NOVA - Hot Stocks: GLBE jumps on earnings; AN PAG reach 52-week highs; NOVA TRMR plunge

Stocks finished Tuesday's trading with a mixed performance. The Nasdaq dipped, while the Dow and S&P 500 added to their recent gains.

Even with the uncertain action, auto dealer stocks experienced solid buying interest. Boosted by the sector strength, AutoNation ( AN ) and Penske Automotive Group ( PAG ) each reached 52-week highs.

Among individual stocks, Global-E Online ( GLBE ) represented a standout gainer, expanding its value by nearly a quarter following the release of a strong quarterly update.

Turning to some of the day's standout decliners, Sunnova ( NYSE: NOVA ) posted a double-digit percentage decline after announcing a convertible note offering. Meanwhile, Tremor International ( TRMR ) plunged more than 20% to reach a new 52-week low following the release of its quarterly update.

Standout Gainer

Global-E Online ( GLBE ) surged in the wake of its Q2 report. With strong results and updated guidance , shares of the provider of shipping and payment solutions jumped 24%.

The company reported revenue that advanced 52% from last year. Meanwhile, gross merchandise value climbed 64%.

Looking ahead, GLBE predicted a top-line figure between $406M and $426M. This was well above the $390M that analysts were predicting.

GLBE advanced $6.66 to finish at $34. The latest gains added to an upswing that began in mid-July, as the stock has steadily recovered from a 52-week low of $15.63.

With Tuesday's climb, GLBE recorded its highest close since early April.

Standout Decliner

The announcement of a convertible note offering sparked selling at Sunnova ( NOVA ). Amid fears of eventual dilution for current shareholders, shares of the residential solar company dropped almost 12%.

The firm revealed that it will offer $425M of convertible senior notes due 2028. The transaction will take place through a private placement, including an option to purchase an additional $75M worth of notes.

NOVA finished at $26.34, a decline of $3.44 on the day. The slide trimmed some of the gains posted in the past few weeks, taking the stock off a 2022 closing high of $29.78 set on Monday.

Notable New High

Auto dealer names saw strength on Tuesday amid a general appetite for consumer discretionary stocks, as investors continued to bet on the Federal Reserve's ability to manage a soft landing. The advance built on recent gains in the group, sending AutoNation ( AN ) and Penske Automotive Group ( PAG ) to new 52-week highs.

AN advanced $8.79 to finish at $132.49 after hitting an intraday 52-week high of $135.57. Meanwhile, PAG touched an intraday 52-week high of $126.93 before closing at $124.16. This represented a rise of $6.60 on the day.

Elsewhere in the sector, Carvana ( CVNA ) climbed 7%, while Vroom ( VRM ) jumped 16%.

Notable New Low

A disappointing quarterly report sent Tremor International ( TRMR ) spiraling to a new 52-week low. Shares dropped 22% on the day.

The advertising technology firm revealed a profit that tumbled from last year and missed the amount that analysts were predicting. Revenue also fell, retreating 7% to a level below $76M.

In commentary included with its quarterly update, the company highlighted "important steps to further scale and differentiate our business." However, it also acknowledged "ongoing macroeconomic challenges" and "continued market headwinds."

TRMR dropped $2.35 to close at $8.06. Shares finished just off an intraday 52-week low of $8.01 reached during the session.

The stock had been drifting higher in the weeks headed into the earnings report. With the latest drop, TRMR has fallen 43% in 2022.

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