Maritime Partners L.P. (NYSE:NMM) gained 10% to $52.10 following upbeat quarterly earnings.
ZKH Group Limited (NYSE:ZKH) gained 9.2% to $3.93. ZKH Group will release its unaudited financial results for the second quarter on Thursday, Aug. 22.
Redfin Corporation (NASDAQ:RDFN) shares climbed 9.2% to $9.61.
ARS Pharmaceuticals, Inc. (NASDAQ:SPRY) rose 9% to $15.52. Cantor Fitzgerald analyst Josh Schimmer initiated coverage on ARS Pharmaceuticals with an Overweight rating and announced a price target of $30.
Palo Alto Networks, Inc. (NYSE:PANW) gained 6.7% to $366.34 following better-than-expected fourth-quarter financial results, issued strong guidance and authorized an additional $500 million for repurchase. Multiple analysts raised their price targets on the stock following the report.
Lumentum Holdings Inc. (NASDAQ:LITE) rose 6.1% to $56.04.
Eli Lilly and Company (NYSE:LLY) gained 4.7% to $965.10. On Tuesday, Eli Lilly released topline results from the SURMOUNT-1 three-year study (176-week treatment period) evaluating tirzepatide once weekly for long-term weight management and delay in progression to diabetes in adults with pre-diabetes and obesity or overweight.