After another uncertain session, stocks closed with mild losses, weighed down by hawkish comments from a high-profile Federal Reserve official. This added to a dip seen in the previous session, as the major U.S. equity averages continued to trim sharp gains seen last week.
Looking at individual stocks, Bath & Body Works (NYSE:BBWI) bucked the overall negative trend on the day, expanding its value by a quarter following the release of its quarterly update.
BrightView (BV) moved in the opposite direction on earnings news, plunging on weak results and a disappointing forecast. Editas Medicine (EDIT) represented a standout decliner as well, slumping after the company paused enrollment in a clinical trial.
Elsewhere, First Solar (FSLR) built on recent gains to set a fresh 52-week high.
Standout Gainer
Bath & Body Works (BBWI) surged in the wake of its quarterly results, jumping 25% after the retailer beat expectations and raised its forecast.
The company surpassed expectations on both the top and bottom lines, even with revenue that slipped about 5% from last year. For the full year, BBWI raised its EPS forecast to $3.00-$3.20, compared to the $2.70-$3.00 it had previously predicted.
Bolstered by the quarterly update, BBWI finished trading at $38.97, an advance of $7.84 on the session. With the gains, the stock recorded its highest close since September.
Standout Decliner
Editas Medicine (EDIT) endured substantial selling pressure following news that it was pausing enrollment for a clinical trial. Shares retreated 10%.
The company said it would halt enrollment of a Phase 1/2 trial investigating the use of the firm’s EDIT-101 product, a CRISPR/Cas9 genome editing therapy. The product was being tested as a therapy for blindness due to Leber congenital amaurosis 10.
EDIT said it wanted to find a development partner before moving forward.
The paused development sent the stock falling $1.24 to close at $11.01. Shares remained in a recent trading range, reversing gains seen last week. Overall, EDIT has dropped about 70% over the past 12 months.
Notable New High
First Solar (FSLR) extended its recent momentum, rising by another 4% and setting a fresh 52-week high.
Solar stocks rallied earlier this week after Deutsche Bank initiated coverage of many of the group’s key players, including FSLR, with a Buy rating. The firm cited a “favorable regulatory environment and improving incentive support” which it believes “should help further boost demand for the solar industry.”
On Thursday, FSLR gained $6.40 to close at $164.98. This added to a recent upswing, with the stock showing a gain of 36% over the past month.
During the session, FSLR set an intraday 52-week high of $165.12. Shares have now climbed 86% for 2022.
Notable New Low
The release of disappointing results sent BrightView (BV) spiraling to a new intraday 52-week low. The stock plummeted almost 13%, although a late recovery allowed shares to avoid a new closing low.
The commercial landscape company missed projections for both earnings and revenue in Q4. The firm also provided a weak Q1 forecast, predicting total revenue of $610M-$640M. Analysts were looking for a total of around $643M.
Dragged down by the financial figures, BV plunged to an intraday 52-week low of $7.42 during morning trading. The stock moderated its losses a bit before the close but still finished at $7.83, a decline of $1.15 on the session.
Shares managed to finish above their 52-week closing low of $7.65, set in late September. Overall, BV has fallen about 48% over the past 12 months.
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