Photronics Posts Upbeat Results, Joins Stitch Fix, Patterson Companies And Other Big Stocks Moving Higher On Wednesday

U.S. stocks were higher, with the Nasdaq Composite gaining around 300 points on Wednesday.

Shares of Photronics, Inc. PLAB rose sharply during Wednesday's session after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance with its midpoint above estimates.

The company reported adjusted EPS of 59 cents, beating the Wall Street view of 52 cents. Photronics reported quarterly revenues of $222.63 million, down 2% year-over-year. Sales beat the analyst consensus of $218.00 million. The revenue grew by 6% Q/Q.

Photronics shares jumped 13.1% to $28.64 on Wednesday.

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

• Stitch Fix, Inc. SFIX shares jumped 47.8% to $6.80 after the company reported better-than-expected first-quarter EPS and sales and issued strong guidance.
• Patterson Companies, Inc. PDCO surged 34% to $30.98 after the company announced it entered into a definitive agreement to be acquired by Patient Square Capital.
• Rezolve AI Limited RZLV gained 18.6% to $2.2892.
• Destiny Tech100 Inc. DXYZ surged 17.3% to $71.95.
• FIGS, Inc. FIGS rose 17.3% to $6.02 following a WSJ report suggesting the company received a takeover offer from Story3 Capital Partners.
• ReNew Energy Global Plc RNW jumped 12.1% to $7.11 after the company announced it received $7.07 share buyout proposal from a consortium including Masdar, CPP Investments, ADIA and founder Sumant Sinha to acquire the remaining share capital.
• Frontier Group Holdings, Inc. ULCC surged 11.6% to $6.70. Deutsche Bank analyst Michael Linenberg upgraded Frontier Group from Hold to Buy and raised the price target from $6 to $8.
• GameStop Corp. GME gained 10.2% to $29.68 following quarterly results.
• Roblox Corporation RBLX jumped 7.7% to $60.57.
• Powell Industries, Inc. POWL rose 7.5% to $268.58. Roth MKM analyst Chip Moore initiated coverage on Powell Industries with a Buy rating and announced a price target of $312.
• GE Vernova Inc. GEV gained 5.7% to $346.12 after the company issued FY24 and FY25 revenue guidance.

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