WISCONSIN (CoinChapter.com) — The Dow Jones Industrial Average increased on Monday as investors began the week with more company profits and significant inflation numbers. The blue-chip average gained 331 points, or 1%, buoyed by Amgen’s 3.5% increase. The S&P 500 gained 0.6%. The Nasdaq Composite gained only 0.2%. Tesla fell more than 3% as CFO Zach Kirkhorn announced his resignation, weighing on the technology-heavy index.
Here are the five best stock market gainers:
Tabula Rasa HealthCare Inc. (NASDAQ: TRHC)
Tabula Rasa HealthCare Inc. (Nasdaq:TRHC) reported its second quarter financial results for the period ending June 30, 2023. The key highlights indicate a positive trajectory with the second quarter revenue from continuing operations reaching $90.0 million, a substantial 24% increase from the previous year. This increase includes a 25% boost in medication revenue and a 22% rise in technology-enabled solutions revenue. Although there was a GAAP net loss of $9.7 million and adjusted EBITDA of $6.3 million, these figures represent an improvement when compared to the $12.7 million and $2.1 million reported in the second quarter of the previous year.
Sequans Communications S.A. (NYSE: SQNS)
Sequans Communications S.A. (NYSE: SQNS) recently announced its Q2 2023 results, in which a delay in production was counterbalanced by a surge in licensing revenue. This led to a significant gross margin increase of 83%, as shared by the company’s CEO, Georges Karam. He also highlighted the growth in their revenue pipeline during this quarter, propelled by successful design wins from new deals with both Cat-M Monarch and Cat 1 Calliope platforms and Taurus 5G advanced design ins. Additionally, Karam emphasized on the heightened customer interest and engagement in their Taurus 5G platform, which has further fortified Sequans Communications’ pipeline for the future.
Sovos Brands Inc. (NASDAQ: SOVO)
US packaged food giant, Campbell Soup, has announced plans to buy Sovos Brands Inc. (NASDAQ: SOVO), the owner of Michael Angelo’s and Rao’s, for a cash deal of $2.33 billion. This move will substantially bolster Campbell’s meals and beverages business, particularly with the addition of Sovos, renowned for their premium Italian sauces. Campbell has agreed to pay $23 per share for Sovos, which is roughly a 28% premium on the last closing stock price. The acquisition news comes at a time when the global food and beverage industry has been witnessing a surge in deal-making activities. This follows Unilever’s announcement last month of its intent to buy frozen yogurt brand Yasso.
Graham Corp. (NYSE: GHM)
Graham Corporation (NYSE: GHM) , a global frontrunner in the creation and production of key fluid, power, heat transfer, and vacuum technologies, is pleased to announce a recent strategic investment of $13.5 million from a presently unnamed dedicated customer. This funding will be instrumental in expanding and improving the Company’s production capabilities in Batavia, N.Y., specifically for complex components. The investment will bolster Graham Corporation’s efforts to deliver critical components in a timely manner, including a new order valued at $8.5 million.
Assertio Holdings Inc. (NASDAQ: ASRT)
Assertio Holdings Inc. (NASDAQ: ASRT) saw a notable jump of 12.48% in its share price, hitting $3.44 today. This marked a strong rebound following a period of market weakness on the previous Friday. After releasing its second-quarter financial results, the company decided to withdraw its 2023 financial outlook. This strategic decision was influenced by positive implications of the recent FDA approval of a generic Indomethacin suppository. The FDA approval was granted to Zydus Lifesciences Limited last Thursday, authorizing them to manufacture and market their version of Indomethacin.
