Buoyed by Tesla earnings and stronger-than-expected GDP statistics, stocks finished higher on Thursday. The Nasdaq led the advance, climbing by 1.8%.
Earnings news represented the main catalyst for individual stock moves. This included Sherwin Williams (NYSE:SHW), which dropped after its quarterly update included a weak forecast for 2023. Meanwhile, disappointing results drove Customers Bancorp (CUBI) to a new 52-week low.
Las Vegas Sands (LVS) also missed expectations with its latest financial figures. However, investors focused on the prospects for a reopening in China, sending the stock to a fresh 52-week high.
Elsewhere, Qualtrics International (XM) expanded its value by a third after releasing its quarterly results and SAP (SAP) saying it was looking into selling its shares in the company.
Following the release of quarterly results and amid news that SAP (SAP) is exploring a sale of its stake in the company, Qualtrics International (XM) experienced a surge of buying interest. Shares of the experience management company jumped 33%.
The company reported Q4 non-GAAP earnings of $0.03 per share, topping projections by a penny. Meanwhile, the firm’s revenue totaled $389M, an improvement of 23% from last year.
Meanwhile, SAP reported that it was exploring the sale of its 71% stake in XM.
XM finished Thursday’s trading at $14.90, an advance of $3.69 on the day. With the gains, the stock jumped to its highest finish since last August.
A weak forecast prompted selling in Sherwin Williams (SHW), as shares of the paint maker declined almost 9%.
For its Q4 results, the company reported a profit figure that topped analysts’ expectations on revenue that rose almost 10% from last year. However, the company gave a downbeat forecast for the coming year, amid a slowdown in the housing market.
SHW predicted adjusted EPS of $7.95-$8.65, compared to analysts’ consensus of $10.17. Revenue for the year is predicted to be flat to down by a mid-single-digit percentage.
SHW dropped $22.03 in Tuesday’s trading to finish at $225.06. This marked its lowest close since early November.
Notable New High
Las Vegas Sands (LVS) rallied to a fresh 52-week high even though the company’s latest quarterly results missed expectations. With Wall Street looking past recent COVID-related weakness in its Macau operations, shares climbed 6% on the session.
The casino operator reported a wider-than-expected loss in Q4. However, analysts focused more on the firm’s projections for a reopening in Macau, which had been hampered by China’s zero-COVID policy.
Following the earnings release, LVS rose $3.33 to close at $58.37. During the session, the stock also reached an intraday 52-week high of $58.89.
This added to a longer-term upswing for the stock. Shares have climbed 20% over the past month and have advanced by nearly 67% since late October.
Notable New Low
Customers Bancorp (CUBI) plunged almost 16% in the wake of disappointing quarterly results. The slide took the stock to a new 52-week low.
The company reported a quarterly profit of $1.37 per share, missing projections by $0.24 per share. Meanwhile, revenue plunged 32% to reach a total near $142.5M.
Weighed down by the earnings report, CUBI slumped to an intraday 52-week low of $25.13. The stock rebounded a bit before the close but still finished at $26.76, a decline of $5.08 on the day.
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