HomeNewsMarket highlights: Here is why these stocks surged on Tuesday

Market highlights: Here is why these stocks surged on Tuesday

Planet Fitness is acquiring Sunshine Fitness for $800 million

Planet Fitness Inc. (NYSE: PLNT) shares were up 5% on Tuesday after announcing plans to acquire Sunshine Fitness for $0.8 billion in cash and stock. The company will be able to extend its reach across more jurisdictions as a result of the purchase, which is expected to close before the Q2 of 2022.

CEO Chris Rondeau commented, "Owning corporate stores is an important part of our strategy, as it gives us both relevancy and credibility when making decisions that impact the entire system. Joining our corporate teams will enhance our corporate store leadership and capabilities.”

TSR reports Q2 revenue of $23.9 million

TSR Inc. (NASDAQ: TSRI) jumped 20% after the company which offers recruiting services and tech consulting announced record-breaking Q2 2021 results. The company's total revenue increased by 48.5 percent to around $23.9 million in Q2 2021, a significant increase over the $16.1 million it earned in the same quarter a year ago.

Also, TSR reported a net income attributable to shareholders of roughly $243,000 during the quarter. TSR concluded the second quarter of 2021 with a strong balance sheet, with less than $50,000 in debt and cash of $6.3 million resulting in a net surplus of $6.2 million, or $3 per share.

Accolade tops Q3 earnings and revenue estimates 

Accolade Inc. (NASDAQ: ACCD) shares jumped 25% on Tuesday after the tech and software firm posted better than anticipated Q3 results. Accolade reported a net income of $22.5 million in the third quarter or $0.31 per share. In the most recent quarter, it lost $0.39 per share on an adjusted basis.

The company brought approximately $83.5 million in revenue, up 117 percent on an annualized basis. Analysts had called for revenue of $76 million and adjusted loss per share of $0.48.

Apple unlikely to grow in 2022

Apple Inc. (NASDAQ: AAPL) had an excellent 2021, with shares gaining over 35% to hit a $3 trillion market capitalization. However, GlobalData's Cyrus Mewawalla thinks a similar performance is not expected this year.

Mewawalla feels that Apple is the least likely mega-cap tech to grow going forward. But he is confident in the iPhone maker's ability to maintain its valuation.

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