After another uncertain session, stocks closed with slight losses, weighed down by hawkish comments from the head of the Federal Reserve. This added to the decline seen in the previous quarter, as the US economy continues to moderate the gains seen last quarter. a week.
Looking at individual stocks, Bath & Body Works (NYSE: BBWI) cleared all the trouble for the day, increasing its price by a quarter after its release of an additional quarter.
BrightView (BV) moved to the other side of the economy, relying on weak results and a disappointing forecast. Editas Medicine ( EDIT ) also represented the lowest, falling after the company stopped enrolling in clinical trials.
Elsewhere, First Solar (FSLR) built on recent gains to set a new 52-week high.
Standout Gainer
Bath & Body Works ( BBWI ) rallied after quarterly results, jumping 25% after the retailer beat expectations and raised its earnings forecast.
The company beat both high and low expectations, despite revenue falling nearly 5% from last year. For the full year, BBWI raised its EPS guidance to $3.00-$3.20, compared to the $2.70-$3.00 previously forecast.
Adjusted for the quarter, BBWI ended trading at $38.97, an increase of $7.84 per share. With gains, the stock posted its biggest close since September.
Standout Decliner
Editas Medicine (EDIT) endured a major sell-off after news that it was suspending registration for the trial. Shares fell by 10%.
The company said it will withdraw registration for a Phase 1/2 trial investigating the use of the company’s product EDIT-101, a CRISPR/Cas9 genome editing therapy. The product was being tested as a skin treatment for Leber congenital amaurosis 10.
EDIT said it would like to find a development partner before moving forward.
The stalled growth sent the stock down $1.24 to close at $11.01. Shares remained flat in recent trades, reversing what was seen last week. Overall, EDIT is down about 70% in the last 12 months.
Famous New High
First Solar (FSLR) extended its recent rally, rising another 4% and setting a new 52-week high.
Solar shares rallied earlier this week after Deutsche Bank issued a Buy rating to many of its major players, including FSLR. The company cited a “good regulatory environment and improved incentive support” that it believes “should help increase demand in the solar industry.”
On Thursday, FSLR gained $6.40 to close at $164.98. This added to the recent rally, with the stock showing a 36% gain in the past month.
During the session, FSLR established an intraday-52-week high of $165.12. Shares are now up 86% in 2022.
Popular New Low
The release of disappointing results sent BrightView (BV) continuing to hit new 52-day lows. Stocks fell nearly 13%, although a late recovery allowed shares to avoid new lows.
The consumer electronics company missed the mark on both earnings and revenue in Q4. The company also issued a weak forecast for Q1, predicting total revenue of $610M-$640M. Analysts were looking for a total of about $643M.
Pulled by economic figures, BV fell to a 52-day low of $7.42 in morning trading. The stock pared its losses slightly before the close but ended at $7.83, down $1.15 for the session.
Shares managed to close their 52-week low of $7.65, which was established in late September. Overall, BV is down about 48% over the past 12 months.
For more on the day’s biggest winners and losers, check out our Seeking Alpha’s On The Move section.
