8 Stocks Surging on Earnings and Positive News

Investors might have become spooked about the recent days of selling. Even with the market hitting new high after new high, just a few days of selling pressure makes the timid investors wonder if the next market correction is coming. The reality is that some stocks simply do not care, and investors are looking for value and upside wherever they can find it.

Wednesday’s trading session had many stocks up, but 24/7 Wall St. has tracked eight stocks with non-merger related moves that stood out handily. These companies are well-known or generally known, unlike some of the small-caps and low volume stocks that may be surging.

We have shown the move on each, added in trading history and shown how the trading compares to recent trading history.

Etsy Inc. (NASDAQ: ETSY) was last seen trading up about 11% at $14.11 after it earnings beat expectations. Wedbush Securities raised its target to $13 from $10 and Maxim Group raised its target to $15 from $12. Etsy’s 52-week trading range is $6.04 to $18.57.

Fitbit Inc. (NYSE: FIT) is way down from its old post-IPO highs, but the company’s earnings report brought some redemption. Fitbit shares were last seen up 9.1% at $14.36 on active trading volume. Its 52-week range is $11.65 to $51.90.

Genworth Financial Inc. (NYSE: GNW) may not be dead as so many investors had worried about in prior quarters. The insurance outfit continues to overhaul its operations, and its earnings handily beat expectations at $0.34 net and $0.25 adjusted. Its shares were last seen up more than 28% at $3.54, versus a 52-week range of $1.57 to $6.59. This is now above the old consensus analyst target of $3.21.

Office Depot Inc. (NASDAQ: ODP) has been blocked from being bought in the recent past, but the office supplies store chain saw shares rising despite revenues in 2016 being forecast to be less than 2015. It is closing more stores and projected adjusted operating income of $450 million to $470 million. Office Depot also set a 2.5 cent quarterly dividend and will buy back up to $250 million in stock. Its shares opened at $3.46, up 5% from the $3.29 close. Its 52-week range is $3.11 to $8.01.

3D Systems Corp. (NYSE: DDD) has been hated for so long that most investors wish they never heard of 3D printing. Still, its gain was up 17% at $14.30 early Wednesday, in a 52-week range of $6.00 to $19.76. The company posted a net loss, but its adjusted earnings of $0.12 per share were almost double what the street expectations were (even with light revenues). As with all former fad stocks, there could be some short covering involved in the severity of this move.

Oclaro Inc. (NASDAQ: OCLR) was up 8% at $5.98 after its earnings beat street estimates, with net income of $0.11 per share on an adjusted basis. Shares were actually up over 10% in Tuesday’s after-hours trading session. The stock has a 52-week range of $2.24 to $6.49, but that high was put in on Wednesday. That means volatility rules here.

ZAGG Inc. (NASDAQ: ZAGG) traded up 14% at $7.24, back up to where it was during the Pokémon Go craze in stocks. It had a loss, but revenue was up 49% to $99.8 million. Despite past woes, beating expectations and raising guidance may trump the notion that it had a loss in quarter.

Zynga Inc. (NASDAQ: ZNGA) may have fallen out of favor in social freemium games compared to the past, but its shares were last seen up 4.9% at $2.99 in active trading. Note that the prior 52-week range was $1.78 to $2.94. This was on an analyst call in which Cowen raised its rating to Outperform from Market Perform and set a $3.50 price target. Zynga’s consensus analyst target was $2.92.

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