ASAN - Hot Stocks: ASAN jumps on earnings; BILI AEO drop; FSLR sets 52-week high on upgrade

Stocks notched modest gains on Thursday, despite a choppy session that saw the major averages post losses at times during the day. The advance built on a rebound posted the previous session, even with an ECB rate hike and hawkish comments from the head of the Federal Reserve.

Among individual stocks, earnings news provided a significant catalyst. Asana ( NYSE: ASAN ) expanded its value by a quarter thanks to strong quarterly results. Meanwhile, Bilibili ( BILI ) and American Eagle Outfitters ( AEO ) both fell sharply following the release of their respective financial figures.

In other news, First Solar ( FSLR ) extended its recent gains to set a fresh 52-week high. An analyst's upgrade pushed the stock further higher.

Standout Gainer

Street-beating quarterly results and strong guidance spurred a massive rally in Asana ( ASAN ). The stock jumped 25% on the news.

The maker of work management software reported a narrower-than-projected loss for Q2. Meanwhile, the firm's top-line figure jumped almost 51% to $135M.

Looking ahead, ASAN predicted Q3 revenue of $138.5M to $139.5M, compared to analysts' consensus of $138M.

In other news, the company also revealed that it has sold 19.3M shares of Class A stock to its CEO, Dustin Moskovitz. The private placement was valued at $350M.

ASAN finished Thursday's session at $23.76, an advance of $4.72 on the day. Even with the upswing, the stock only reached its highest level since mid-August.

Shares remain about 67% lower for 2022, as the stock remains much closer to its 52-week low of $16.19 than it does to its 52-week high of $145.79.

Standout Decliner

The release of quarterly results sparked selling in Bilibili ( BILI ), which plunged 15% on a wider-than-expected loss and a weak forecast.

The China-based video-sharing website reported quarterly revenue that beat projections, rising 9% from last year. However, the company's loss came in significantly wider than analysts had predicted.

In describing the quarter, the firm's CEO noted "the immense challenges of the macro environment and COVID-19 lockdowns." At the same time, BILI said it was targeting Q3 revenue between 5.6B and 5.8B yuan, compared to a consensus estimate closer to 6B yuan.

BILI dropped $3.55 to close at $20.07. With the downswing, shares dropped below a recent trading range to record their lowest close since late May.

Notable New High

A bullish turn from Goldman Sachs prompted a wave of buying in First Solar ( FSLR ), with shares ticking up 2%. The advance extended upward momentum built up over the past month and a half, with the stock reaching a new 52-week high.

Goldman Sachs upgraded FSLR to Buy from Sell , citing the recent climate bill signed into law last month. The firm gave a similar upgrade to Maxeon Solar Technologies ( MAXN ).

Despite some choppy trading during the session, FSLR eventually finished at $137.53, an advance of $2.73 on the day. During Thursday's action, the stock established an intraday 52-week high of $139.91.

Shares have more than doubled since mid-July.

Notable New Low

American Eagle Outfitters ( AEO ) slumped to a new 52-week low after the release of its quarterly results . With the clothing retailer also pausing its dividend, shares plummeted by nearly 9% during the session.

AEO posted a Q2 profit that came in well short of analysts' expectations. Revenue nearly stagnated compared to last year, rising less than 1% to $1.2B.

"This is an unprecedented time in retail," CEO Jay Schottenstein said of the quarter. "As we cycle exceptional demand from last year, a tougher macro environment is impacting consumer spending behavior."

Dragged down by the quarterly update, AEO tumbled to an intraday 52-week low of $9.94. Shares trimmed their losses from there, eventually closing at $10.58. That represented a decline of $1.01 on the session.

The latest drop added to weakness that has marked trading since last June, when the stock approached $39. AEO has fallen about 61% over the past 12 months.

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