CYH - Hot Stocks: Green energy rally; WING jumps on earnings; TDOC CYH fall

Stocks continued their recent rally in Thursday's session, adding to the Fed-inspired gains posted on Wednesday. The S&P 500 rose 1.2% as investors bet that a weak GDP reading would open the door for a more dovish monetary policy.

Green energy stocks contributed to the gains, bolstered by a political compromise on a spending bill. Sunrun ( RUN ), Sunnova Energy ( NOVA ), Array Technologies ( ARRY ), FTC Solar ( FTCI ) and Maxeon Solar ( MAXN ) all posted significant gains.

Earnings news drove trading as well. Wingstop ( WING ) jumped on the release of strong quarterly results. Meanwhile, Teladoc Health ( NYSE: TDOC ) and Community Health Systems ( CYH ) both plunged after announcing weak financial figures.

Sector In Focus

News of a deal on a major piece of legislation related to climate spending prompted substantial gains in stocks related to solar and renewable energy. The advance followed word that Senator Joe Manchin and Majority Leader Chuck Schumer have reached a compromise on a spending plan that includes almost $370B for energy and climate change.

Sunrun ( RUN ) was among the leaders to the upside, climbing by almost 30%. Sunnova Energy ( NOVA ), Array Technologies ( ARRY ), FTC Solar ( FTCI ) and Maxeon Solar ( MAXN ) all rose by more than 20%.

Standout Gainer

Wingstop ( WING ) received significant buying interest following the release of Street-beating results . The stock jumped 20% on the news.

The chain of casual restaurants reported a Q2 profit that came in 25% above the amount analysts were projecting. Revenue climbed 13%.

The company also gave a forecast above the amount predicted by Wall Street experts. The firm reaffirmed an EPS target between $1.55 and $1.57, compared to analysts' consensus of $1.53.

WING jumped $20.12 to close at $119.80. The advance added to a recent upswing, taking the stock off a 52-week low of $67.67 reached in May.

The stock has rallied 77% since that low but remains 30% lower for 2022, due to losses posted earlier in the year.

Standout Loser

Earnings news sent shares of Teladoc Health ( TDOC ) tumbling. With a massive Q2 loss driven by a goodwill impairment charge, the stock dropped nearly 18%.

The telemedicine company reported adjusted EBITDA that plunged 30% from last year. The company also gave a revenue forecast of $600M-$620M, compared to analysts' consensus of $618M.

TDOC finished Thursday's session at $35.60, a decline of $7.64 on the day. Shares had been drifting higher recently, coming off a 52-week low of $27.39 set earlier in the year. Thursday represented the lowest close since early July.

Notable New Low

Shares of Community Health Systems ( CYH ) fell off a cliff after the hospital operator reported weak quarterly results and slashed its guidance for the full year. The news sent the stock spiraling 43% to reach a new 52-week low.

CYH posted a loss for Q2, compared to a profit seen in the same period last year. The company also forecast a loss for 2022, contradicting the prediction it gave with its Q1 results, which called for a profit.

Dragged down by the earnings news, CYH plummeted by $2.23 to close at $2.96. During the day, the stock reached an intraday 52-week low of $2.92.

Shares, which at one point sat at a 52-week high of $15.29, have fallen 78% in 2022.

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

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