Driven Brands, Benchmark, Amentum, Hewlett Packard Enterprise, and Magnite Stocks Trade Up, What You Need To Know

What Happened?

A number of stocks jumped in the afternoon session after renewed enthusiasm for Alphabet reinvigorated the artificial intelligence trade, propelling a market rebound heading into the Thanksgiving holiday. The Nasdaq index jumped 2.6% and the S&P 500 gained 1.6%, driven by a 5% rally in Alphabet following the announcement of its upgraded Gemini 3 AI model. This optimism spilled over into the broader tech sector, lifting shares of Broadcom, Micron, and Palantir significantly. The rally built on momentum from the previous trading session, sparked by the New York Fed president keeping the door open for a December interest rate cut.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Industrial & Environmental Services company Driven Brands (NASDAQ:DRVN) jumped 3.2%. Is now the time to buy Driven Brands? Access our full analysis report here, it’s free for active Edge members.
• Electronic Components & Manufacturing company Benchmark (NYSE:BHE) jumped 2.9%. Is now the time to buy Benchmark? Access our full analysis report here, it’s free for active Edge members.
• Government & Technical Consulting company Amentum (NYSE:AMTM) jumped 3%. Is now the time to buy Amentum? Access our full analysis report here, it’s free for active Edge members.
• Hardware & Infrastructure company Hewlett Packard Enterprise (NYSE:HPE) jumped 3%. Is now the time to buy Hewlett Packard Enterprise? Access our full analysis report here, it’s free for active Edge members.
• Advertising & Marketing Services company Magnite (NASDAQ:MGNI) jumped 4.4%. Is now the time to buy Magnite? Access our full analysis report here, it’s free for active Edge members.

Zooming In On Magnite (MGNI)

Magnite’s shares are extremely volatile and have had 39 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 3 days ago when the stock gained 8.2% on the news that comments from a key Federal Reserve official hinted at a potential interest rate cut in December. John Williams, president of the Federal Reserve Bank of New York, signaled he was open to lowering the fed funds rate—the key interest rate that banks charge each other for overnight loans—to support the job market. Speaking at an event, Williams stated that he sees “room for a further adjustment” for interest rates, which immediately shifted market expectations. Following his remarks, the perceived likelihood of an interest rate cut at the Federal Reserve's December meeting flipped from unlikely to more likely than not. The prospect of lower borrowing costs sent a wave of optimism through the markets, leading to a rally in major indices like the S&P 500, Dow Jones Industrial Average, and the Nasdaq Composite.

Magnite is down 8.4% since the beginning of the year, and at $14.74 per share, it is trading 44.4% below its 52-week high of $26.52 from August 2025. Investors who bought $1,000 worth of Magnite’s shares 5 years ago would now be looking at an investment worth $831.36.

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