Garmin Posts Better-Than-Expected Results, Joins SolarEdge Technologies, Compass, Appian And Other Big Stocks Moving Higher On Wednesday

U.S. stocks were lower, with the Dow Jones falling over 200 points on Wednesday.

Shares of Garmin Ltd. (NYSE:GRMN) rose sharply during Wednesday's session after the company reported better-than-expected fourth-quarter financial results and FY25 outlook. It also recommended 20% dividend hike.

Garmin reported fiscal fourth-quarter 2024 revenue growth of 23% year-on-year to $1.82 billion, beating the analyst consensus estimate of $1.70 billion. The GPS navigation and wearable technology company's proforma EPS of $2.41 beat the analyst consensus estimate of $2.03.

Garmin shares jumped 14.3% to $245.41 on Wednesday.

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

• Alpha Technology Group Limited (NASDAQ:ATGL) shares jumped 61.3% to $49.21.
• SolarEdge Technologies, Inc. (NASDAQ:SEDG) gained 26.4% to $21.40 after the company reported better-than-expected fourth-quarter sales results and issued first-quarter revenue guidance with its midpoint above estimates.
• Compass, Inc. (NYSE:COMP) surged 23.8% to $9.89 after the company reported better-than-expected fourth-quarter revenue results and issued first-quarter revenue guidance above estimates.
• Hims & Hers Health, Inc. (NYSE:HIMS) gained 22.6% to $71.75 after the company announced plans to introduce at-home lab testing through its platform. Also, Canaccord Genuity maintained a Buy rating on the stock and raised its price target from $38 to $68.
• The Andersons, Inc. (NASDAQ:ANDE) rose 21.1% to $49.38 after the company reported fourth-quarter earnings and revenue above estimates.
• Appian Corporation (NASDAQ:APPN) gained 20.8% to $38.69 after the company reported better-than-expected quarterly EPS and revenue.
• Super Micro Computer, Inc. (NASDAQ:SMCI) gained 15.5% to $64.47 on possible continued momentum from last week. Investors await an update from the company regarding its delayed filing.
• Viking Therapeutics, Inc. (NASDAQ:VKTX) gained 14.4% to $33.46 after Scotiabank initiated coverage on the stock with a Sector Outperform rating and announced a $102 price target.
• ImmunityBio, Inc. (NASDAQ:IBRX) rose 14.4% to $3.8350 after the company announced it received FDA authorization for an expanded access program offering alternative source of BCG for bladder cancer patients.
• Penumbra, Inc. (NYSE:PEN) rose 13.2% to $306.92 after the company reported fourth-quarter earnings and revenue above estimates.
• Devon Energy Corporation (NYSE:DVN) gained 8.8% to $37.97 following upbeat quarterly earnings.
• RB Global, Inc. (NYSE:RBA) rose 8.8% to $105.06 following better-than-expected fourth-quarter financial results.
• Microchip Technology Incorporated (NASDAQ:MCHP) gained 7.7% to $62.36 after the company announced the introduction of its Mplab AI coding assistant, which leverages the power of AI to assist software developers and engineers in writing and debugging code.
• Analog Devices, Inc. (NASDAQ:ADI) gained 7.3% to $236.22 after the company reported better-than-expected quarterly EPS and revenues.
• Occidental Petroleum Corporation (NYSE:OXY) rose 5.8% to $51.70 following upbeat earnings.

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