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Hot stocks: Chinese stocks fell; PCVX soars; BOH falls down; TCDA crater; AZO, ORLY set high


Wall Street posted another bullish day on Monday, adding to the rebound seen last week. The S&P 500 index was up more than 1%, with a wave of important earnings reports due for the rest of the week.

Monday’s growth came despite a continued decline in Chinese-born names. A combination of macro worries has caused a sell-off in stocks like Alibaba (NYSE:TORTOISE), Baidu (BIDU), Pinduoduo (PDD), Bilibili (BILI) and JD.com (JD).

Elsewhere, Bank of Hawaii (BOH) represents another prominent decline, dropping to new lows on earnings news. At the same time, Tricida (TCDA) lost more than 90% of its value upon publication of clinical trial data.

Seen from the opposite perspective, the results of one study had the opposite effect for Vaxcyte (PCVX), climbed above its own data release. The list of prominent price increasers also includes auto parts retailer AutoZone (AZO) and O’Reilly Automotive (ORLY), each rose to a new 52-week high.

Area in focus

Worry about China’s economy and political concerns involving the country’s leader, President Xi Jinping, has led to a sell-off of tech companies based in the world’s most populous country.

The report comes after the release of GDP data, which beat expectations but still fell below the country’s target. Meanwhile, investors expressed concern about Mr. Xi’s tightening grip on the nation’s monolithic Communist party, which could increase regulatory risks for the sector.

On the news, the famous names Alibaba (TORTOISE) and Baidu (BIDU) all decreased by nearly 13%. Elsewhere, Pinduoduo (PDD) plummeted nearly 25%, Bilibili (BILI) retreated nearly 17% and JD.com (JD) decreased by 13%.

Outstanding Gainer

Vaxcyte (PCVX) received a big boost from the release clinical trial data. With positive signs from proof-of-concept research, the stock rallied 60% during the session.

The results stem from a Phase 1/2 study of an experimental 24-valent pneumococcal conjugate vaccine, known as VAX-24. The product has been tested as a preventive measure against pneumococcal bacteria.

On the news, PCVX ended the trading session at $33.00, up before $12.42 on the day. Shares also hit a 52-week intraday high of $36.10.

Prominent denizen

The release Disappointing clinical trial data sent Tricida (TCDA) spiral. Shares fell 94% after the late-stage test failed to hit a key endpoint.

TCDA says phase 3 testing for its veverimer product has failed to achieve its primary goal. The drug is being treated as a treatment for possible kidney disease.

The clinical results sent the stock down $10.28 to close at 60 cents. The stock, which hit a 52-week high of $13.85 in August, also hit a 52-week low of 56 cents. The stock was trading above $40 at the end of 2019.

Remarkable new high

Shares of auto parts retailer AutoZone (AZO) and O’Reilly Automotive (ORLY) were all pushed to new 52-week highs. This comes as stocks extend recent gains amid strong industry fundamentals.

Even as slumping demand has forced auto retailers to new 52-week low, companies focused on selling auto parts have attracted the interest of investors. In a weakening economy, vehicle owners are trying to extend the life of their cars, making them more likely to repair themselves than to find something new.

AZO rose $105.93 to $2,407.52. The stock also hit a 52-week intraday high of $2,423.80.

The stock experienced volatility earlier in the year but has recently moved higher. AZO has grown 15% in the past month and is up about 18% since the end of 2021.

Meanwhile, ORLY ended at $768.46, up $24.39. This has sent the stock up nearly 11% over the past month. The stock is up about 10% for 2022.

Notable new lows

Bank of Hawaii (BOH) lost land after its rise quarterly results. Shares fell 6% to hit a 52-week low.

The company reported a drop in third-quarter profit both year over year and the previous quarter. The results also missed market analysts’ expectations, as non-interest income fell.

Hurt by the disappointing results, BOH fell to a 52-week intraday low of $70.15. Shares hit this mark before closing but still ended the day at $70.99, down $4.75 during the session.

After sliding at the start of the year, the stock has been trading volatile since May. BOH fell about 17% in 2022 overall.

To see more of the day’s best and worst performing stocks, turn to Search for Alpha’s On The Move phần.

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