MANH - Hot Stocks: FRC plunges again; CMG MANH surge on earnings; ENPH drops

2023-04-26 17:42:05 ET

Wall Street put in a mixed performance on Wednesday. Worries about the banking sector weighed on the S&P 500 and Dow. Meanwhile, the Nasdaq was able to post a modest gain, helped by an earnings-related rally in Microsoft.

First Republic Bank ( FRC ) was at the center of the banking concerns. Shares plummeted once again as the company scrambled to restructure its balance sheet after a recent exodus of deposits.

Elsewhere, quarterly results represented a key catalyst during the session. Enphase Energy ( ENPH ) was a standout decliner, losing more than a quarter of its value on a weak forecast.

On the other side of the spectrum, Chipotle ( NYSE: CMG ) posted a double-digit percentage gain following its strong report. Meanwhile, Manhattan Associates ( MANH ) rode its quarterly update to a fresh 52-week high.

Standout Gainer

Chipotle ( CMG ) received a boost from the release of its financial figures. With earnings and revenue topping projections , shares of the fast-food chain rose 13%.

CMG reported revenue that surged 17% from last year to reach $2.4B. Meanwhile, comparable restaurant sales advanced by almost 11%. Looking ahead, the firm said it is targeting comparable restaurant sales growth in the mid to high-single-digit percentage range for both Q2 and the full year.

The earnings news pushed the stock to a finish of $2,009.85, climbing $229.85 on the day. During the session, shares reached an intraday 52-week high of $2,047.31.

The upswing added to gains posted earlier in the year. Overall, CMG climbed almost 47% so far in 2023.

Standout Decliner

Even with Street-beating results for Q1, Enphase Energy ( ENPH ) cratered almost 26% after the company's quarterly update included a weak revenue forecast.

The company reported Q1 earnings and revenue that exceeded analysts' estimates. However, the firm predicted Q2 revenue of $700M-$750M. The forecast came in below the $760M that experts had projected.

Dragged down by the disappointing guidance, ENPH finished Wednesday's trading at $163.83, a slide of $56.77 on the day. With the decline, shares reached their lowest close since last May.

Notable New High

Manhattan Associates ( MANH ) surged to a new 52-week high, carried higher by the release of Street-beating quarterly results . Shares of the maker of supply chain software climbed 9%.

The company reported Q1 non-GAAP EPS of $0.80, exceeding expectations by $0.15. This came as revenue jumped 24% to $221M. The firm also raised its full-year forecast, predicting 2023 revenue of $856M-$864M.

On the back of the quarterly report, MANH jumped to an intraday 52-week high of $175. Shares moderated from there but still closed at $165.71, a gain of $13.03 on the session.

Looking at a longer timeline, the stock has climbed 37% so far in 2023.

Notable New Low

First Republic Bank ( FRC ) dropped another 30% amid concerns about the company's balance sheet, adding to the sharp decline seen earlier in the week and expanding the regional bank's 52-week low.

The slide came as FRC has reportedly had trouble raising capital after announcing early this week that it saw a sharp drop in deposits in Q1. Shares fell 49% on Tuesday and added another decline of $2.41 during Wednesday's trading, falling to a close of $5.69.

The stock also reached an intraday 52-week low of $4.76 during the session. Overall, FRC, which was hard-hit during the banking crisis in March, has lost about 95% of its value since the end of 2022.

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