The stock market saw a surge on Thursday, with the Nasdaq Composite gaining over 2%. One of the notable gainers was NICE Ltd., whose shares rose sharply after reporting better-than-expected fourth-quarter financial results and issuing guidance for FY24 that exceeded estimates.
NICE reported a revenue growth of 9.6% year-over-year to $623.19 million in the fourth quarter of fiscal 2023, surpassing the consensus of $618.51 million. The company also saw an improvement in adjusted earnings per share, which rose to $2.36 compared to $2.04 in the prior year, beating the consensus of $2.28. As a result, NICE shares jumped 10.4% to $249.39 on Thursday.
Apart from NICE, several other stocks recorded significant gains during the trading session. Root, Inc. saw its shares rise by 40.8% after posting better-than-expected fourth-quarter results. Novavax, Inc. gained 34.7% following a settlement related to its Covid-19 vaccine agreement. Mativ Holdings, Inc., Outset Medical, Inc., Ocular Therapeutix, Inc., and Remitly Global, Inc. were among the other companies that recorded significant gains.
B. Riley Financial, Inc., Super Micro Computer, Inc., AlTi Global, Inc., and Amylyx Pharmaceuticals, Inc. were also among the top gainers on Thursday. Companies like NVIDIA Corporation, Quanta Services, Inc., and Moderna, Inc. also saw notable increases in their stock prices.
Overall, it was a positive day for the stock market, with several companies reporting strong financial results and optimistic outlooks for the future. Investors will be closely watching these companies as they continue to navigate the ever-changing market conditions.
