Pushed lower by the release of a hotter-than-expected inflation statistic, Wall Street suffered a setback on Friday. Nasdaq led the slide, falling 1.7%.
Looking at individual stocks, Carvana (NYSE:CVNA) represents one of the highlights of the day price drop, losing more than a fifth of its value after publishing a weak quarterly update. Meanwhile, 3M (MMM) extended the recent slide, pushing to a new 52-week low.
On the other side of the spectrum, Beyond Meat (BYND) and Alamo (ALG) spiked after the release of their respective quarterly reports.
Prominent bullies
The release of quarterly results prompted the purchase of Beyond Meat (BYND), with the stock up 10%. The plant-based meat substitute maker reported outstanding Q4 results and offered upbeat guidance.
For the fourth quarter, the company reported a smaller-than-expected loss. Revenue was down 21% year over year, but it was still higher than analysts expected.
Looking ahead, BYND’s CEO emphasized the company’s goal is to achieve active cash flow in the second half of 2023. Meanwhile, the company sets a full-year revenue target of $375M-$415M.
Supported by the earnings news, BYND ended trading at $18.88, up $1.74 on the day. Shares recorded their highest closing levels since early February.
Prominent denizen
The release Disappointing quarterly results sent Carvana (CVNA) decline. Shares of the online auto dealer plummeted 21% after the company’s losses were significantly larger than analysts had predicted.
The company reported fourth-quarter revenue of $2.8 billion, down 24% from last year. The total also fell short of expectations by more than $200 million. The number of apartments sold decreased by 23%.
“For retail units, we now expect retail unit sales in Q1 2023 to decline consistently compared to Q4 2022, as we continue to normalize store sizes. inventory, optimize marketing spend, and make progress on its profitability initiatives,” the company said.
CVNA fell $2.07 to close at $8.01. Shares recorded their lowest close since late January. Still, with the surge at the start of the year, the stock is still 73% higher for 2023 and well above its 52-week low of $3.55.
Remarkable new high
Alamo (ALG) spiked 10% to set a new 52-week high, boosted by the release of better-than-expected financial numbers.
The infrastructure maintenance and vegetation management equipment maker reported Q4 EPS of $2.44, leading the project equal to $0.54. Revenue increased 15%, reaching nearly 387 million USD.
“The combination of double-digit sales growth, price leverage, improved efficiency and limited spending has produced the highest quarterly earnings per share in our history,” the company said.
ALG ended Friday’s trading at $178.25, up $16.32 on the day. During the session, the stock hit a 52-week intraday high of $181.02.
Notable new lows
3M (MMM) added to the recent weakness to gain a near 10-year low, down 1% during the session. This contributes to the recent downtrend, recently fueled by weak results from home improvement retailer Home Depot, providing a cautious signal to MMM’s consumer segment.
During Friday’s trading session, MMM fell to a 52-week intraday low of $106.76 before cutting losses in the final hours of the session. Shares ultimately closed at $107.80, down $1.45 on the day.
The drop marked the fourth consecutive day of decline and the sixth drop in the past eight sessions. Shares are down nearly 12% through 2023. MMM has dropped about 28% over the past 12 months.
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