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Wednesday's Big Movers: Earnings Beats, Merger Deals, and a Cannabis Rally

MarketDash Editorial Team
4 hours ago
U.S. stocks showed mixed results Wednesday, but plenty of individual names had a great day. From quarterly earnings surprises to merger announcements and regulatory shifts in cannabis, here's what drove the biggest gainers.

U.S. markets had a mixed showing on Wednesday, with the Dow Jones climbing more than 150 points while other indexes moved sideways. But beneath the surface, a handful of stocks were having an exceptional day.

Leading the charge was Toro Co (TTC), which surged after delivering quarterly results that exceeded Wall Street's expectations. The lawn equipment and irrigation company reported earnings of 91 cents per share, topping the analyst consensus of 87 cents. Revenue also came in ahead of estimates at $1.066 billion versus the expected $1.048 billion. That combination sent shares up 7% to $77.82 during Wednesday's session.

But Toro wasn't alone in posting impressive gains. Here's a look at the other notable stocks climbing higher.

Biotech and Healthcare Winners

DBV Technologies SA – ADR (DBVT) was the day's biggest gainer, skyrocketing 35.5% to $24.36. The company announced that its Phase 3 VITESSE trial met its primary endpoint, a significant milestone that investors clearly viewed as a major win.

Uniqure NV (QURE) jumped 15.8% to $25.34, though no specific catalyst was immediately apparent.

Recursion Pharmaceuticals Inc (RXRX) gained 13.2% to $4.76 after JP Morgan upgraded the stock from Neutral to Overweight and raised its price target from $10 to $11.

Merger and Acquisition Activity

Deal-making drove substantial moves in several names. Udemy Inc (UDMY) gained 26.5% to $6.79 after Coursera signed an all-stock merger agreement with the online learning platform.

Two Harbors Investment Corp (TWO) surged 13.2% to $11.21 following the announcement that it will be acquired by UWM Holdings.

Tech and Infrastructure Plays

Hut 8 Corp (HUT) gained 16.3% to $42.88 after announcing a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States. The company also signed a 15-year $7.0 billion lease with Fluidstack for 245 megawatts of IT capacity at its River Bend data center campus in Louisiana. That's the kind of massive infrastructure commitment that signals serious confidence in AI demand growth.

Quantumscape Corp (QS) gained 7.7% to $11.66 after announcing it had capped its 2025 commercial roadmap by signing a joint development agreement with a new automotive OEM customer, a top-10 global automaker.

Cannabis Gets a Boost

Canopy Growth Corp (CGC) gained 16.2% to $2.13. Shares of cannabis-linked stocks traded higher following reports suggesting President Trump will sign an executive order that will reclassify marijuana to a Schedule III drug. That would be a meaningful regulatory shift for the industry, potentially easing restrictions and opening new business opportunities.

Capital Raises and Commodities

Kodiak Sciences Inc (KOD) jumped 16.7% to $28.16 after announcing pricing of an upsized public offering of common stock.

Sigma Lithium Corp (SGML) rose 15.6% to $11.83. Shares of lithium-related stocks traded higher after the Bureau of Natural Resources of Yichun announced plans to cancel 27 mining permits, a move that could tighten supply dynamics.

Strong Earnings Reports

Jabil Inc (JBL) gained 7% to $227.50 as the company posted better-than-expected earnings for its first quarter.

ABM Industries Inc (ABM) jumped 6.8% to $48.87 following upbeat quarterly sales results.

Other Notable Movers

Several other stocks posted solid gains without specific catalysts being immediately disclosed. BGM Group Ltd (BGM) rose 11.7% to $5.60, AXT Inc (AXTI) jumped 10.5% to $14.36, and Rezolve AI PLC (RZLV) gained 6.5% to $3.16.

It was one of those days where the headline index numbers don't tell the full story. While the broader market treaded water, individual names with strong fundamentals, promising trial results, or attractive deal terms found plenty of buying interest.

