WISCONSIN (CoinChapter.com) — The stock market underperformed on Sep. 12, with the tech-heavy Nasdaq Composite falling roughly 0.3% while the Dow Jones Industrial Average and the S&P 500 index dropped 0.2% each.
Here are the five best stock market gainers:
WeWork Inc. (NYSE: WE)
Possibly contributing to a 55.38% rise in the stock market price today, former WeWork (NYSE: WE) CEO Adam Neumann reportedly seeks to lease a previously occupied space. WeWork is in the process of exiting hundreds of leases.
Court filings disclose that in June, Neumann was in detailed discussions to lease space at 88 University Place in Manhattan, a property formerly leased to WeWork.
These negotiations were purportedly between Neumann’s family office and the landlord of the building, Arch Companies, specifically for the 11th floor. The revelation of these lease discussions came to light during litigation in federal court.
However, it remains uncertain if Neumann maintains his interest in securing the property.
Shengfeng Development Ltd. (NASDAQ: SFWL)
Nothing new was announced by Shengfeng Development Ltd. (NASDAQ: SFWL), the contract logistics company in China. Five months ago, the company announced the closing of an Initial Public Offering (IPO) for 2,400,000 Class A ordinary shares at a price of $4.00 per share.
The IPO marked a significant milestone for Shengfeng, solidifying its integrated logistics solutions market position. Trading commenced on March 31, 2023, with the offering generating gross proceeds of $9.60 million before accounting for underwriting discounts. Shares were up 30.83% in today’s trading.
Beauty Health Co. (NASDAQ: SKIN)
Beauty Health Co. (NASDAQ: SKIN), known for the Hydrafacial brand, has unveiled a new business transformation program to drive profitable growth. The company plans to achieve this by reducing operating costs and streamlining operations.
Along with this initiative, the board of directors has authorized a repurchase of up to $100 million of its common stock.
The first phase of the transformation program is projected to generate over $20 million in annualized cost savings by Q1 2024, while the second phase is expected to accumulate over $15 million in savings by Q2 2024.
Cognyte Software Ltd. (NASDAQ: CGNT)
Cognyte Software Ltd. (NASDAQ: CGNT), a global innovator in investigative analytics software, announced its second-quarter fiscal 2024 results. The Company reported an impressive revenue of $307 million at the midpoint, reflecting an approximate growth of 8.5% from the previous year’s SIS Adjusted non-GAAP revenue.
Despite a diluted EPS loss of $0.33 at the midpoint of our revenue outlook, Cognyte remains positive about its financial trajectory.
The non-GAAP outlook for FYE24, which excludes certain GAAP measures, further strengthens this optimism by providing a quantifiable and reasonably certain perspective on the company’s financial performance.
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE)
Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE), a California-based company in the global shared intelligent electric mobility ecosystem, made an exciting announcement three days ago, September 9, 2023. The FF 91 2.0 Futurist Alliance, their flagship All Ability aiHypercar, set a new lap record at the Buttonwillow Raceway on September 7.
This record-breaking event occurred in the SUV and Crossover categories, with the Futurist Alliance completing a circuit in 1 minute 57.55 seconds.
This achievement is significant, surpassing the fastest SUV record by more than a second. This follows another record set by the FF 91 2.0 Futurist Alliance earlier on June 6th, confirming the vehicle’s superior performance capabilities.
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