GBCI - Hot Stocks: LLY hits 52-week high; WRB GBCI drop on earnings; SWAV surges

2023-04-21 17:41:43 ET

Stocks finished near the flat line on Friday, continuing a choppy performance that marked trading throughout the week. Investors looked ahead to some key tech earnings due out next week.

Looking at individual stocks, Shockwave Medical ( SWAV ) surged on reports of potential takeover interest. Meanwhile, Eli Lilly ( NYSE: LLY ) extended recent gains to set a new 52-week high.

On the other side of the spectrum, W.R. Berkley ( WRB ) and Glacier Bancorp ( GBCI ) both fell on earnings news.

Standout Gainer

Reports of takeover interest sparked a rally in Shockwave Medical ( SWAV ). Shares of the cardiovascular medical device company soared 10%.

Citing people familiar with the situation, Bloomberg reported that Boston Scientific ( BSX ) is considering a potential takeover of SWAV. The potential transaction could add to the firm's cardiovascular devices business.

SWAV finished Friday's trading at $286.46, a gain of $26.56 on the day. The upswing added to strength seen over the past several weeks. Shares have climbed 36% in the past month and 49% since the end of 2022.

Standout Decliner

W.R. Berkley ( WRB ) slumped in the wake of its quarterly results , dropping 9% after its Q1 profit came in below the amount predicted by analysts.

The commercial lines insurance firm's Q1 operating income slipped from last year to reach $1.00 per share, with the company noting "greater evidence that market segments and lines of business are not all moving in lock-step." The bottom-line figure came in below analysts' consensus of $1.24 per share.

WRB retreated $5.84 to finish at $57.52. During the session, the stock reached an intraday 52-week low of $56.04. Overall, shares have fallen 21% in 2023.

Notable New High

Ahead of quarterly results scheduled for release next week, Eli Lilly ( LLY ) pushed to a new 52-week high, adding to gains posted over the past month and a half. The latest advance came as a company executive gave an upbeat assessment of the possibility of Medicare and Medicaid coverage for certain Alzheimer's treatments.

Reuters reported that a company senior vice president predicted that the Centers for Medicare & Medicaid Services would change its policy towards Alzheimer's treatments that target amyloid plaque.

Amid this news, LLY rose $10.33 to $385.24, at one point reaching an intraday 52-week high of $386.27.

LLY have climbed about 16% over the past month. After reaching a multi-month closing low of $310.63 on March 7, shares have pushed steadily higher, more than reversing losses posted earlier in the year.

Notable New Low

The release of earnings news prompted selling in Glacier Bancorp ( GBCI ), sending shares of the Montana-based regional bank lower by nearly 8%. The stock also reached a new 52-week low.

The company reported GAAP EPS of $0.55, a figure that was $0.06 below the amount projected by Wall Street analysts. Revenue dipped 2% to $214M.

"The historic pace of the Federal Reserve interest rate increases and the banking crisis drove borrowing costs up further and impacted our profitability," the company's CEO stated. "Our ability to weather these events is a clear demonstration of the strength of our business model and our team."

GBCI dropped $2.88 on the earnings news, ending the day at $35.45. Shares also reached an intraday 52-week low of $34.49. Looking longer-term, GBCI has fallen 17% in the past month. The stock has slumped 28% so far in 2023.

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