CCXI - Hot Stocks: CCXI doubles on AMGN takeover deal; CI hits 52-week high; SITM BALL plunge on earnings

The major U.S. equity averages posted a mixed performance on Thursday, as investors bided their time ahead of a key employment report due out before Friday's open. The Nasdaq edged higher, while the Dow and S&P 500 dipped.

Although most of the market saw lackluster trading, ChemoCentryx ( NASDAQ: CCXI ) had a breakout session. Shares more than doubled after the company agreed to a takeover deal with Amgen ( AMGN ).

Meanwhile, Cigna ( CI ) rode a strong earnings report to a new 52-week high.

On the other side of the spectrum, SiTime ( SITM ) lost more than a third of its value after the company indicated that its market has softened dramatically in the last few months. At the same time, earnings news sent Ball ( BALL ) to a new 52-week low.

Standout Gainer

News of a takeover deal sent ChemoCentryx ( CCXI ) soaring, with the stock finishing higher by about 110%. The advance came as Amgen ( AMGN ) agreed to purchase the drug developer in a transaction valued at $3.7B.

Under the agreement, CCXI shareholders will receive $52 per share in cash. The deal is expected to close in Q4.

CCXI finished Thursday's trading at $50.43, an advance of $26.32. Shares also reached a new intraday 52-week high of $50.90. Shares had fallen from a level around $39 in early January to a 2022 closing low of $15.36 on May 9.

Standout Loser

Shares of SiTime ( SITM ) cratered 35% after the company was forced to roll back a guidance increase it announced three months ago because of a deteriorating economic situation.

The technology company, which specializes in silicon MEMS timing solutions, reported Q2 results that beat analysts' expectations, including revenue that jumped 78% from last year. However, shares plummeted on the firm's outlook.

Back in May, the firm raised its forecast for annual growth from 35% to 50%. As it announced its latest earnings report, SITM reverted to its original forecast, saying it will likely see growth of around 35% for the year.

"In May, when we increase our guidance from 35% to 50% annual growth, we did not anticipate the subsequent conditions, financial downturn, supply chain disruptions and political turmoil, all of which made it difficult for our customers to see the magnitude and the speed of decline in their own business," CEO Rajesh Vashist said in a conference call the company hosted following the release of its financial figures.

SITM dropped $73.11 to close at $136.40. Going into the earnings report, the stock had been gaining ground, coming off a 52-week low of $129.44 reached in about a month ago. Thursday's retreat largely reversed this recent upswing.

Notable New High

The release of better-than-expected earnings and raised guidance drove a 3% advance in shares of health insurer Cigna ( CI ). With the uptick, the stock set a new 52-week high.

The company reported adjusted earnings that climbed 19% from last year, helped by a 5% advance in revenue. Both results exceeded expectations .

Meanwhile, CI increased its revenue forecast for 2022, saying it expects at least $178B for the year. Analysts are looking for a figure around $179B. On the earnings front, CI projected adjusted EPS of at least $22.90, above the $22.74 that analysts were looking for.

Bolstered by the earnings news, CI surged to an intraday 52-week high of $284.46. Shares moderated a bit from there, eventually finishing at $280.10, an advance of $8.36 on the day.

The latest rise took the stock just above a closing high reached last month, adding to gains posted through much of the first half of the year. Shares have climbed about 25% in the last six months.

Notable New Low

Ball ( BALL ) tumbled to a new 52-week low following the release of disappointing earnings . The weak bottom line prompted a decline of almost 19%.

The aluminum packaging products supplier reported a quarterly profit that came in below the amount analysts were predicting. At the same time, the company pointed to a slowing of customer demand amid high inflation.

"Segment volumes were flat in the second quarter and reflect the deceleration of customer demand resulting from significant retail pricing actions by customers to pass through inflationary costs to consumers, particularly in the U.S.," the company said.

On the earnings news, BALL dropped $13.52 to close at $59.28. During the session, the stock also reached an intraday 52-week low of $58.67.

Thursday's slide took the stock below a recent trading range, adding to the weakness seen earlier in the year. Shares have now fallen about 36% in 2022.

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