Stocks finished sharply lower Wednesday as central bank officials warned more fiscal stimulus was needed to rescue a struggling U.S. economy and tech stocks tumbled.
Federal Reserve Vice Chairman Richard Clarida, like Fed Chairman Jerome Powell before him, said the central bank believed “additional fiscal support will likely be needed” to lift the U.S. economy out of its coronavirus-related downturn.
Against that backdrop, here are some of the top gainers Wednesday:
1. SPI Energy | Percentage Increase 1,200%
2. Hilltop Holdings | Percentage Increase 12%
Hilltop Holdings (HTH) - Get Report climbed after the financial services company began a modified Dutch auction tender offer to buy for cash up to $350 million of its common stock at $18.25 to $21 a share.
3. i3 Verticals | Percentage Increase 8%
Shares of i3 Verticals (IIIV) - Get Report were climbing after Raymond James analyst John Davis upgraded the payment processing services company to strong buy from outperform with a $36 price target. Davis said he believed i3 represented one of the most attractive risk/reward opportunities across his coverage.
4. Nike | Percentage Increase 8%
Nike (NKE) - Get Report shares shot up after the sports-apparel company reported fiscal-first-quarter results that topped analyst estimates. Nike brand digital sales rose 82% overall with double-digit increases across North America and greater China and a triple-digit rise in Europe-Mideast-Africa.
5. JinkoSolar Holdings | Percentage Increase 21%
JinkoSolar Holdings (JKS) - Get Report advanced after the Chinese solar company handily beat Wall Street's second-quarter earnings expectations while revenue matched analysts' forecasts. Module shipments hit a new high of 4,469 MW, up 32% year over year.