Biggest stock movers Wednesday: AMD, ALC, and more

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Stock futures inched higher on Wednesday, driven by increasing optimism about the imminent end of the federal government shutdown. Investors responded positively ahead of a critical House vote on the Senate-approved funding bill, with notable gains in sectors considered more defensive as markets awaited further clarity.

Here are some of Wednesday's biggest stock movers:

BIGGEST STOCK GAINERS

* ON HOLDINGS (ONON [https://seekingalpha.com/symbol/ONON]) +24% - Shares soared after the company reported another strong quarter, fueled by robust Asian sales that nearly doubled to CHF 144.9M ($181M) and broad gains across footwear, apparel, and accessories. The upbeat results prompted On to raise its FY2025 outlook, now expecting net sales of CHF 2.98B (up 34% Y/Y, above consensus CHF 2.95B), a gross margin of 62.5% (vs. prior 60.5%–61%), and an adjusted EBITDA margin above 18% (vs. 17%–17.5%). CEO and CFO Martin Hoffmann attributed the momentum to the company’s focus on operational excellence and technology, adding that the performance reinforces confidence for both the upcoming holiday season and long-term growth.
* PERION NETWORK (PERI [https://seekingalpha.com/symbol/PERI]) +14% - Shares surged after the company posted a strong Q3, beating estimates with non-GAAP EPS of $0.28 (beat by $0.02) and revenue of $110.5M (+8.1% Y/Y, beat by $2.72M). Adjusted EBITDA jumped 63% Y/Y, reflecting operational efficiency and growth across all key metrics. CEO Tal Jacobson highlighted the quarter as an “inflection point,” crediting the success of the Perion One strategy for strengthening the firm’s unified marketing platform. The company reaffirmed its 2025 outlook, guiding for revenue of $430M–$450M (vs. consensus $439.58M) and adjusted EBITDA of $44M–$46M, with a 22% margin at the midpoint.
* AMD (AMD [https://seekingalpha.com/symbol/AMD]) +7% - Shares jumped after the chipmaker used its first analyst day since 2022 to project continued strength in AI spending and sharply raise its long-term outlook. CEO Lisa Su said the company now sees the total addressable AI data center market reaching $1T by 2030, double its prior estimate. AMD expects gross margins of 55–58% and sees a path to “tens of billions” in data center revenue by 2027, driven by its MI450 and Helios platforms. Su forecasts 35%+ annual revenue growth over the next three to five years, underpinned by AI demand and major design wins worth $45B across aerospace, defense, and communications. AMD also highlighted that its Instinct GPUs are now used by seven of the top 10 AI companies and that its data center CPUs account for 40% of segment revenue.
* ALCON (ALC [https://seekingalpha.com/symbol/ALC]) +5% - Shares soared after the company reported mixed Q3 results that exceeded earnings expectations. CEO David J. Endicott said growth was driven by strong acceleration in equipment, with Unity VCS gaining traction across key markets and new products like PanOptix Pro and Tryptyr showing strong potential. Alcon reaffirmed its 2025 guidance, projecting revenue of $10.3B–$10.4B (vs. consensus $10.38B) and non-GAAP EPS of $3.05–$3.15 (vs. consensus $3.09). The company also expects a $100M tariff impact on the cost of sales, which it plans to offset through foreign exchange and operational efficiencies.

BIGGEST STOCK LOSERS

* STEREOTAXIS (STXS [https://seekingalpha.com/symbol/STXS]) -15% - Shares tumbled after the company missed Q3 expectations, with sales falling about 19%. It expects Q4 revenue to exceed $9M (vs. consensus $9.20M), including $3M in system revenue and over $6M in recurring revenue, supporting full-year growth of more than 20%, in line with prior guidance for double-digit 2025 growth.
* CIRCLE INTERNET (CRCL [https://seekingalpha.com/symbol/CRCL]) -7% - Shares fell even as the company reported better-than-expected Q3 results and projected its full-year RLDC margin to reach the high end of its 36%–38% guidance range. The stablecoin issuer behind USDC now anticipates FY other revenue of $90M–$100M (vs. consensus $84M; prior $75M–$85M) but flagged a rise in operating expenses to $495M–$510M (up from $475M–$490M). Circle also reiterated its long-term forecast for USDC circulation to grow at a 40% CAGR through the cycle.
* BIOHAVEN (BHVN [https://seekingalpha.com/symbol/BHVN]) -3% - Shares declined after the company priced a $175M underwritten public offering of common shares at $7.50/share, with a 30-day option for underwriters to buy up to an additional 3.5M common shares. Proceeds will be used for general corporate purposes. The offering is expected to close on November 13.

MORE ON RELATED STOCKS:

* Stereotaxis, Inc. (STXS) Q3 2025 Earnings Call Transcript [https://seekingalpha.com/article/4842144-stereotaxis-inc-stxs-q3-2025-earnings-call-transcript]
* AMD: 2 More Reasons To Buy After Earnings [https://seekingalpha.com/article/4842071-amd-2-more-reasons-to-buy-after-earnings]
* AMD: Ride The OpenAI Wave [https://seekingalpha.com/article/4842054-amd-ride-the-openai-wave]
* Alcon rises following bottom-line beat [https://seekingalpha.com/news/4520238-alcon-rises-following-bottom-line-beat]
* Alcon Non-GAAP EPS of $0.79 beats by $0.02, revenue of $2.59B misses by $10M [https://seekingalpha.com/news/4520203-alcon-non-gaap-eps-of-079-beats-by-002-revenue-of-259b-misses-by-10m]