U.S. stocks ended Tuesday’s session mostly flat ahead of the Federal Reserve’s final policy decision of 2025, but under the surface the tape was anything but quiet. While the S&P 500 slipped roughly 0.02%, the Dow fell about 0.32% and the Nasdaq 100 edged up around 0.18%, a pack of small‑ and mid‑cap names posted spectacular double‑ and triple‑digit gains. [1]
Much of the action clustered in thinly traded microcaps reacting to very specific catalysts: SPAC deadline extensions, biotech trial results, earnings surprises and take‑private deals. Here’s your final, after‑the‑bell roundup of the biggest stock gainers in the U.S. market on December 9, 2025, and what drove the moves.
Top 10 U.S. Stock Gainers Today (Closing Data)
Based on end‑of‑session data from StockAnalysis.com: [2]
- Aimei Health Technology (NASDAQ: AFJK) – +968.4% to $85.47
- Oriental Culture Holding (NASDAQ: OCG) – +321.4% to $11.04
- Netcapital (NASDAQ: NCPL) – +121.6% to $1.46
- Lion Group Holding (NASDAQ: LGHL) – +101.2% to $8.71
- JX Luxventure Group (NASDAQ: JXG) – +54.7% to $7.95
- Designer Brands (NYSE: DBI) – +48.0% to $7.18
- Exicure (NASDAQ: XCUR) – +41.7% to $7.55
- Cypherpunk Technologies (NASDAQ: CYPH) – +37.9% to $1.60
- Alexander & Baldwin (NYSE: ALEX) – +37.8% to $20.86
- Beneficient (NASDAQ: BENF) – +33.7% to $1.07
With the major indices largely treading water, stock‑specific news and microcap liquidity were the real drivers of today’s standout winners. TechStock²+1
AFJK – Aimei Health Technology: SPAC Clock Ticks, Shares Nearly 10x
- Move: +968% to $85.47
- Sector / type: SPAC (blank‑check company)
Aimei Health Technology delivered one of the wildest moves of 2025 so far. The SPAC’s shares exploded after another extension to its business‑combination deadline, keeping hopes alive that a deal may still materialize.
A detailed roundup of today’s top gainers notes that: TechStock²+1
- AFJK extended its deadline to complete an initial business combination from December 6, 2025 to January 6, 2026.
- Roughly $34,331 was deposited into the SPAC’s trust account to fund the latest extension, via an unsecured promissory note from the sponsor and United Hydrogen Group.
- This is reportedly the 13th extension under its current Articles of Association, underscoring how long the shell has been searching for a target.
On the tape, the stock ripped from a prior close around $8.33 to trade in a day’s range of $9.38–$98.15, with volume over 6 million shares versus a 3‑month average of about 15,000. [3]
Why it matters:
- Repeated extensions often trigger speculation that a deal is near, even if no target is publicly named.
- AFJK’s tiny float and limited liquidity mean small bursts of demand can translate into enormous percentage swings. TechStock²+1
Risk going forward: there is still no definitive merger agreement on the table. If a transaction fails to materialize by the new January 6 deadline, or if terms disappoint, today’s gains could unwind quickly. The stock remains a high‑beta trading vehicle rather than a fundamentals‑anchored investment.
NCPL – Netcapital: New CEO and Crypto Pivot Ignite a Momentum Surge
- Move: +121.6% to $1.46 [4]
- Sector: Fintech / capital markets
Netcapital, a small‑cap digital private‑markets platform, staged a massive rally as Wall Street digested a leadership shake‑up and a strategic push into blockchain‑enabled fundraising.
A GlobeNewswire release on December 8 announced that Rich Wheeless was appointed CEO, with former chief executive Martin Kay shifting to an advisory role. [5] Coverage on MarketScreener, StockTitan and other outlets highlights two key themes: [6]
- Wheeless brings 20+ years of financial leadership, including prior CEO and CFO roles as well as turnaround experience.
- Management signaled plans to expand beyond traditional securities into crypto and blockchain‑enabled investments, potentially broadening the company’s addressable market.
