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5 Top Stock Gainers for Thursday: Stocks Lower on Covid-19 Concerns

Ciena, RH, Hovnanian Enterprises, CVS Health Corp. and Hormel Foods are five top stock gainers for Thursday.

Stocks ended lower Thursday after a three-day rally amid concern over a developing winter wave of coronavirus infections and uncertainty linked to Evergrande's pending default in China.

Here are some of the market's biggest gainers for Thursday:

1. Ciena | Increase 15.6%

Ciena undefined shares rose after the networking systems company offered 2022 revenue guidance that came in above expectations. The company forecast revenue growth in a range of 11% to 13%. Analysts had projected 8% growth to $3.902 billion. Ciena also said it expects adjusted gross margin in the 43% to 46% range.

2. RH | Increase 5.5%

Shares of RH (Restoration Hardware)  (RH)  jumped after the home furnishings retailer beat Wall Street's earnings and revenue estimates. The company reported earnings of $7.03 a share, up from the $6.20 a share a year ago, and beating the Zack's Consensus Estimate of $6.68 a share.

3. Hovnanian Enterprises | Increase 14.3%

Hovnanian Enterprises  (HOV)  shares climbed after the home builder reported that fourth-quarter profit, revenue and gross margin rose from a year ago. Income totaled $52.5 million, or $7.41 a share, up from $40.6 million, or $5.54 a share, a year ago. Revenue came to $814.3 million, up from 19.2% a year ago. 

4. CVS Health Corp. | Increase 4.5%

Shares of CVS Health Corp.  (CVS)  moved higher after pharmacy cahin said it would boost its dividend, and resume share buybacks for the first time in four years. CVS said its dividend will increase by 10%, to $2.20 a share, at the next payout date of February 1. The $10 billion share repurchase program will be used to "at least offset share count dilution in 2022."

5. Hormel Foods | Increase 4.7%

Hormel Foods  (HRL)  shares advanced after the foods giant beat Wall Street's fourth-quarter earnings estimates. Net income came to $281.7 million, or 51 cents a share, up from $234.4 million, or 43 cents a share, a year ago. Sales totaled $3.455 billion, up from $2.420 billion last year. The FactSet consensus called for earnings of 50 cents a share and sales of $3.223 billion.