We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Sibanye Stillwater (NYSE:SBSW) stands against other firms post strong gains amid Wall Street bloodbath.
Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
A mining truck loaded with precious metals in an open pit mine.
Sibanye Stillwater Ltd. (NYSE:SBSW)
Shares of Sibanye Stillwater (NYSE:SBSW) grew by 4.78 percent on Tuesday, adding $0.16 to close at $3.51 each as investor sentiment was boosted by news citing aides of incoming president Donald Trump that his administration is exploring the imposition of tariffs on all countries, including critical imports such as minerals and the energy production sector.
Levying taxes on imports would further benefit US companies such as Sibanye (NYSE:SBSW), which recently announced laying off 700 employees at its Montana mining as part of a restructuring, due in part to a dive in palladium prices and the loss of over $350 million in Montana in 2023. The recent job cut followed the first 100 layoffs in November.
The company is the largest employer in Stillwater County, employing people from across south-central and southeastern Montana. The recent layoff led to the introduction of a bill seeking to ban the import of Russian palladium.
Overall, SBSW ranks 10th on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of SBSW as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SBSW but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.