At the same time, a separate filing disclosed a 1,000,000‑share inducement equity grant tied to revenue targets for 2026–2027, which some commentators see as aligning dilution with performance. [7]
A same‑day analysis of top gainers notes that: TechStock²
- NCPL’s volume spiked to more than 200 times its 20‑day average,
- The stock has become a “turnaround narrative” play, with traders focusing more on the story and float than on current financials.
Outlook: Netcapital is still a tiny company with an active shelf registration and a history of post‑spike sell‑offs, so today’s move sits firmly in momentum territory. Investors will look for concrete progress on the blockchain strategy and revenue growth to validate the new CEO’s vision.
OCG – Oriental Culture Holding: China Collectibles Platform Roars Back
- Move: +321.4% to $11.04 [8]
- Sector: Online collectibles / art‑commerce
Oriental Culture Holding, which runs an online platform for collectibles and artwork focused on Chinese markets, was one of the day’s most eye‑catching movers.
According to a same‑day breakdown of U.S. gainers: TechStock²+1
- OCG climbed into the third‑place slot intraday, before extending to more than a 300% gain by the close.
- Recent filings show a deteriorating fundamental picture:
- First‑half 2025 revenue of about $0.1 million, down from $0.4 million a year earlier.
- A swing to an operating loss of roughly $4.5 million, versus operating income the prior year. TechStock²+1
Commentary from quantitative‑news and technical platforms argues that today’s move is driven far more by low float, short‑covering and speculative flows in China‑linked microcaps than by fresh fundamental news. TechStock²+1
Translation: OCG is behaving like a classic high‑volatility trading vehicle. With such thin underlying business metrics, any shift in sentiment, regulation or liquidity could swing the stock sharply in either direction.
DBI – Designer Brands: Q3 Earnings Beat Triggers Retail Short Squeeze
- Move: +48.0% to $7.18 [9]
- Sector: Footwear and accessories retail (DSW, etc.)
Designer Brands, the parent of DSW and other footwear banners, delivered one of the day’s most fundamentally justified rallies.
In its third‑quarter 2025 results, released before the open, the company reported: [10]
- Net sales down 3.2% year‑over‑year to $752.4 million.
- Comparable sales down 2.4%.
- Gross profit up to $339.6 million, with gross margin expanding 210 bps to 45.1% (from 43.0% a year earlier).
- Diluted EPS of $0.35 and adjusted EPS of $0.38, both up more than 40% versus the prior year.
Analysts note that the company crushed EPS expectations:
- A Zacks‑linked note cited adjusted EPS of $0.38 vs. a consensus of around $0.15, a more than 150% upside surprise. [11]
- Several outlets, including RTTNews and AP, flagged that solid profitability despite modestly weaker sales reassured investors worried about ongoing demand softness. [12]
Management also reiterated guidance for adjusted operating profit of $50–55 million for fiscal 2025, even as it forecast a 3–5% revenue decline for the year, signaling confidence in its margin‑improvement initiatives. [13]
The combination of:
- A large EPS beat,
- Improving gross margins, and
- A heavily discounted share price with meaningful short interest,
helped power what multiple recap pieces describe as a short squeeze in DBI shares. [14]
Bigger picture: While long‑term growth questions remain—particularly around mall traffic and consumer spending—today’s reaction shows how a “better‑than‑feared” quarter can reset expectations in out‑of‑favor retail names.
XCUR – Exicure: Positive Phase 2 Data Light Up a Biotech High‑Flyer
- Move: +41.7% to $7.55 [15]
- Sector: Clinical‑stage biotech
Exicure’s rally was one of the day’s most clearly catalyst‑driven moves. The stock extended Monday’s after‑hours spike after the company shared promising Phase 2 data for its investigational stem‑cell mobilization drug, burixafor (GPC‑100), in multiple myeloma patients preparing for autologous transplant. [16]
Key takeaways from coverage of the trial results:
- Roughly 89.5% of trial participants met the primary endpoint by collecting enough CD34+ stem cells within two leukapheresis sessions.
- Among patients previously treated with daratumumab—a group that typically struggles with mobilization—about 87.5% still hit the target, hinting at a potential advantage in difficult cases.
