Shopify, Astera Labs, Myriad Genetics, Grocery Outlet and Other Big Stocks Record Gains on Wednesday

US stocks rose on Wednesday, led by Shopify, which reported better-than-expected quarterly sales and earnings, with shares jumping 21.5% to $154.25. Other big stocks recording gains include Astera Labs, Myriad Genetics, Grocery Outlet, Cryoport, Stride, Centrus Energy, Porch Group, JELD-WEN Holding, Vivid Seats, Zeta Global, Payoneer Global, Arista Networks, Viasat, Match Group, Extreme Networks, LivaNova, Capri Holdings, The New York Times Company, The Brink’s Company, and Wix.com.

US stocks rose on Wednesday, led by Shopify and Astera Labs, which reported better-than-expected quarterly sales and earnings, with shares jumping 21.5% to $154.25 and 18.2% to $21.85, respectively. The market was buoyed by strong earnings season, with other big stocks recording gains, including Myriad Genetics, Grocery Outlet, Cryoport, Stride, Centrus Energy, Porch Group, JELD-WEN Holding, Vivid Seats, Zeta Global, Payoneer Global, Arista Networks, Viasat, Match Group, Extreme Networks, LivaNova, Capri Holdings, The New York Times Company, The Brink’s Company, and Wix.com.

Shopify, the e-commerce giant, forecast third-quarter revenue above market estimates, driven by strong demand from retailers for its services despite tariff-related jitters [1]. The company reported second-quarter revenue of $2.68 billion, up 31% year-over-year, and a mid- to high-twenties percentage rate of growth expected for the July-September quarter. The company's merchant base remained resilient, with growth accelerating across regions including North America, Europe, and Asia Pacific [1].

Astera Labs, a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, reported record quarterly revenue of $191.9 million, up 20% sequentially and 150% year-over-year, along with record operating cash flow generation of $135.4 million. The company's PCIe 6 connectivity portfolio ramped in volume on customized rack-scale AI systems, and Scorpio Fabric Switch design wins expanded across multiple new customers and applications [2].

The market was also influenced by ongoing trade negotiations and corporate earnings reports. President Trump's new tariff deadline loomed, with US trade partners scrambling to strike deals. Disney, AMD, McDonald's, and Uber reported strong earnings, while Airbnb, DoorDash, and Lyft are expected to report after the market closes [2].

References:
[1] https://finance.yahoo.com/news/shopify-forecasts-third-quarter-revenue-110443617.html
[2] https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-inch-higher-as-earnings-take-center-stage-233644959.html