Qualcomm’s 23% one-day stock surge is a rarity for the market

Qualcomm’s 23% one-day stock surge is a rarity for the market

Qualcomm’s 23% one-day stock surge is a rarity for the market

Apple and Qualcomm finally made peace, settling all their patent disputes after two years of bitter legal battles. The news came Tuesday around 3 p.m. ET, sending Qualcomm’s stock skyrocketing instantly. The shares finished the day more than 23% higher and gained another 10% on Wednesday.

A sudden move that dramatic is one for the Wall Street history books. CNBC parsed through the FactSet database and located all the stocks with one-day surges of more than 20% in the past two years. The tally came to 18.

Stocks with one-day moves of more than 20%

Date Company Stock gains Driver
Thursday, May 25, 2017 Best Buy 21.48% earnings
Wednesday, July 12, 2017 NRG Energy 29.39% divestment announcement
Wednesday, July 19, 2017 Vertex Pharmaceutical 20.83% successful trials
Tuesday, August 08, 2017 Capri Holdings 21.54% earnings
Monday, November 13, 2017 Mattel 20.66% Hasbro bid
Friday, November 17, 2017 Foot Locker 28.16% earnings beat
Friday, March 02, 2018 Nektar Therapeutics 21.67% earnings
Thursday, April 26, 2018 Chipotle Mexican Grill 24.44% earnings
Wednesday, May 09, 2018 TripAdvisor 22.80% earnings
Wednesday, May 23, 2018 Tiffany 23.29% earnings
Friday, May 25, 2018 Foot Locker 20.16% earnings
Monday, October 29, 2018 Red Hat 45.38% IBM acquisition
Tuesday, October 30, 2018 Under Armour 27.71% earnings
Thursday, January 03, 2019 Celgene 20.69% Bristol-Myers Squibb acquisition
Thursday, February 07, 2019 Hanesbrands 20.17% earnings
Friday, February 08, 2019 Mattel 23.22% earnings
Friday, February 08, 2019 Coty 32.15% earnings
Friday, April 12, 2019 Anadarko Petroleum Corp 32.01% Chevron deal

However, four of the jumps were driven by mergers and acquisitions announcements and the majority of the surges came after blowout earnings results.

On May 25, 2017, shares of Best Buy rallied more than 21% after the company posted unexpected sales growth in same-store locations. The jump in sales was attributed to an unexpected surge of shoppers spending their tax refunds on electronics in the first quarter of 2017.

Biotech company Vertex Pharmaceuticals jumped more than 21% on July 19, 2017, after the drugmaker reported an improved response in patients suffering from cystic fibrosis. Vertex said its three-drug cocktails boosted a measure of lung function in patients with cystic fibrosis by 9.6 percentage points or more, which crushed Wall Street expectations for the drug combination.

Power producer NRG Energy on July 12, 2017, announced a transformation plan to raise $2.5 billion to $4 billion by divesting 50% to 100% of its renewable energy business, aiming to remove $13 billion in debt from its balance sheet. The news sent the company stock soaring a whopping 29% that day.

On Oct. 30, 2018, Under Armour shares rallied nearly 28% after it reported blowout quarterly earnings due to a spike in sales overseas. The athletic apparel company had been undergoing changes to trim excess inventory and cut costs amid fierce competition in the space. The strong results came as a relief that Under Armour’s turnaround efforts were paying off after years of patchy sales.

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