Shopify Posts Upbeat Earnings, Joins Axon Enterprise, Aspen Technology, Illumina, Global Payments And Other Big Stocks Moving Higher On Wednesday

U.S. stocks were higher, with the Dow Jones index gaining over 400 points on Wednesday.

Shares of Shopify Inc. SHOP rose sharply during Wednesday's session after the company reported better-than-expected second-quarter EPS results.

Shopify clocked fiscal second-quarter 2024 revenue growth of 21% year-over-year to $2.05 billion, which beat the analyst consensus estimate of $2.01 billion. Revenue grew by 25% Y/Y after adjusting for the sale of its logistics businesses. The e-commerce platform company reported adjusted EPS of 26 cents, which beat analyst consensus estimate of 20 cents

Shopify shares jumped 24.6% to $67.59 on Wednesday.

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

• PetIQ, Inc. PETQ shares surged 48% to $30.44 after the company reported better-than-expected second-quarter adjusted earnings results.
• Upstart Holdings, Inc. UPST gained 35.4% to $32.38 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates on Tuesday.
• Latham Group, Inc. SWIM climbed 34% to $4.19 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates. Additionally, the company announced an acquisition of Coverstar Central.
• Lumen Technologies, Inc. LUMN gained 33% to $6.65 after the company reported better-than-expected quarterly revenue results. Goldman Sachs upgraded the stock from Sell to Neutral and raised its price target from $1 to $4.
• Veracyte, Inc. VCYT rose 32.4% to $28.90 after the company reported better-than-expected quarterly financial results. Also, Needham maintained a Buy rating on the stock and raised its price target from $27-$31.
• Rayonier Advanced Materials Inc. RYAM jumped 27.8% to $7.17 after the company reported better-than-expected quarterly financial results.
• Angi Inc. ANGI gained 27.7% to $2.5250 after the company reported better-than-expected quarterly financial results.
• Inspire Medical Systems, Inc. INSP rose 25.6% to $184.81 after the company reported better-than-expected quarterly sales results and raised its FY24 guidance. Also, the company announced it authorized a $150 million share repurchase program.
• Fortinet, Inc. FTNT rose 23.5% to $68.93 after the company reported better-than-expected second-quarter financial results and issued FY24 guidance above estimates.
• Axon Enterprise, Inc. AXON gained 21.3% to $358.06 after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates.
• Aspen Technology, Inc. AZPN rose 18.3% to $210.40 after the company reported better-than-expected fourth-quarter financial results and issued strong guidance.
• Sunrun Inc. RUN gained 16.1% to $19.15 after the company reported better-than-expected quarterly financial results and announced a partnership with Tesla to support Texas’s power grid.
• Dynatrace, Inc. DT rose 15.3% to $46.69 following a Q1 earnings beat.
• Champion Homes, Inc. SKY gained 14.2% to $84.99 after the company reported better-than-expected quarterly financial results.
• V.F. Corporation VFC gained 14% to $18.74 after the company reported better-than-expected first-quarter financial results.
• Rapid7, Inc. RPD gained 13.7% to $37.55 after the company reported better-than-expected quarterly financial results.
• Illumina, Inc. ILMN rose 11% to $129.15 after the company reported better-than-expected quarterly sales results.
• Global Payments Inc. GPN gained 9.4% to $101.74 after the company reported better-than-expected second-quarter financial results.
• MongoDB, Inc. MDB rose 6.9% to $238.66.
• Snowflake Inc. SNOW gained 5.7% to $121.38.

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