After another session of uncertainty, stocks closed slightly lower, weighed down by belligerent comments from a senior Federal Reserve official. This added to the decline seen in the previous session, as the major US equity averages continued to cut their last strong gains. week.
Looking at individual stocks, Bath & Body Works (NYSE:BBWI) has overcome the overall negative trend of the day, extending its value by a quarter following the release of the quarterly update.
Brilliant landscape (BV) moves in the opposite direction of earnings news, plunging because of weak results and disappointing forecasts. Drugs Editas (EDIT) also represents a prominent discount company, which fell after the company halted clinical trial registrations.
Elsewhere, the First Sun (FSLR) built on recent gains to establish a new 52-week high.
Prominent bullies
Body hygiene (BBWI) surged after the quarterly results, up 25% after the retailer beat expectations and raise its forecast.
The company beat expectations in terms of both margins and profitability, even as revenue fell about 5% year over year. For the full year, BBWI raised its EPS forecast to $3.00-$3.20, from the $2.70-$3.00 it had previously forecast.
Backed by a quarterly update, BBWI ended trading at $38.97, up $7.84 on the session. With the gains, the stock recorded its highest close since September.
Prominent denizen
Drugs Editas (EDIT) was under significant selling pressure following the news that it was suspending clinical trial registrations. Shares fell 10%.
The company said it will enrollment pause of the Phase 1/2 trial investigating the use of the company’s EDIT-101 product, a CRISPR/Cas9 gene-editing therapy. The product is being tested as a treatment for blindness caused by Leber 10 congenital blindness.
EDIT says they want to find a development partner before moving forward.
The halted development sent the stock down $1.24 to close at $11.01. Shares remain in a recent trading range, reversing gains seen last week. Overall, EDIT has dropped about 70% over the past 12 months.
Remarkable new high
First Sun (FSLR) extended recent gains, adding 4% and setting a new 52-week high.
Solar stocks rallied earlier this week after Deutsche Bank start insurance of many of the team’s key players, including FSLR, with a Buy rating. The company cited a “favorable regulatory environment and improved incentive support” which it believes “will help further drive demand for the solar industry.”
On Thursday, the FSLR rose $6.40 to close at $164.98. This contributes to the recent rally, with the stock up 36% over the past month.
During this session, the FSLR established a 52-week intraday high of $165.12. The stock is now up 86% for 2022.
Notable new lows
The release of disappointing results sent BrightView (BV) spirals to a new 52-week low of the day. Shares plummeted nearly 13%, although the late rally allowed the stock to avoid a new close low.
Commercial landscape company missed prediction for both earnings and sales in Q4. The company also gave a weak Q1 forecast, predicting total revenue of $610M-$640M. Analysts are looking at a total of about $643 million.
Pulled down by financial metrics, BV fell to a 52-week intraday low of $7.42 in morning trading. Shares eased a bit before the close but still ended at $7.83, down $1.15 during the session.
The stock has managed to finish above a 52-week low of $7.65, set in late September. Overall, BV is down about 48% over the past 12 months.
For more on the biggest winners and losers of the day, turn to Looking for Alpha’s On The Move part.
