Here are the top gainers in the U.S. stock market on Dec. 12, 2025—plus the news, analyst takes, and after-hours movers investors are watching.
NEW YORK — Dec. 12, 2025 (Updated: 6:00 p.m. ET)
Wall Street finished a choppy Friday with a familiar tug-of-war: mega-cap tech weakness pulling the major indexes lower, while pockets of the market lit up with explosive upside. The S&P 500 slid 1.1% to 6,827.41, the Nasdaq Composite fell 1.7% to 23,195.17, and the Dow Jones Industrial Average declined 0.5% to 48,458.05. Tech-heavy pressure showed up in names tied to the AI trade—Broadcom dropped 11.4%, Nvidia fell 3.3%, and Oracle slid 4.5%—even as the 10-year Treasury yield edged higher to 4.18%.
Against that backdrop, today’s top gainers were dominated by cannabis and cannabis-adjacent names, fueled by a policy headline that traders treated like a spark in a dry forest.
Today’s top stock gainers in the U.S. market (regular session)
Below are the top gainers in U.S.-listed stocks for Dec. 12, 2025, based on the day’s market movers list (percent change, close).
- YCBD (cbdMD): +90.17%
- THH (TryHard Holdings): +57.72%
- NCI (Neo-Concept International Group): +54.84%
- CGC (Canopy Growth): +53.98%
- RYM (RYTHM, Inc.): +47.73%
- TLRY (Tilray Brands): +44.13%
- UGRO (urban-gro): +38.08%
- GRWG (GrowGeneration): +38.03%
- HYFM (Hydrofarm): +35.95%
- BMGL (Basel Medical Group): +30.92%
What stands out: even the quick scan tells the story—the cannabis complex surged together (producers, retailers, ancillary “picks-and-shovels” suppliers, and related small caps), which is typical when a sector is moving on a single macro catalyst.
Why cannabis stocks led the market higher Friday
Cannabis names ripped higher after a Washington Post report said President Donald Trump is expected to push the U.S. government to loosen federal restrictions on marijuana—including the possibility of reclassifying cannabis to Schedule III—with Reuters reporting an executive order could come “as soon as Monday,” while a White House official said no final decisions have been made. Reuters+1
That headline hit like gasoline because a shift to Schedule III is widely viewed as potentially easing key friction points for the industry—tax treatment, regulation, and financial access—without being full federal legalization. Investopedia noted the change could reduce regulatory/financial pressures and potentially expand access to banking and financial services for cannabis companies.
The biggest cannabis-related winners
The sector breadth was massive, but among the most-watched U.S.-listed tickers:
- Canopy Growth (CGC) surged +53.98%
- Tilray Brands (TLRY) surged +44.13%
- SNDL (SNDL) rose +24.86%
- Ancillary names like urban-gro (UGRO), GrowGeneration (GRWG), and Hydrofarm (HYFM) gained ~36%–38%
Reuters also highlighted the rally’s scope, noting Tilray gained about 35% in morning trading, while SNDL and Canopy Growth and the AdvisorShares Pure US Cannabis ETF were up roughly 20%–31% early in the session.
What analysts said (and what traders are really pricing)
Two points from today’s analyst commentary help explain the intensity:
- TD Cowen’s Jaret Seiberg said Schedule III could “open the door” for more pharmaceutical pathways for cannabis products. Reuters
- Alliance Global Partners’ Aaron Grey flagged a runway of possible catalysts the market may start “pulling forward,” including safer banking and potential uplisting dynamics over time. Reuters
Translation: even before any rule change is finalized, traders often re-rate the sector on the option value of what could follow—especially in stocks with high short interest and thin liquidity.
Notable big-cap and “mainstream” gainers (outside cannabis)
Even though cannabis owned the top spots, several widely followed names also delivered meaningful gains—often on clearer, company-specific catalysts.
Lululemon (LULU): earnings beat + CEO transition
Lululemon was the biggest gainer in the S&P 500, jumping 9.6% after posting better-than-expected profit and revenue for the quarter, while also disclosing that CEO Calvin McDonald plans to step down at the end of January.