- Burixafor appeared to boost stem‑cell counts within about an hour, opening the door to same‑day dosing and collection, which could simplify transplant logistics.
- The regimen showed an encouraging safety profile, with no treatment‑related adverse events above Grade 2. [17]
Commentary from biotech analysts and trading desks stresses that:
- Exicure remains a cash‑constrained clinical‑stage company with multi‑million‑dollar annual losses and a limited cash runway.
- The strong Phase 2 data materially de‑risk the science, but Phase 3 trials, financing and partnering decisions still lie ahead. TechStock²+1
In other words, XCUR’s move is a textbook “binary‑event” biotech reaction: the story now looks more promising, but execution risk remains high.
ALEX – Alexander & Baldwin: Classic Take‑Private Pop
- Move: +37.8% to $20.86 [18]
- Sector: Commercial real estate / REIT
Hawaii‑based real‑estate company Alexander & Baldwin rallied after announcing it will be taken private in a $2.3 billion all‑cash deal. [19]
According to the company and multiple newswires: TechStock²+1
- A consortium led by MW Group, alongside Blackstone Real Estate and other partners, agreed to acquire ALEX.
- Shareholders will receive $21.20 per share in cash, representing about a 40% premium to the prior close before the deal.
- The transaction was unanimously approved by the board and is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals.
Analysts point out that ALEX had fallen roughly 19% over the past three months, leaving the stock looking undervalued relative to its portfolio of Hawaii‑focused logistics, industrial and commercial properties. The consortium’s interest underscores the strategic value of those assets amid ongoing supply‑chain re‑shoring and Pacific trade flows. TechStock²+1
What’s next: With ALEX now essentially an M&A arbitrage story, further upside from here will likely be limited to any discount vs. the $21.20 cash bid—and the small probability of a competing offer.
Other Big Winners: LGHL, JXG, CYPH, BENF, ATMV and More
Beyond the headline names, several other stocks from today’s top‑20 gainers list deserve a quick mention. [20]
Lion Group Holding (LGHL): Crypto‑Linked Volatility
- Move: +101.2% to $8.71 [21]
Lion Group, a financial services firm with exposure to digital assets, extended a bout of wild trading that began after the company announced a $10 million private placement to acquire Bitcoin earlier this month. [22]
The stock is behaving like a leveraged bet on crypto sentiment: as Bitcoin hovers near record highs, speculative flows into small‑cap proxies like LGHL have intensified.
JX Luxventure Group (JXG): Low‑Float Spike
- Move: +54.7% to $7.95 [23]
There was no widely reported, company‑specific news tied to JXG today. Based on price action and prior trading patterns, the move looks like a classic low‑float squeeze: thin liquidity, high intraday volatility and rapid reversals. (This is an inference from today’s tape, not from a specific news release.)
Cypherpunk Technologies (CYPH) and Beneficient (BENF): Digital‑Asset and Specialty‑Finance Momentum
- CYPH move: +37.9% to $1.60
- BENF move: +33.7% to $1.07 [24]
Both names sit in niche corners of the financial sector tied to digital assets or alternative trust products. Today’s jumps came with no major fresh disclosures widely cited in mainstream news, suggesting that macro crypto optimism and microcap momentum likely played a big role. (Again, this is a market‑structure interpretation rather than a confirmed catalyst.)
ATMV, IBIO, DGNX, KITT, TROX, FLWS and Others
A more detailed cross‑market roundup highlights several additional themes among today’s winners: TechStock²+1
- AlphaVest Acquisition (ATMV) – A SPAC up over 30%, with heavy volume but no new merger announcement, likely riding sympathy momentum with AFJK and other extension‑stage SPACs.
- iBio (IBIO) – Continued a multi‑day run tied to early‑stage obesity‑drug research and an improved cash position after a recent offering, reinforcing the market’s obsession with obesity and metabolic‑disease pipelines.
- Diginex (DGNX) – Rallied nearly 28% on 293% year‑over‑year revenue growth in the first half of 2025 for its digital compliance and ESG‑reporting platform.
- Nauticus Robotics (KITT) – Extended a powerful rebound following a debt‑restructuring deal that swapped some obligations for preferred equity, easing near‑term balance‑sheet pressure.
