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Tech Stocks Lead Friday Rally as Chagee Pops on Earnings

MarketDash Editorial Team
10 days ago
U.S. markets opened higher Friday with the Nasdaq climbing 100 points and communication services stocks leading sector gains. Chagee Holdings jumped 4% on quarterly results while several small-cap names saw dramatic swings on corporate actions.

U.S. stocks kicked off Friday on a positive note, with tech stocks doing the heavy lifting. The Nasdaq Composite added around 100 points in morning trading, a solid way to ease into the weekend.

Following the opening bell, the Dow traded up 0.15% to 47,497.50, while the Nasdaq rose 0.44% to 23,314.64. The S&P 500 gained 0.24% to 6,829.29, keeping pace with the broader upward momentum.

Sector Scorecard

Communication services shares were Friday's star performers, jumping 1.1%. It was the kind of move that pulls the broader market along for the ride.

On the flip side, healthcare stocks fell 0.3%, making it the session's lone declining sector. Not a disaster, but enough to stand out when everything else is climbing.

Chagee Serves Up Gains Despite Revenue Decline

Shares of Chagee Holdings Limited (CHA) gained around 4% Friday after the company released its third-quarter earnings. Investors seemed pleased enough to look past some year-over-year declines in the numbers.

Non-GAAP net income fell to RMB502.8 million ($70.6 million), down from RMB646.6 million in the year-ago quarter. Net revenues also declined, coming in at RMB3,208.3 million ($450.7 million) versus RMB3,541.2 million a year earlier. Sometimes the market cares more about what's expected than what actually happened.

Big Movers on the Upside

SMX (Security Matters) Public Limited Company (SMX) shares shot up 81% to $31.42, leading the pack of Friday gainers.

Pasithea Therapeutics Corp. (KTTA) surged 86% to $1.97 after announcing the pricing of a $60 million public offering of common stock. That's a lot of fresh capital hitting the balance sheet.

HeartBeam, Inc. (BEAT) shares climbed 47% to $0.8887 after the company announced its regulatory strategy following the Food and Drug Administration's Not Substantially Equivalent decision on its 12-lead Electrocardiogram Synthesis Software. Regulatory setbacks don't always mean stock declines, apparently.

Notable Decliners

Rubico Inc. (RUBI) shares dropped 29% to $0.1528 as the company reported a reverse stock split. These corporate actions tend to trigger automatic selling pressure.

Tilray Brands, Inc. (TLRY) fell 17% to $0.8605 after announcing its own reverse stock split. When you're trading below a dollar, reverse splits become a necessary evil to maintain listing requirements.

ECD Automotive Design, Inc. (ECDA) dropped 17% to $0.4429 without any specific news catalyst driving the decline.

Commodities Corner

Oil traded up 0.6% to $58.99, while gold gained 0.3% to $4,215.20. Silver was the standout performer, climbing 1.5% to $54.420, with copper adding 0.2% to $5.2025.

Global Markets Roundup

European shares were mostly higher Friday. The eurozone's STOXX 600 rose 0.1%, though Spain's IBEX 35 Index slipped 0.1%. London's FTSE 100 rose 0.2%, Germany's DAX 40 gained 0.2%, and France's CAC 40 climbed 0.2%.

Asian markets closed mixed, with Japan's Nikkei gaining 0.17% and China's Shanghai Composite rising 0.34%. Hong Kong's Hang Seng fell 0.34%, while India's BSE Sensex dipped 0.02%.

Economic Calendar

No major economic reports were scheduled for release Friday, giving traders one less thing to worry about heading into the weekend.

Back to News

Tech Stocks Lead Friday Rally as Chagee Pops on Earnings

MarketDash Editorial Team
10 days ago
U.S. markets opened higher Friday with the Nasdaq climbing 100 points and communication services stocks leading sector gains. Chagee Holdings jumped 4% on quarterly results while several small-cap names saw dramatic swings on corporate actions.

U.S. stocks kicked off Friday on a positive note, with tech stocks doing the heavy lifting. The Nasdaq Composite added around 100 points in morning trading, a solid way to ease into the weekend.

Following the opening bell, the Dow traded up 0.15% to 47,497.50, while the Nasdaq rose 0.44% to 23,314.64. The S&P 500 gained 0.24% to 6,829.29, keeping pace with the broader upward momentum.

Sector Scorecard

Communication services shares were Friday's star performers, jumping 1.1%. It was the kind of move that pulls the broader market along for the ride.

On the flip side, healthcare stocks fell 0.3%, making it the session's lone declining sector. Not a disaster, but enough to stand out when everything else is climbing.

Chagee Serves Up Gains Despite Revenue Decline

Shares of Chagee Holdings Limited (CHA) gained around 4% Friday after the company released its third-quarter earnings. Investors seemed pleased enough to look past some year-over-year declines in the numbers.

Non-GAAP net income fell to RMB502.8 million ($70.6 million), down from RMB646.6 million in the year-ago quarter. Net revenues also declined, coming in at RMB3,208.3 million ($450.7 million) versus RMB3,541.2 million a year earlier. Sometimes the market cares more about what's expected than what actually happened.

Big Movers on the Upside

SMX (Security Matters) Public Limited Company (SMX) shares shot up 81% to $31.42, leading the pack of Friday gainers.

Pasithea Therapeutics Corp. (KTTA) surged 86% to $1.97 after announcing the pricing of a $60 million public offering of common stock. That's a lot of fresh capital hitting the balance sheet.

HeartBeam, Inc. (BEAT) shares climbed 47% to $0.8887 after the company announced its regulatory strategy following the Food and Drug Administration's Not Substantially Equivalent decision on its 12-lead Electrocardiogram Synthesis Software. Regulatory setbacks don't always mean stock declines, apparently.

Notable Decliners

Rubico Inc. (RUBI) shares dropped 29% to $0.1528 as the company reported a reverse stock split. These corporate actions tend to trigger automatic selling pressure.

Tilray Brands, Inc. (TLRY) fell 17% to $0.8605 after announcing its own reverse stock split. When you're trading below a dollar, reverse splits become a necessary evil to maintain listing requirements.

ECD Automotive Design, Inc. (ECDA) dropped 17% to $0.4429 without any specific news catalyst driving the decline.

Commodities Corner

Oil traded up 0.6% to $58.99, while gold gained 0.3% to $4,215.20. Silver was the standout performer, climbing 1.5% to $54.420, with copper adding 0.2% to $5.2025.

Global Markets Roundup

European shares were mostly higher Friday. The eurozone's STOXX 600 rose 0.1%, though Spain's IBEX 35 Index slipped 0.1%. London's FTSE 100 rose 0.2%, Germany's DAX 40 gained 0.2%, and France's CAC 40 climbed 0.2%.

Asian markets closed mixed, with Japan's Nikkei gaining 0.17% and China's Shanghai Composite rising 0.34%. Hong Kong's Hang Seng fell 0.34%, while India's BSE Sensex dipped 0.02%.

Economic Calendar

No major economic reports were scheduled for release Friday, giving traders one less thing to worry about heading into the weekend.

    Tech Stocks Lead Friday Rally as Chagee Pops on Earnings - MarketDash News