Rivian (RIVN): autonomy and custom chip narrative pulls buyers back in
Rivian surged as analysts cheered its shift toward a custom self-driving chip and a broader autonomy/AI strategy, according to Reuters coverage of the move. Reuters
In a market day defined by skepticism toward some AI spending stories, Rivian’s rally stood out as a reminder that investors still reward “AI + execution” narratives—especially when they’re tied to a tangible product roadmap.
Clear Secure (YOU): JPMorgan’s “contrarian” upgrade ignites a breakout
Clear Secure spiked after JPMorgan upgraded the stock to Overweight from Neutral and raised its price target to $42 from $35. The firm pointed to potential catalysts including a reset of the American Express partnership economics, World Cup-related demand, and operational leverage from eGates rollout; JPMorgan also said it raised estimates to become “Street high” for 2026 across bookings/EBITDA/FCF. Investing.com
CCC Intelligent Solutions (CCC): buyback announcement lifts the tape
CCC shares jumped after the company announced a new $500 million share repurchase authorization and a $300 million accelerated share repurchase (ASR) with Bank of America, expected to complete by Q2 2026, with an initial delivery of approximately 33.2 million shares (about 80% of expected repurchases).
ImmunityBio (IBRX): EU regulatory momentum + bullish sell-side note
ImmunityBio rose after the European Medicines Agency recommended conditional marketing authorization for its bladder cancer therapy ANKTIVA in combination with BCG in certain NMIBC patients, with the opinion headed next to the European Commission for final approval.
Separately, Jefferies raised its price target to $9 from $8 while reiterating a Buy rating, citing European regulatory progress.
Amicus Therapeutics (FOLD): momentum + upside talk
Amicus hit a 52-week high in Friday trading, reflecting continued biotech momentum in select names. Investing.com Australia
A same-day Zacks note also pointed to a consensus price target implying ~60.61% upside (a reminder that “upside” is not the same as certainty, but it can attract momentum screens). Zacks
After-hours: top gainers to watch heading into the weekend
After the closing bell, volatility shifted into smaller names—plus a few larger-cap movers. Here are the top after-hours gainers (as listed during the evening session).
- OCG (Oriental Culture Holding): +32.68%
- ULY (Urgent.ly): +23.46%
- ASBP (Aspire Biopharma): +14.00%
- CHSN (Chanson International): +12.55%
- ASTI (Ascent Solar Technologies): +12.50%
- IMVT (Immunovant): +11.62%
- ZBIO (Zenas BioPharma): +10.82%
- WXM (WF International): +10.65%
- RAIN (Rain Enhancement Technologies Holdco): +10.34%
- LSH (Lakeside Holding): +10.02%
Spotlight: Immunovant (IMVT) in after-hours
Immunovant’s after-hours strength comes as Investors digested financing-related headlines. Investing.com reported that Roivant Sciences acquired 16,666,666 IMVT shares at $21.00 on Dec. 12, 2025, a transaction valued at about $350 million.
Important context: after-hours moves—especially in micro-caps—can reverse quickly on limited liquidity. For readers tracking these tickers into Monday, the key is to watch volume, spreads, and whether a move holds into regular-session trading.
What investors are watching next
1) Cannabis policy headlines (and the risk of “buy the rumor, sell the news”)
The cannabis rally is now tethered to the next headline. Reuters reported the potential for action “as soon as Monday,” but also emphasized that officials said no final decisions have been made. Reuters
That combination—big implied upside + policy uncertainty—is why this theme can remain volatile even if the longer-term direction is favorable.
2) The market’s “AI valuation check”
Friday’s pullback underscored a message: even strong quarters from AI-linked companies can be met with skepticism if guidance or expectations don’t clear a very high bar. AP News
With the Nasdaq still heavily influenced by mega-cap tech, shifts in sentiment on the AI spending cycle can quickly reshape the daily “leaderboard” of top gainers and losers.
Bottom line
Dec. 12, 2025 was a tale of two markets: major indexes fell on renewed AI-trade nerves, but cannabis stocks delivered a sector-wide surge that produced some of the largest gains of the day. Meanwhile, Clear Secure, CCC, Lululemon, Rivian, and select biotech names advanced on a mix of upgrades, buyback announcements, earnings, and regulatory momentum.
This article is for informational purposes only and does not constitute investment advice. Stock prices are volatile; percentage moves can change rapidly in late and after-hours trading.
