Why Vodafone Group Public Limited Company (VOD) 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 Vodafone Group Public Limited Company (NASDAQ:VOD) 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.

Vodafone Group Public Limited Company (NASDAQ:VOD)

Vodafone extended its winning streak for a fourth consecutive day on Tuesday, adding 7.78 percent to close at $10.39 apiece following the commencement of the company’s new 2-billion euro buyback program.

In its latest earnings release, Vodafone Group Public Limited Company (NASDAQ:VOD) announced the commencement of a new 2-billion euro buyback program, with the first tranche amounting to 500 million euros and commencing on Tuesday. This followed the first 2-billion euro share repurchase program, which concluded on Monday, May 19. Total dividends halve to 4.5 eurocents as compared with the 9 eurocents in 2024.

In the first quarter of the year, Vodafone Group Public Limited Company (NASDAQ:VOD)  swung to a net loss of 3.7 billion euros from a net income of 1.57 billion euros in 2024.

Revenues, however, grew 2 percent to 37.4 billion euros from 36.7 billion euros year-on-year.

Overall, VOD ranks 10th on our list of today's best-performing stocks. While we acknowledge the potential of VOD 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 VOD 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.