5 Top Stock Gainers for Wednesday: Upstart, NortonLifeLock, Coinbase
Stocks rose Wednesday after data showed U.S. inflation moderated slightly in July, suggesting to investors the Federal Reserve likely will refrain from pulling back on economic support anytime soon.
Here are some of the market’s biggest gainers for Wednesday:
1. Upstart | Increase 19%
Upstart (UPST) – Get Report shares jumped after the artificial-intelligence-based lending platform reported second-quarter results that topped forecasts and analysts reacted positively. Adjusted profit came to 62 cents a share, more than double the Bloomberg analyst consensus estimate of 25 cents. Sales totaled $193.9 million, exceeding expectations of $157.2 million.
2. NortonLifeLock | Increase 8.4%
Shares of NortonLifeLock (NLOK) – Get Report climbed after the company agreed to acquire cybersecurity firm Avast for cash and stock in a deal valued at between $8.1 billion and $8.6 billion. Based on NortonLifeLock’s closing share price of $27.20 on July 13, the merger values the transaction at between $8.1 billion and $8.6 billion, depending on Prague-based Avast’s shareholder elections.
3. Coinbase Global | Increase 5.7%
Coinbase Global (COIN) shares traded higher after the cryptocurrency trading platform posted better-than-expected second-quarter earnings and a surge in dealing volumes. Revenue soared almost 12-fold to $2.22 billion in the quarter from $186 million last year. The FactSet analyst consensus called for $1.79 billion in the latest quarter.
4. FuboTV | Increase 7%
FuboTV (FUBO) – Get Report shares jumped after analysts praised the television-streaming service’s report of revenue and total subscribers in the second quarter. Wedbush analyst Michael Pachter rates the company outperform with a $53 price target. FuboTV delivered a “praiseworthy” beat and raise while it “soared over” its revenue and subscriber forecasts for the quarter, he said.
4. McAfee | Increase 9.3%
Shares of McAfee (MCFE) – Get Report advanced after the antivirus software company beat Wall Street’s second-quarter earnings expectations. Earnings came to 21 cents a share, while net revenue was $467 million, up 22% from a year ago. Analysts were expecting earnings of 18 cents per share on revenue $433.99 million. In June, the company’s founder, John McAfee, was found dead in a Spanish prison.