PTGX - Hot Stocks: BB THO drop on earnings news; SQSP rallies; PTGX surges on clinical data

2023-03-07 13:40:42 ET

While a negative response to comments from Federal Reserve Chair Jerome Powell drove trading in Tuesday's midday trading, earnings news remained a mover for certain individual stocks. This included BlackBerry ( NYSE: BB ), which slumped after releasing preliminary quarterly results.

Thor Industries ( THO ) also lost ground on the release of its financial figures. On the other side of the spectrum, Squarespace ( SQSP ) surged on its quarterly results.

In other news, Protagonist ( PTGX ) climbed almost 30% in midday trading following the release of clinical trial data.

Decliners

BlackBerry ( BB ) dropped in midday trading following the release of its preliminary Q4 results , with shares sliding about 13%. The company predicted quarterly revenue of about $151M, compared to an analyst consensus of $166M.

Breaking it down by segment, BB said Q4 revenue for its IoT division would reach about $53M. Meanwhile, the firm reported preliminary cybersecurity revenue of about $88M.

Earnings news also prompted selling in Thor Industries ( THO ). The RV maker reported lower-than-expected quarterly results , with revenue plunging 39% to $2.35B.

"During the quarter, we continued to proactively and decisively balance wholesale production with the pace of softening retail sales through the traditionally slower winter retail season," the company's CEO said. Shares dropped 4% in intraday action.

Gainers

Squarespace ( SQSP ) received a boost from its Q4 results , with the stock climbing 13%. The website creation platform reported a net loss of $8.8M, excluding a goodwill impairment charge. Total revenue surged 10% from last year to reach $229M. On a constant currency basis, the top-line figure rose 14%.

"We ended the fourth quarter with accelerated growth and exceeded our revenue and unlevered free cash flow guidance, continuing the strong momentum growing in our business," the firm's CFO stated. "We enter the new year confident in our financial positioning and the value our platform brings to customers worldwide."

The release of clinical data sent Protagonist ( PTGX ) sharply higher, with the stock jumping 29%. The company said its plaque psoriasis candidate JNJ-2113, which it is co-developing with Johnson & Johnson's ( JNJ ) Janssen unit, reached the main goal in a Phase 2 study.

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