February 7, 2024 11:38 AM |

3 min read

U.S. stocks traded higher, with the Dow Jones gaining around 150 points on Wednesday.

Chipotle Mexican Grill, Inc.’s shares rose sharply during Wednesday’s session after the company reported better-than-expected fourth-quarter financial results, issued guidance, and announced a share repurchase of up to $200 million.

Chipotle reported fourth-quarter revenue of $2.52 billion, which was up 15.4% year-over-year, beating a Street consensus estimate of $2.49 billion. The company also reported earnings per share of $10.36, surpassing a Street consensus estimate of $9.75.

As a result, Chipotle shares surged 7.7% to $2,678.26 on Wednesday.

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

• Aviat Networks, Inc. rose 23.7% to $37.20 after the company reported better-than-expected second-quarter financial results and issued FY24 revenue guidance above estimates.
• Enphase Energy, Inc. climbed 17.7% to $118.36 after the company reported quarterly financial results.
• Sonos, Inc. rose 17.6% to $19.36 after the company reported better-than-expected quarterly financial results.
• XPO, Inc. rose 16.6% to $114.34 after the company reported better-than-expected fourth-quarter financial results.
• Cirrus Logic, Inc. climbed 15.1% to $90.28 after the company reported better-than-expected quarterly financial results.
• Green Plains Inc. rose 14.6% to $22.94 following quarterly results.
• Griffon Corporation rose 13.8% to $68.55 following upbeat results.
• REGENXBIO Inc. climbed 13.3% to $14.78. The company had completed enrollment at dose level 2 and reported additional interim safety and efficacy in Phase 1/2 AFFINITY DUCHENNE trial of Rgx-202 in patients with Duchenne Muscular Dystrophy ages 4 to 11 years old.
• The AZEK Company Inc.

Stocks Soar as Companies Report Outstanding Q4 Results

Embracing the Green

Investors were all smiles today, as several companies reported a significant uptick in their stock prices. A standout performance came from
AZEK, which shot up by an impressive 13% to settle at $44.76 after delivering better-than-expected quarterly financial results. Not to be outdone,
O-I Glass, Inc. OI gained 12.7% to $16.19 on the back of a set of encouraging results.

Financial Fortitude and Fervor

Riding the wave of positivity, Frontier Group Holdings, Inc. ULCC witnessed a significant upward move, climbing 11.3% to $6.93.
The upward surge continued with SolarEdge Technologies, Inc. SEDG gaining a solid 11.3% to hit $75.00. Meanwhile, the
stock of Silicon Laboratories Inc. SLAB rose by 11.1% to $131.43 following better-than-expected quarterly financial results and improved
guidance. This enthusiasm was echoed by Emerson Electric Co. EMR, whose stock surged by 10.8% to $104.44 after the delivery of better-than-expected quarterly
earnings and a raised FY24 outlook.

The Golden Double-Digit Club

Other notable performers included Yum China Holdings, Inc. YUMC, with shares climbing 9.9% to $41.14 on the heels of reported fourth-quarter financial results and an increased dividend. Likewise, Trex Company, Inc. TREX witnessed a surge of 9.5% to $91.09.

Riding the Wave of Good Fortune

The Carlyle Group Inc. CG witnessed a robust uptick of 9.3% to reach $44.51 after delivering better-than-expected quarterly revenues. Meanwhile, Roblox Corporation
RBLX gained 8.6% to close at $44.08 post their 25% bookings growth in the fourth quarter. In a similar vein, IHS Holding Limited IHS saw gains of 8.1% to close at $3.1250, and Palantir Technologies Inc. PLTR rose by 7.8% to $23.58.

Gaining Ground with a Solid Stride

Not to be left behind, California Resources Corporation CRC achieved a climb of 7.4% to $50.47. This surge came on the back of California Resources announcing plans to combine with Aera Energy. Additionally,
Arcadium Lithium plc ALTM saw a gain of 7.3% to close at $4.5494. Piper Sandler analyst Charles Neivert initiated coverage on Arcadium Lithium with an Underweight rating
and announced a price target of $4.5. Furthermore, stocks of Palo Alto Networks, Inc. PANW climbed by 6.7% to reach $364.62.

Closing the Day on an Upbeat Note

Rounding up the impressive performances, Carlisle Companies Incorporated CSL saw a surge of 6.5% to $338.34 after delivering better-than-expected
fourth-quarter financial results and issuing FY24 guidance. Followed by Assurant, Inc. AIZ rising 5.8% to $178.71 on the back of upbeat earnings. And lastly, Fortinet, Inc. FTNT gained 4% to $70.13 after delivering better-than-expected fourth-quarter financial results and issuing guidance.