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 top 10 S&P 500 stock gainers for the week ended Nov. 8:
Palantir Stock Surges 39% on Earnings Beat
Shares of Palantir Technologies jumped over 39% this week after the company reported better-than-expected third-quarter results and issued guidance that impressed investors.
Referring to its artificial intelligence platform (AIP), Palantir's chief revenue officer Ryan Taylor said on the company's earnings call, "In this winner-take-all AI economy, the divide is widening between those who are leveraging AIP and those who are not."
Palantir has successfully tapped into demand for AI analytics, and its latest quarterly report proves this. Commercial revenue rose 54% to $179 million, and sales in the company's government segment popped 40% to $320 million, proving that Palantir's platform continues to be in high demand.
Tesla Hits $1 Trillion Market Value as Musk-Backed Trump Win Fans Optimism
Tesla's market value closed above the $1 trillion mark in a sharp rally on Friday, on expectations that CEO Elon Musk's companies will get favorable treatment under President-elect Donald Trump for his extensive support during the poll campaign.
The stock gained 29% this week, adding more than $230 billion in market capitalization, its best since January 2023.
"Tesla and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump's victory will help expedite regulatory approval of the company's autonomous driving technology," said Garrett Nelson, senior equity analyst at CFRA Research.
Axon Shares Surge as Taser Maker Tops Estimates
Shares of police and military equipment supplier Axon Enterprise led the S&P 500 higher on Friday, surging 26.7% to an all-time high following a strong quarterly earnings report. Shares surged 41.6% this week. The Taser manufacturer topped third-quarter sales and profit estimates, boosted by revenue growth from its marquee "less-lethal" weapon, its software and sensors business, and its cloud services products.
Fortinet Gains 17% as Q3 Earnings Surpass Estimates
Fortinet Inc. reported strong third-quarter 2024 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.
Fortinet reported third-quarter 2024 non-GAAP earnings per share (EPS) of 63 cents, which beat the Zacks Consensus Estimate by 23.53%. The bottom line climbed 53.7% from the year-ago quarter’s earnings of 41 cents.
Total revenues of $1.51 billion beat the consensus mark by 2.1% and improved 13% year over year, driven by strong growth in services revenues and product revenues return to growth.