- Tronox Holdings (TROX) – Gained more than 20% after securing conditional support for up to $600 million in project financing from U.S. and Australian export‑credit agencies to advance a rare‑earths strategy.
- 1‑800‑FLOWERS.COM (FLWS) – Rose over 17% on the appointment of a new Chief Information Officer tasked with leading AI and digital initiatives, combined with a valuation reset after a tough period for discretionary consumer names.
These moves highlight how idiosyncratic, event‑driven catalysts can dominate returns even when the broad market is quiet.
Market Context: Fed Anxiety, Rate‑Cut Bets and Microcap Fireworks
Today’s action unfolded against a macro backdrop dominated by the Federal Reserve’s final 2025 meeting, which kicks off today and concludes with a rate decision and press conference tomorrow. Futures markets are largely pricing in a 25‑basis‑point cut, and Bloomberg‑tracked odds suggest investors are focused more on the 2026 “dot plot” than on the single move itself. TechStock²+1
Despite that, the major indices barely budged:
- S&P 500: ‑0.02%
- Nasdaq 100: +0.18%
- Dow Jones: ‑0.32%
- Russell 2000: +0.31% [25]
A detailed analysis of top gainers today draws out several key themes connecting the biggest movers: TechStock²+1
- Event‑Driven Microcaps Dominate
Most of the largest percentage gainers are micro‑ or small‑cap stocks reacting to very specific events—trial readouts, M&A bids, CEO changes, listing‑compliance updates—rather than broad macro news. - AI, Compliance and Health‑Innovation “Story Stocks”
Names like Exicure, iBio, Diginex, Nauticus and CapsoVision tie into 2025’s broader fascination with AI, data compliance, robotics and next‑generation therapeutics, even when fundamentals are still developing. - Rate‑Cut Hopes Help, But Don’t Explain Everything
Expectations for easier monetary policy help support risk appetite, but today’s outsized moves were overwhelmingly stock‑specific. - Speculation vs. Fundamentals
- Some winners, such as ALEX, DBI and TROX, rallied on clear, cash‑flow‑relevant developments (take‑private premium, earnings beat, financing support).
- Others, notably AFJK, certain SPACs and tiny biotechs, moved primarily on speculation, low float and technical factors, with fundamentals either negative or still emerging.
What Traders and Investors Should Watch Next
If you’re following today’s biggest movers, a few practical points stand out:
- Volatility cuts both ways. Stocks that can gain 100–900% in a single session can just as easily give back large chunks on profit‑taking, secondary offerings or disappointing follow‑up news.
- Liquidity is critical. Many of these names trade only a few tens of thousands of shares on a typical day, meaning slippage and bid‑ask spreads can be severe for market orders.
- Differentiate “one‑day stories” from lasting shifts.
- Deals like ALEX’s take‑private or TROX’s financing support have multi‑quarter implications.
- In contrast, SPAC deadline extensions or meme‑style microcap spikes may matter only for short‑term traders.
- Biotech risk remains binary. For names like XCUR and IBIO, the science may look more promising after Phase 2 or preclinical data, but regulatory, funding and execution risks are still significant.
As always, nothing in this article is investment advice. Anyone considering trading or investing in these securities should:
- Read the companies’ latest SEC filings and official press releases,
- Understand their own risk tolerance and time horizon, and
- Consider consulting a qualified financial adviser before making decisions.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.investing.com, 4. stockanalysis.com, 5. www.globenewswire.com, 6. www.stocktitan.net, 7. www.globenewswire.com, 8. stockanalysis.com, 9. stockanalysis.com, 10. www.prnewswire.com, 11. www.investing.com, 12. www.stamfordadvocate.com, 13. www.marketscreener.com, 14. finviz.com, 15. stockanalysis.com, 16. stocktwits.com, 17. newsable.asianetnews.com, 18. stockanalysis.com, 19. www.reuters.com, 20. stockanalysis.com, 21. stockanalysis.com, 22. www.nasdaq.com, 23. stockanalysis.com, 24. stockanalysis.com, 25. stockanalysis.com
