NWL - Hot Stocks: NVDA hits 52-week high; NWL drops on earnings TGTX surges; VLY downgrade

2023-05-01 17:42:26 ET

U.S. stocks posted fractional losses on Monday, as investors looked ahead to key events due out later in the week. These included earnings from Apple and the Federal Reserve's decision on interest rates.

With the banking sector in the headlines, Valley National Bancorp ( VLY ) lost nearly a fifth of its value, pulled down by an analyst downgrade. Meanwhile, Newell Brands ( NWL ) posted a double-digit percentage loss following the release of its quarterly results.

Elsewhere, TG Therapeutics ( TGTX ) jumped on its quarterly update. At the same time, Nvidia ( NASDAQ: NVDA ) pushed to a new 52-week high, extending gains posted earlier in the year.

Standout Gainer

TG Therapeutics ( TGTX ) surged in the wake of its latest earnings report. Fueled by Street-beating financial figures , shares skyrocketed 23%.

The company reported a narrower-than-expected loss and revenues that topped analysts' consensus, bolstered by sales of its newly launched multiple sclerosis therapy Briumvi.

The stock slipped in premarket trading in the immediate aftermath of the earnings report. However, shares gained traction from there. The stock eventually finished at $30.64, a rise of $5.81 on the session.

With the advance, TGTX added to a recent upswing. The stock has climbed 85% in the past month and more than 160% since the end of 2022.

Standout Decliner

Newell Brands ( NWL ) plummeted 11% after announcing a Q1 loss that came in much wider than analysts had projected. The consumer products maker also issued a downbeat forecast.

The company reported a Q1 loss of $0.06 per share, doubling the loss projected by Wall Street analysts. Meanwhile, revenue dropped 25% from last year.

Commenting on the firm's outlook, the company's CEO said: "We now expect to be towards the low end of the range since consumer discretionary spending in our categories remains under pressure making us incrementally more cautious on the overall operating environment."

NWL finished Monday's trading at $10.81, a retreat of $1.34. Shares also touched an intraday 52-week low of $10.80.

Notable New High

Nvidia ( NVDA ) pushed higher, resuming an upswing that has marked most of 2023 so far. The stock gained another 4% on the day, helped by continued optimism about artificial intelligence .

NVDA rose $11.61 to close Monday's trading at $289.10. During the session, the stock reached an intraday 52-week high of $290.58.

Thanks to the recent advance, NVDA ticked above a recent trading range, adding to gains seen through the early months of the year. Overall, the stock has jumped more than 100% so far in 2023.

Notable New Low

Valley National Bancorp ( VLY ) plunged to a 52-week low, dragged down by a cautious comment from Raymond James. The stock fell almost 20%.

Analyst Stephen Moss lowered his rating on the stock to Market Perform from Strong Buy , citing increased "risk of revenue challenges" prompted in part by rising liability costs in the banking industry. Moss also noted the "relatively more rate-sensitive deposit base" for the New York-based lender.

Weighed down by the downgrade, VLY dropped to a 52-week low of $7.44. Shares eventually ended at $7.53, a slide of $1.85. The stock has lost a third of its value since the end of 2022.

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