CAT - Hot Stocks: CTSH rises on guidance; LOGI slumps; CAT hits 52-week high; ORMP plunges 76%

The release of the latest inflation statistics, which showed cooling price increases, pushed the major U.S. equity averages modestly higher on Thursday. This added to gains recorded ahead of the data release.

The upward momentum carried Caterpillar ( NYSE: CAT ) higher, allowing the stock to set a new 52-week high. Meanwhile, Cognizant ( CTSH ) represented one of the day's standout gainers, with shares rising in the wake of updated guidance and a leadership change.

Looking at some of the day's most notable decliners, Logitech ( LOGI ) posted a double-digit percentage slide after issuing a weak forecast. At the same time, Oramed Pharmaceuticals ( ORMP ) lost three-quarters of its value on disappointing clinical trial data.

Standout Gainer

Revised guidance and a major leadership change prompted buying in Cognizant ( CTSH ). Shares advanced almost 6% on the news.

The IT consulting and outsourcing company said it now expects Q4 revenue of about $4.8B, compared to its prior forecast of $4.72B-$4.77B. Analysts were looking for a figure of around $4.75B.

Meanwhile, the company named outside executive Ravi Kumar S as its new CEO. Kumar previously served as president of Infosys.

CTSH closed Thursday's trading at $65.10, an advance of $3.60 on the day. The rally added to a recent upswing, taking the stock to its highest close since mid-September.

Standout Decliner

Logitech ( LOGI ) posted a substantial decline following the release of disappointing preliminary sales figures . The news sent the stock lower by nearly 17%.

The company, which produces peripheral computer products, like keyboards and mice, predicted a Q3 sales figure between $1.26B to $1.27B. This was below the $1.39B that analysts were projecting.

Hurt by the forecast, LOGI slumped $11.49 to close at $56.66. Going into Thursday's action, the stock had reached its highest level since mid-April. With the retreat, shares returned to levels last seen in the first half of November.

Overall, LOGI has retreated 31% over the past year, although the stock remains well off its 52-week low of $41.81.

Notable New High

Caterpillar ( CAT ) edged higher, bolstered by a bullish comment from JPMorgan. Shares advanced about 2%, adding to recent gains and setting a fresh 52-week high.

The construction equipment maker finished at $255.07, an advance of $4.34 on the day. During the session, the stock reached an intraday 52-week high of $257.38.

The advance came as JPMorgan named CAT, along with Agco ( AGCO ) and Esab ( ESAB ), as top stock picks in the machinery industry. Speaking about CAT specifically, the firm said the stock's "upside potential is underappreciated by investors."

Thursday's advance added to the upward momentum that has dominated trading since late September. The stock is up about 47% in the past six months.

Notable New Low

Dragged down by disappointing clinical trial results, shares of Oramed Pharmaceuticals ( ORMP ) fell off a cliff. The stock plunged by more than 76%.

The company said its ORMD-0801 product failed to meet the main goal in a late-stage trial. The Phase 3 study was looking at the drug as a treatment of Type 2 Diabetes.

Following the results, Oramed said it expects to discontinue its oral insulin clinical activities for Type 2 Diabetes. "Today's outcome is very disappointing, given the positive results from prior trials. Once full data from the studies are available, we expect to share relevant learnings and future plans," the company's CEO said.

ORMP slumped to an intraday 52-week low of $2.32. Shares ticked off this level a bit before the close but still finished at $2.54, a slide of $8.25 on the day.

The stock had reached a 52-week high of $13.73 earlier this month.

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