WEBR - Hot Stocks: Monkeypox rally; IEA climbs on merger deal; WWE jumps; WEBR NODK fall on guidance

Uncertainty surrounding monetary policy and corporate earnings left stocks without a clear direction on Monday. The major U.S. equity averages finished the day mixed, ahead of a Federal Reserve decision and a massive slate of high-profile quarterly results due out later in the week.

While most stocks remained range-bound, names related to monkeypox received concentrated buying interest. With rising fear that the disease will spread, GeoVax Labs ( GOVX ), Tonix Pharmaceuticals ( TNXP ) and SIGA Technologies ( SIGA ) all posted notable advances.

Infrastructure & Energy Alternatives ( IEA ) also made the list of standout gainers. A merger deal with MasTec ( MTZ ) allowed IEA to expand its value by nearly a third.

In other news, a scandal-forced leadership change gave a boost to World Wrestling Entertainment ( WWE ), as market watchers speculated that the transition could raise the chances of an eventual sale.

Looking at some of the day's notable laggards, Weber ( NYSE: WEBR ) and NI ( NODK ) both plunged on disappointing forecasts.

Sector In Focus

Rising concerns about monkeypox sparked gains in stocks related to fighting the disease. The rally took place after the World Health Organization classified the current outbreak of the rare viral disease as a public health emergency of international concern.

As a result, stock developing therapeutics for the disease received buying interest. That included GeoVax Labs ( GOVX ), which jumped 150% on the day. Tonix Pharmaceuticals ( TNXP ) was another standout gainer in the group, rising 45%.

Meanwhile, SIGA Technologies ( SIGA ) surged 29%.

Standout Gainer

Infrastructure & Energy Alternatives ( IEA ) experienced a wave of buying, surging almost 32% after the company agreed to be acquired by MasTec ( MTZ ) in a deal valued at about $1.1B .

Under the transaction, each IEA share will be exchanged for $10.50 in cash and 0.0483 of a share of MTZ. At signing, the compensation was valued at $14 per share, representing a 34% premium over IEA's previous closing price.

IEA finished trading at $13.75, a rally of $3.32 on the day. This added to an upswing experienced prior to the deal announcement, taking the stock to its highest close since March.

The news sent MTZ lower by about 6%. With investors worried about dilution caused by the stock-and-cash deal, MTZ also reached a new intraday 52-week low of $62.64. The stock eventually closed at $68.36, a decline of $4.16.

Standout Loser

Weber ( WEBR ) saw its stock plummet after the grill maker withdrew its 2022 guidance , citing uncertainty surrounding inflationary pressures and the supply chain. Shares dropped 13% on the news.

Along with the hazy forecast, the company announced that its CEO, Chris Scherzinger, would leave the company immediately. Chief technology officer Alan Matula has taken over CEO duties on an interim basis while the firm looks for a permanent replacement.

For Q3, the company projected revenue between $525M and $530M. This was below the approximately $533M predicted by analysts.

WEBR dropped 95 cents to close at $6.56. The stock, which came public last August in an IPO priced at $17 a share, had touched a high of $20.44 shortly after its debut. Shares have been falling from there, with the stock down more than 60% from its IPO price.

Shares are now close to a 52-week low of $5.72 reached earlier this year.

Notable New High

Takeover speculation sent World Wrestling Entertainment ( WWE ) sharply higher, as a high-profile analyst predicted that the departure of the company's long-time CEO raised the chances that the professional wrestling promotor will be sold. Shares rose 8% on the news.

Loop Capital upgraded WWE to Buy from Hold , arguing that the sudden retirement of former CEO and chairman Vince McMahon could open the door to a "greater likelihood" of an eventual sale. McMahon's departure came amid controversy related to misconduct allegations .

Along with McMahon's departure, WWE announced that Stephanie McMahon, his daughter, and Nick Khan will take over as co-CEOs .

Bolstered on the news, WWE rallied to an intraday 52-week high of $73.34. Shares moderated a bit from there but still closed at $71.81, an advance of $5.59 on the day.

WWE has trended higher since late 2020. Over the past year, the stock has climbed almost 45%.

Notable New Low

NI ( NODK ) dropped to a new 52-week low, dragged lower by a disappointing forecast. Hurt by a loss prompted by severe weather, shares of the North Dakota-based insurance company dropped 13% on the session.

NODK announced that severe storms in South Dakota and Nebraska led to pre-tax catastrophe losses of $49M in Q2, net of reinsurance. These losses were concentrated in its home/farm and private passenger auto segments.

Based on the news, NODK declined $2.11 to close at $14.20. The stock also finished at its intraday 52-week low.

With the drop, shares fell below a recent trading range, adding to weakness seen in late 2021 and early 2022. NODK has dropped 27% so far in 2022.

For more on the day's best- and worst-performing stocks, click over to Seeking Alpha's On The Move section .

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