Methode Electronics Posts Strong Sales, Joins QuantumScape, Ribbon Communications And Other Big Stocks Moving Higher On Thursday

U.S. stocks were mostly higher, with the Dow Jones index gaining around 100 points on Thursday.

Shares of Methode Electronics, Inc. MEI rose sharply during Thursday's session after the company reported better-than-expected fourth-quarter sales results.

Methode Electronics reported a fourth-quarter fiscal 2024 net sales decline of 7.9% year-on-year to $277.30 million, beating the analyst consensus estimate of $264.04 million. Adjusted EPS loss of 23 cents missed the analyst consensus loss estimate of 20 cents, according to data from Benzinga Pro.

Methode Electronics shares surged 29.4% to $12.22 on Thursday.

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

• QuantumScape Corporation QS shares jumped 25% to $6.76 after the company announced it entered into an agreement with PowerCo to industrialize solid-state batteries.
• Terns Pharmaceuticals, Inc. TERN gained 18.2% to $8.63.
• SoundHound AI, Inc. SOUN shares gained 16.7% to $5.92. SoundHound AI recently announced that its ChatGPT-integrated voice assistant is now live and in production in Peugeot, Opel and Vauxhall vehicle brands in Europe.
• Pacific Biosciences of California, Inc. PACB rose 14% to $1.48.
• Embecta Corp. EMBC gained 11.7% to $13.40.
• Astrana Health, Inc. ASTH jumped 11.2% to $42.47. Truist Securities analyst Jailendra Singh upgraded Astrana Health from Hold to Buy and raised the price target from $44 to $50.
• Ribbon Communications Inc. RBBN gained 10.8% to $3.60 after Rosenblatt initiated coverage on the stock with a Buy rating and announced a $5 price target.
• Iovance Biotherapeutics, Inc. IOVA rose 9.5% to $8.52.
• Apogee Therapeutics, Inc. APGE climbed 9.2% to $46.08.
• Joby Aviation, Inc. JOBY gained 8.2% to $5.61. Joby Aviation said it has flown a first-of-its-kind hydrogen-electric air taxi demonstrator 523 miles, with water as the only by-product.
• Lantheus Holdings, Inc. LNTH surged 8.2% to $114.89. Leerink Partners maintained Lantheus with an Outperform and raised the price target from $106 to $127.
• MicroStrategy Incorporated MSTR shares climbed 8% to $1,410.01 after the company announced a 10-for-1 stock split.
• Unity Software Inc. U gained 7.4% to $16.51. Unity is expected to release second quarter financial results after the closing bell on Aug. 8.
• Q2 Holdings, Inc. QTWO rose 6.8% to $64.81.
• Enphase Energy, Inc. ENPH climbed 6.8% to $113.99 after the company announced residential and commercial products that can help solar projects qualify for the “Domestic Content Bonus Credit.”
• Pool Corporation POOL rose 6.6% to $318.49.
• Installed Building Products, Inc. IBP gained 6.4% to $223.75.
• Yum China Holdings, Inc. YUMC rose 5.5% to $32.17.
• Chewy, Inc. CHWY gained 4.6% to $26.57.

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