STLA - Hot Stocks: FCX falls with copper; COWN takeover report; PRPH sets new 52-week high; STLA drops

Wall Street recorded a mixed performance on Tuesday, as stocks bounced back from an early slide thanks to a recovery in technology stocks. The Nasdaq rose 1.8% on the session, while the Dow finished in negative territory.

Among the gainers on the day, Cowen ( COWN ) represented a notable standout. Shares soared nearly 30% on reports of a potential takeover offer.

Elsewhere, ProPhase Labs ( PRPH ) added to the upward momentum that has driven the stock higher since its earnings report almost two months ago. The latest advance allowed shares to set another 52-week high.

Looking to the downside, Stellantis ( STLA ) slipped on ongoing worries about the semiconductor shortage. Meanwhile, Freeport-McMoRan ( FCX ) retreated to a new low as the price of copper continued to fall.

Standout Gainer

Shares of Cowen ( COWN ) jumped almost 29% following a report that the brokerage firm could receive a buyout offer from Canada-based bank Toronto-Dominion Bank ( TD ).

A Bloomberg report indicated that TD is working with advisors to look at COWN, although no final decision has been made. On the news, COWN jumped $6.89 on the day to close at $30.93.

With the advance, the stock rose above a recent trading range to record its highest close since mid-February.

Standout Loser

Ongoing worries about the supply chain sparked selling in European automaker Stellantis ( STLA ), leading the stock to drop almost 6%.

The decline came as a union in Italy said the maker of vehicles like Fiat and Chrysler would suffer from a lack of semiconductors . FIM CISL union chief Ferdinando Uliano said the shortage could reduce production by up to 220K vehicles this year.

STLA finished the session at $11.71, a decline of 69 cents on the day. Shares also touched a new intraday 52-week low of $11.47. Overall, the stock has dropped 40% in 2022.

Notable New High

ProPhase Labs ( PRPH ) extended the gains it has been accumulating since the first half of May, with the stock adding another nearly 8% on Tuesday. The latest step higher allowed shares to reach a fresh 52-week high.

PRPH finished Tuesday's session at $13.93, a gain of $1.01 on the day. The closing price represented a slight moderation from the intraday 52-week high of $14.17 reached during trading.

The rally built on a steady advance shares have seen since May 12, the day before the biotech and genomics company released a better-than-expected earnings report . Shares have climbed about 135% since the release of the quarterly results.

Notable New Low

A further decline in copper prices put pressure on stocks related to the commodity. The retreat included Freeport-McMoRan ( FCX ), which dropped nearly 7% on the session to reach a new 52-week low.

Copper posted another step lower, marking its fourth consecutive day of declines. The crucial industrial metal reached its lowest level since February 2021, hurt by ongoing worries about a potential recession on the horizon.

Dragged down by weakness in the key commodity, FCX declined $1.91 on the day to close at $27.26. During the session, shares reached an intraday 52-week low of $26.61.

The stock has been retreating since late April, coming off a 52-week high of $51.99 set earlier in the year. FCX has dropped nearly 48% since hitting that peak. The stock has lost a little more than a third of its value in 2022 as a whole.

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

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