Why Amer Sports, Inc. (AS) Skyrocketed Today

We recently published a list of These 10 Firms Just Beat the Market Today. In this article, we are going to take a look at where Amer Sports, Inc. (NYSE:AS) stands against other stocks that skyrocketed today.

Ten companies boasted whopping gains on Tuesday despite a wider market pessimism, as a flurry of corporate developments, including impressive earnings and bullish outlooks, sparked buying appetite.

In contrast, Wall Street’s main indices all finished in the red territory. The Dow Jones was down by 0.27 percent, the S&P 500 dropped 0.39 percent, and the tech-heavy Nasdaq declined 0.38 percent.

In this article, we named the 10 best-performing stocks during the trading session and detailed the reasons behind their gains. To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

Amer Sports, Inc. (NYSE:AS)

Amer Sports saw its share prices increase by 19.05 percent on Tuesday to close at $37.37 apiece following an impressive earnings performance in the first quarter of the year.

In a statement, Amer Sports, Inc. (NYSE:AS) said revenues increased by 23 percent to $1.47 billion from $1.19 billion in the same period last year.

Net income, on the other hand, skyrocketed by 1,901 percent to $138.1 million from only $6.9 million in the same comparable period. Earnings per share ended at 24 cents, versus only 1 cent year-on-year.

Amer Sports, Inc. (NYSE:AS) said it is targeting to grow its revenues by 15 to 17 percent and fully diluted EPS between 67 and 72 cents during the full-year period, assuming US import tariffs on China remain at 30 percent, and the rest of the world at 10 percent.

Meanwhile, second quarter revenue growth is pegged at 16 to 18 percent, with fully diluted EPS at 2 cents.

Overall, AS ranks 10th on our list of today's best-performing stocks. While we acknowledge the potential of AS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AS and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.