SYK - Hot Stocks: Crypto rally; ODP climbs on preliminary results; BL falls on downgrade; SYK sets 52-week low

After starting the day higher, stocks succumbed to selling pressure during the afternoon, finishing Monday with solid losses. The decline came as investors worried about the Federal Reserve and the upcoming spate of earnings reports.

While the overall market showed lackluster trading, stocks with ties to cryptocurrencies experienced a notable bid. A rise in the crypto complex gave a lift to names like Coinbase ( COIN ), Marathon Digital ( MARA ), Riot Blockchain ( RIOT ) and MicroStrategy ( MSTR ).

The ODP Corp. ( NASDAQ: ODP ) also bucked the overall downward trend. The release of preliminary results and the announcement of a share repurchase plan sparked a double-digit percentage gain in the stock.

On the other side of the ledger, BlackLine ( BL ) represented one of the day's standout decliners. Shares fell on an analyst's downgrade.

Meanwhile, Stryker ( SYK ) added to recent weakness, setting a new 52-week low.

Sector In Focus

Cryptocurrency stocks posted notable gains, bolstered by a rebound in Bitcoin ( BTC-USD ) and other big names in the market. The sector also received a boost from news that Coinbase ( COIN ) has received approval from Italian regulators to provide crypto services in the country.

The gains came as BTC-USD ticked above $22K during the day, rising about 3% on the session. The gains were even larger in Ethereum ( ETH-USD ), which jumped almost 9% on the session to test the $1.5K mark.

Given this backdrop, COIN rallied about 9% on the session. Other recognizable names in the sector also saw strength. This included Marathon Digital ( MARA ), which jumped over 21%.

Meanwhile, Riot Blockchain ( RIOT ) advanced 12%, while MicroStrategy ( MSTR ) climbed more than 5%.

Standout Gainer

The ODP Corp. ( ODP ) attracted buying interest after the owner of the OfficeMax and Office Depot chains of office supply retailers issued a strong forecast . Shares climbed 12% on the day.

The company revealed that its Q2 adjusted earnings will come in somewhere between $0.78 and $0.80 per share. Meanwhile, the firm gave a preliminary sales figure of $2B, basically in line with what analysts were predicting.

Longer term, ODP projected 2022 sales of between $8.45B and $8.60B. Analysts were looking for a figure of $8.41B. Along with the earnings news, the company also approved a $600M stock repurchase plan.

On the news, ODP rallied $3.81 to close at $35.32. With the advance, the stock came further off a 52-week low of $28.85 reached in late June. Shares remain 15% lower for 2022 as a whole.

Standout Loser

An analyst downgrade prompted selling in BlackLine ( BL ). With Bank of America turning bearish on the developer of cloud-based financial software, BL dropped more than 10% on the session.

BofA cut its rating to Underperform from Neutral , arguing that the firm's valuation has been boosted by M&A speculation.

BL finished trading at $61.38, a decline of $7.12. Shares dipped below a recent trading range, falling to their lowest level since mid-May.

The stock remains off a 52-week low of $49.66 reached in the first half of May. Still, BL has declined by about 40% in 2022.

Notable New Low

Stryker ( SYK ) took another step down on Monday, adding to a long-standing retreat. Shares dropped another 3% to reach a new 52-week low.

Shares of the medical technologies firm declined $5.49 to close at $189.27. During the session, the stock also reached an intraday 52-week low of $188.84.

SYK has been falling since late April, with the stock coming off a 52-week high of $281.16. The latest step down was spurred lower by a negative analyst comment issued last week.

On July 11, Bank of America cut its rating on the stock to Neutral from Buy , citing recession risk. While the firm called SYK a "high-quality, well-run company," it noted that sales would suffer from a pullback in hospital capex and fewer elective procedures.

SYK has lost about a third of its value since hitting its 52-week high.

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

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