We recently compiled a list of the Why These 10 Stocks Were Skyrocketing on Friday.In this article, we are going to take a look at where ChampionX Corporation (NASDAQ:CHX) stands against the other stocks that were skyrocketing on Friday.

Wall Street saw a strong trading session on Friday, with all major indices finishing firmly in the green ahead of President-elect Donald Trump’s return to office.

The Dow edged higher by 0.78 percent, while the S&P rallied 1 percent. Nasdaq, for its part, jumped 1.51 percent.

Ten companies—predominantly Bitcoin miners—were among the day’s standout performers, posting significant gains amid growing optimism in the broader cryptocurrency market, thanks to Trump’s commitment to supporting the sector.

To come up with Friday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A person wearing protective gear and a respirator, inspecting a corroded pipe in a refinery.

ChampionX Corporation (NASDAQ:CHX)

ChampionX Corporation (NASDAQ:CHX), an oil and gas drilling services firm, saw its share prices rise by 7.07 percent on Friday to finish at $31.21 apiece following news that it secured the green light of the Committee on Foreign Investment in the United States for Schlumberger NV’s plan to fully acquire the company for $7.8 billion.

In a report on Friday, Schlumberger's chief executive officer Olivier Le Peuch told investors that it was on track to close the deal within the first quarter of the year.

Schlumberger first announced its plan to acquire ChampionX Corporation (NASDAQ:CHX) in April this year. Three months later, it received a second request from the US Department of Justice about the transaction.

According to Schlumberger (NYSE:SLB), its acquisition of ChampionX will strengthen its leadership position in oilfield services with world-class production chemicals and artificial lift technologies.

Schlumberger (NYSE:SLB) expects to realize annual pretax synergies of approximately $400 million within the first three years post-closing through revenue growth and cost savings.

Overall CHX ranks 10th on our list of the top-performing stocks from Friday's session. While we acknowledge the potential of CHX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CHX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Story Continues

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

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

View Comments