Back to News

Wednesday's Big Movers: Earnings Beats, Merger Deals, and a Cannabis Rally

MarketDash Editorial Team
4 hours ago
U.S. stocks showed mixed results Wednesday, but plenty of individual names had a great day. From quarterly earnings surprises to merger announcements and regulatory shifts in cannabis, here's what drove the biggest gainers.

U.S. markets had a mixed showing on Wednesday, with the Dow Jones climbing more than 150 points while other indexes moved sideways. But beneath the surface, a handful of stocks were having an exceptional day.

Leading the charge was Toro Co (TTC), which surged after delivering quarterly results that exceeded Wall Street's expectations. The lawn equipment and irrigation company reported earnings of 91 cents per share, topping the analyst consensus of 87 cents. Revenue also came in ahead of estimates at $1.066 billion versus the expected $1.048 billion. That combination sent shares up 7% to $77.82 during Wednesday's session.

But Toro wasn't alone in posting impressive gains. Here's a look at the other notable stocks climbing higher.

Biotech and Healthcare Winners

DBV Technologies SA – ADR (DBVT) was the day's biggest gainer, skyrocketing 35.5% to $24.36. The company announced that its Phase 3 VITESSE trial met its primary endpoint, a significant milestone that investors clearly viewed as a major win.

Uniqure NV (QURE) jumped 15.8% to $25.34, though no specific catalyst was immediately apparent.

Recursion Pharmaceuticals Inc (RXRX) gained 13.2% to $4.76 after JP Morgan upgraded the stock from Neutral to Overweight and raised its price target from $10 to $11.

Merger and Acquisition Activity

Deal-making drove substantial moves in several names. Udemy Inc (UDMY) gained 26.5% to $6.79 after Coursera signed an all-stock merger agreement with the online learning platform.

Two Harbors Investment Corp (TWO) surged 13.2% to $11.21 following the announcement that it will be acquired by UWM Holdings.

Tech and Infrastructure Plays

Hut 8 Corp (HUT) gained 16.3% to $42.88 after announcing a partnership with Anthropic and Fluidstack to accelerate the deployment of hyperscale AI infrastructure in the United States. The company also signed a 15-year $7.0 billion lease with Fluidstack for 245 megawatts of IT capacity at its River Bend data center campus in Louisiana. That's the kind of massive infrastructure commitment that signals serious confidence in AI demand growth.

Quantumscape Corp (QS) gained 7.7% to $11.66 after announcing it had capped its 2025 commercial roadmap by signing a joint development agreement with a new automotive OEM customer, a top-10 global automaker.

Cannabis Gets a Boost

Canopy Growth Corp (CGC) gained 16.2% to $2.13. Shares of cannabis-linked stocks traded higher following reports suggesting President Trump will sign an executive order that will reclassify marijuana to a Schedule III drug. That would be a meaningful regulatory shift for the industry, potentially easing restrictions and opening new business opportunities.

Capital Raises and Commodities

Kodiak Sciences Inc (KOD) jumped 16.7% to $28.16 after announcing pricing of an upsized public offering of common stock.

Sigma Lithium Corp (SGML) rose 15.6% to $11.83. Shares of lithium-related stocks traded higher after the Bureau of Natural Resources of Yichun announced plans to cancel 27 mining permits, a move that could tighten supply dynamics.

Strong Earnings Reports

Jabil Inc (JBL) gained 7% to $227.50 as the company posted better-than-expected earnings for its first quarter.

ABM Industries Inc (ABM) jumped 6.8% to $48.87 following upbeat quarterly sales results.

Other Notable Movers

Several other stocks posted solid gains without specific catalysts being immediately disclosed. BGM Group Ltd (BGM) rose 11.7% to $5.60, AXT Inc (AXTI) jumped 10.5% to $14.36, and Rezolve AI PLC (RZLV) gained 6.5% to $3.16.

It was one of those days where the headline index numbers don't tell the full story. While the broader market treaded water, individual names with strong fundamentals, promising trial results, or attractive deal terms found plenty of buying interest.