Publish date:

Top Five Stock Gainers for Wednesday: Compass Minerals, Covanta

Compass Minerals International, Covanta, American Airlines, CIT Group and J.B. Hunt Transport are five stock gainers for Wednesday.

Stocks closed mostly higher Wednesday after Federal Reserve Chairman Jerome Powell said in congressional testimony the central bank wasn't ready to pull back on its support since the U.S. economy has a ways to go before recovering.

Here are some of the big movers in the stock market on Wednesday:

1. Compass Minerals | Increase 13%

Compass Minerals International  (CMP) - Get Report jumped after the mineral company said it found about 2.4 million metric tons of lithium carbonate equivalent at its active Ogden, Utah, solar evaporation site. Lithium is a key ingredient in electric vehicle batteries.

2. Covanta | Increase 7.4%

Shares of Covanta  (CVA) - Get Report rose after the waste-to-energy company unveiled an agreement to be acquired by investment firm EQT Infrastructure. Under the terms, holders of the Morristown, N.J., company will receive $20.25 cash for each of their shares. The deal value including debt is $5.3 billion.

TST Recommends

3. American Airlines | Increase 3%

American Airlines  (AAL) - Get Report rose after the country's biggest air carrier estimated that it would report a "slight" pretax profit within its earnings statement scheduled for next week. American said in a regulatory filing that its net result would range between a $35 million loss and a $25 million profit.

4. CIT Group | Increase 1.2%

Shares of CIT Group  (CIT) - Get Report advanced after announcing that the Federal Deposit Insurance Corp. had approved its merger with First Citizens BancShares  (FCNCA) - Get Report. The companies agreed to merge in October, creating the 19th largest U.S. bank based on assets.

5. J.B. Hunt Transport | Increase 1.6%

J.B. Hunt Transport  (JBHT) - Get Report rose after Citi analyst Christian Wetherbee raised his price target on the trucking company to $205 from $197 while keeping a buy rating on the shares. Wetherbee's July shipper survey "highlights an acceleration" in both the truckload rate outlook and volume expectations for the coming few months.