WISCONSIN (CoinChapter.com) — The Stock market increased on Friday as investors believed that a rise in the unemployment rate in the United States would prevent the Federal Reserve from tightening monetary policy.
The Dow Jones Industrial Average increased by 0.2%, the NASDAQ Composite increased by 0.2% and the S&P 500 increased by 0.4%.
Here are the five best stock market gainers:
Taoping Inc. (NASDAQ: TAOP)
Taoping Inc. (NASDAQ: TAOP) released its financial results for the first half of 2023, reporting a significant revenue increase of 93%, amounting to $14.1 million. This was a substantial rise from the $7.3 million generated in the corresponding period of the previous year.
The jump in income is attributed to increased revenue from both products and software, underscoring the company’s success in leveraging its two primary business competencies, the Taoping national sales network and its highly scalable cloud platform.
The company anticipates a further increase in revenue in the second half of 2023. Shares soared on Friday with a 72.77% increase.
TRxADE HEALTH Inc. (NASDAQ: MEDS)
On August 24, 2023, Superlatus Inc. merged with TRxADE HEALTH (NASDAQ: MEDS), intending to transform the snack sector with a groundbreaking new product. The company plans to launch pulse-based twisted protein snacks under its Brave Robot brand.
The innovative snack was designed to tackle the issue of empty calories while still providing an enjoyable taste. Compared to traditional snacks, these new offerings will contain 25% fewer calories, over 300% more protein, 200% fiber, 40% less fat, 67% less saturated fat, and 20% less sodium.
Shareholders liked the news and bought heavily to start the month of September.
Eos Energy Enterprises Inc. (NASDAQ: EOSE)
The Schall Law Firm, renowned as a national shareholder rights litigation firm, is currently drawing the attention of investors to a class action lawsuit against Eos Energy Enterprises Inc. (NASDAQ: EOSE). The lawsuit alleges the Securities Exchange Act violations due to Eos Energy’s false and misleading statements to the market.
The complaint further reveals that Bridgelink Commodities, LLC, a significant Eos customer, was linked to a group whose assets were auctioned off following seizure by creditors. The situation casts doubts on Bridgelink’s purported commitment to purchasing Eos Energy’s products. Shares were up 24.31% on the news today.
Dell Technologies Inc. (NYSE: DELL)
Dell Technologies Inc. (NYSE: DELL) shares experienced a significant rally, surging 10% in aftermarket trading on Thursday.
The upward trend came after the tech behemoth reported impressive beats on both profit and revenue for the fiscal second quarter. Shareholders continued buying into Friday and pushed the stock up another 22.64%.
Despite a slight decline in net income, Dell’s adjusted earnings per share rose from $1.68 to $1.74 year-over-year, significantly surpassing analysts’ projections of $1.14 per share. Despite a drop in revenue from $26.4 billion to $22.9 billion, this still beat analysts’ forecast of $20.9 billion.
Elastic NV (NASDAQ: ESTC)
Elastic NV (NASDAQ: ESTC) released its Q1 Fiscal 2024 financial results, showcasing a robust financial performance.
The total revenue amounted to $294 million, a significant increase of 17% year-over-year. The Elastic Cloud segment also experienced substantial growth, with revenue hitting $121 million, up by 24% from the previous year.
However, the GAAP operating loss stood at $36 million, marking a -12% operating margin.
On a positive note, the non-GAAP operating income was $29 million, and the non-GAAP operating margin was 10%. The firm reported a GAAP net loss per share of $0.50, while non-GAAP diluted earnings per share were $0.25.
The operating cash flow was recorded at $38 million with an adjusted free cash flow of $49 million.
