This week, which stocks lagged or dragged? Weekly Winners column keeps up with market trends, helping Tigers sort out the week's hottest sectors, stock winners and important news.
Below are the top 10 US stock gainers for the week ended December 20:
Teva, Sanofi Say Bowel Disease Drug Met Primary Targets
Israel's Teva Pharmaceutical and French drugmaker Sanofi SA said a study of a drug to treat ulcerative colitis and Crohn's disease showed it had met primary goals.
Teva and Sanofi said last year they would collaborate on developing a treatment for inflammatory bowel disease (IBD), hoping it will become a blockbuster drug - or one that generates annual sales of at least $1 billion.
Sanofi, a leader in immunology, had said it will invest $1.5 billion in the development of Teva's anti-TL1A drug undergoing phase 2 trials.
U.S.-listed shares of Teva rose 34% this week.
Olive Garden Parent Darden Restaurants Raises Annual Sales Forecast
Darden Restaurants raised its annual sales forecast on Thursday, banking on higher menu prices and more people dining at its chains including LongHorn Steakhouse and Olive Garden in the holiday season.
Restaurants chains such as CAVA Group Inc., Shake Shack and Chipotle Mexican Grill have grown in popularity as runaway fast-food prices have narrowed the cost gap to casual dining chains.
Easing inflation has also prompted middle- and higher-income consumers to dine out more heading into the holiday season.
Darden's sequential price hikes, combined with steady demand and footfall, have helped the restaurant chain maintain profits, even as costs, including the prices of meat and labor, have risen.
For the full year, the company expects sales of about $12.1 billion, compared with the previous $11.8 billion to $11.9 billion forecast.
Birkenstock Results Beat on Resilient Demand, Forecasts Margin Recovery
Birkenstock Holding plc beat market expectations for fourth-quarter results on robust demand for its pricey footwear and forecast a recovery in margins in fiscal 2025, sending the company's shares up 7% on Wednesday.
With fresh styles becoming a priority for consumers, Birkenstock's sandals and closed-toe clogs have drawn new customers both at its own stores and at retailers.
The company bypassed steep discounting trends evident during the holiday shopping season, which Birkenstock executives said was off to a strong start globally.
"The expansion of ranges into more closed-toe silhouette has helped boost revenue, given that they offer multi-season wear," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said.
35,186 Shares in Li Auto Purchased by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio bought a new position in shares of Li Auto during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 35,186 shares of the company's stock, valued at approximately $903,000.
A number of other institutional investors have also recently made changes to their positions in LI. Aspex Management HK Ltd boosted its stake in Li Auto by 55.0% during the 3rd quarter. Aspex Management HK Ltd now owns 10,643,926 shares of the company's stock worth $273,017,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Li Auto by 2,556.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,630,537 shares of the company's stock worth $93,503,000.
Palantir Unveils $619 Mil Army Contract Extension. Stock Rises
Palantir Technologies Inc. said it has extended a major U.S. Army artificial intelligence contract worth $619 million. Palantir stock rallied 6% this week.
Palantir said the U.S. Army has been using its software for "essential missions" and to "enable faster decision-making across the force" since 2018. The total value of the contract extension is projected to be $401 million over four years, "with a total available ceiling of $619 million," the company announced Wednesday.
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