EW - Hot Stocks: AMZN EW drop on earnings; DXCM GILD surge

Stocks rallied on Friday, boosted by a strong earnings report from Apple. All the major averages rose more than 2%, with the Dow climbing more than 800 points to secure its sixth straight day of gains.

While Apple gave a lift to the overall market, Amazon ( AMZN ) created a significant headwind. Shares of the online retailer dropped in the wake of its quarterly report.

Edwards Lifesciences ( NYSE: EW ) suffered downward pressure following its quarterly update as well, slumping to a new 52-week low.

Looking at some of the day's standout earnings winners, DexCom ( DXCM ) and Gilead Sciences ( GILD ) both surged on their respective financial figures.

Standout Gainer

Street-topping results prompted a buying spree in DexCom ( DXCM ). Shares jumped more than 19% on the session.

The maker of glucose monitoring systems reported net income that climbed 16% from last year, led by an 18% rise in revenue. The firm topped projections on both the top and bottom lines.

DXCM finished Friday's trading at $120.87, an advance of $19.62 on the session. With the advance, the stock reached its highest level since April. Shares are now 81% above a 52-week low of $66.89 reached in June.

Standout Decliner

Amazon ( AMZN ) lost ground after its quarterly update showed sluggish revenue growth. While the stock cut its losses before the close, shares of the online retailer ended lower by about 7%.

The company's quarterly profit exceeded projections but its revenue figure came up short. The top line rose nearly 15% to $127.1B, missing estimates by $370M.

Looking ahead, the company projected net sales between $140B and $148B for Q4, below the current consensus of $155.4B. Meanwhile, AMZN gave a wide range for its profit figure, saying its operating income "is expected to be between $0 and $4.0 billion."

The weak earnings report sent AMZN to a new intraday 52-week low of $97.66 early in the session, with the stock plunging 12% soon after the opening bell. Shares recovered as the day went on, with the stock eventually closing at $103.41. This represented a decline of $7.55 on the day.

With the partial recovery during the session, AMZN avoided setting a new closing low for the year. That came on June 14, when the stock ended at $102.31. Still, shares remain 39% lower for 2022 as a whole.

Notable New High

Gilead Sciences ( GILD ) rode a strong quarterly update to a new high, with better-than-expected earnings and a raised guidance sparking a 13% rise in the company's stock.

GILD easily topped projections with its Q3 profit. The firm's revenue declined about 5%, but the total of $7.04B still came in above analysts' projections by $910M.

The revenue decline came as sales of its COVID treatment Veklury plunged 52%. Excluding this drug, total product sales jumped 11%.

Looking ahead, the firm raised its 2022 outlook, saying it now expects a figure between $25.9B and $26.2B. Previously, the company predicted a number of $24.5B-$25B.

Based on the results, GILD climbed to an intraday 52-week high of $79.61. Shares ticked off that peak before the close but still finished at $79.27, an advance of $9.07 on the day.

The stock has been rising steadily since late September and has now turned positive for 2022. GILD has climbed 26% in the past month and is up 9% since the end of 2021.

Notable New Low

Weak results and downbeat guidance sent Edwards Lifesciences ( EW ) spiraling. The stock fell nearly 18% to reach a new 52-week low.

The firm posted Q3 non-GAAP EPS of $0.61, a penny below analysts' expectations. Revenue advanced a little less than 1%, failing to top projections with a total of $1.32B.

Looking ahead, the company now sees an adjusted EPS figure of $2.40 to $2.50 for 2022. Analysts were predicting a result of $2.52.

Dragged down by the results, shares dropped $15.43 to close at $70.87. During the session, shares reached an intraday 52-week low of $69.70. In total, EW has fallen about 45% in 2022.

For more of the day's biggest winners and losers, click over to Seeking Alpha's On The Move section .

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