Hormel Foods Reports Upbeat Earnings, Joins Pure Storage, Okta, Papa John's International And Other Big Stocks Moving Higher On Thursday

U.S. stocks were higher, with the Nasdaq Composite gaining around 50 points on Thursday.

Shares of Hormel Foods Corporation HRL rose sharply during Thursday’s session after the company reported better-than-expected first-quarter earnings and reaffirmed FY24 outlook.

The company reported first-quarter adjusted earnings per share of 41 cents, beating the analyst consensus of 34 cents. Quarterly revenues of $2.997 billion, beating the analyst consensus of $2.917 billion.

Hormel Foods shares climbed 12.6% to $34.72 on Thursday.

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

• Vertex, Inc. VERX jumped 29.8% to $32.97 after the company reported better-than-expected fourth-quarter results and issued strong FY24 guidance.
• Tutor Perini Corporation TPC gained 26% to $11.64 following fourth-quarter results.
• C3.ai, Inc. AI shares rose 24.6% to $37.00 after the company reported better-than-expected third-quarter financial results.
• Sterling Check Corp. STER jumped 24.6% to $15.49 after the company agreed to be acquired by First Advantage for approximately $2.2 billion, including outstanding debt.
• Revance Therapeutics, Inc. RVNC jumped 24% to $7.02 after the company reported better-than-expected quarterly financial results.
• Avidity Biosciences, Inc. RNA jumped 22.5% to $18.70. Avidity Biosciences announced an oversubscribed $400 million private placement.
• Pure Storage, Inc. PSTG rose 21.9% to $51.35 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter revenue guidance above estimates. Also, UBS maintained a Neutral rating on the stock and raised its price target from $38 to $44.
• Duolingo, Inc. DUOL gained 21.6% to $237.82 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
• Okta, Inc. OKTA shares rose 19.8% to $104.55 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
• Mersana Therapeutics, Inc. MRSN gained 19.5% to $5.80 after the company reported fourth-quarter financial results.
• Establishment Labs Holdings Inc. ESTA rose 17.8% to $45.31 after the company reported better-than-expected fourth-quarter financial results.
• Montrose Environmental Group, Inc. MEG gained 16.7% to $38.52 following quarterly results.
• ORIC Pharmaceuticals, Inc. ORIC climbed 16.1% to $13.65.
• SunOpta Inc. STKL rose 15% to $6.91 following strong quarterly results.
• TaskUs, Inc. TASK gained 14.4% to $14.17 following upbeat quarterly results.
• Magnite, Inc. MGNI rose 13.8% to $11.93 following strong quarterly results.
• Hayward Holdings, Inc. HAYW gained 13.7% to $14.88 following upbeat results.
• Sprinklr, Inc. CXM gained 7.9% to $13.56. Sprinklr will replace Veradigm in S&P SmallCap 600 effective prior to opening of trading on March 4, 2024.
• Papa John's International, Inc. PZZA climbed 6.8% to $74.89 following strong quarterly earnings.

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