A rally in oil prices, which sent crude to its best close since June, and strength in financial services names boosted stocks Wednesday.
The S&P 500 climbed 0.43% while the Dow Jones Industrial Average added 0.62%. The Nasdaq Composite notched a gain of 0.5%.
On solid day for equities, Acacia Communications, Inc. (NASDAQ:ACIA), Constellation Brands, Inc. (NYSE:STZ), and Twitter Inc (NYSE:TWTR) stood out.
Acacia Communications, Inc. (ACIA)
Shares of Acacia Communications, Inc. surged 11.3% on volume that was nearly double the daily average after the communications company boosted its third-quarter earnings and revenue guidance.
ACIA now expects per share earnings of 83 cents-90 cents for the quarter, above the consensus estimate of 74 cents per share. ACIA forecast revenue of $130 million-$133 million. Analysts are expecting $129 million.
Acacia will also sell 4.5 million shares in a follow up public offering, reports CNBC.
Constellation Brands, Inc. (STZ)
Beer and spirits maker Constellation Brands, Inc. rose 1.7% on more than triple the usual volume after the company raised its full-year earnings guidance.
STZ, which makes Corona and Modelo beers, said it expects to earn $6.30-$6.45 per share this year, up from previous guidance of $6.05-$6.35. The consensus estimate for STZ earnings is $6.29 per share. STZ tightened the range on expected beer revenue growth this year to 16%-17%, up from 14%-17%.
Constellation also said it is acquiring privately held premium whiskey maker High West Distillery for an undisclosed sum.
Twitter Inc (TWTR)
Social media firm Twitter Inc soared again on takeover speculation, rising 5.7% on heavy volume. Bids for TWTR are due in the coming days.
Shares of salesforce.com, inc. (NYSE:CRM) slumped 5.8% on more than five times the usual volume on speculation that company could acquire TWTR, an idea that has met resistance from sell-side analysts.
Other possible suitors for Twitter include Google parent Alphabet Inc (NASDAQ:GOOG, GOOGL) and Walt Disney Co (NYSE:DIS).
As of this writing, Todd Shriber did not hold a position in any of the aforementioned securities.
