EMR - Hot Stocks: CSIQ rises on earnings; CTRN drops; EMR upgrade; BB advances on patent deal

2023-03-21 13:53:24 ET

While Wall Street generally remained focused on the banking sector and the Federal Reserve, earnings news provided a catalyst for a handful of notable movers in Tuesday's midday trading. This included Canadian Solar ( NASDAQ: CSIQ ), which surged on Street-beating quarterly results.

Citi Trends ( CTRN ) moved in the opposite direction following the release of its financial figures. A soft forecast sent the stock lower.

In other news, Emerson Electric ( EMR ) rose on an analyst upgrade, while Blackberry ( BB ) climbed on a deal to sell a group of patents.

Gainers

Canadian Solar ( CSIQ ) saw significant strength in intraday trading after the company topped projections with its Q4 results. Boosted by stronger solar module shipments, the company reported quarterly revenue that climbed 29% to $1.97B.

Looking ahead, CSIQ predicted Q1 revenue of $1.6B-$1.8B, with $8.5B-$9.5B projected for the full year. Thanks to the quarterly update, shares jumped 15%.

Elsewhere, Emerson Electric ( EMR ) rose about 2% following a bullish comment from Morgan Stanley. The firm upgraded the stock to Overweight from Equal-Weight , arguing that the company's bid for National Instruments is a "win-win."

Blackberry ( BB ) also posted midday gains, climbing almost 6% after the company agreed to sell substantially all of its non-core patents and patent applications to Malikie Innovations Limited. The deal calls for a purchase price of up to $900M, including cash at closing and potential future royalties.

Decliner

The release of quarterly results prompted selling in Citi Trends ( CTRN ). Shares of the retailer dropped almost 13% after reporting a double-digit percentage slide in sales and issuing a cautious forecast.

CTRN said its total sales dropped 13% in Q4, with a 14% decline in comparable sales. Meanwhile, the firm warned that its customers "are expected to remain under pressure through the first half of 2023" amid higher inflation and a reduction of government support.

To keep track of Wall Street's best- and worst-performing stocks throughout the session, head over to Seeking Alpha's On The Move section .

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