PLAB - Hot Stocks: Oil stocks drop; PLAB plunges on earnings; BIG rallies; MMM sets 52-week low

Stocks fell again on Tuesday, with the S&P 500 extending its losing streak to three days with a decline of more than 1%. Investors continued to worry about the impact of an aggressive Federal Reserve.

Energy stocks were among the worst performers on the day. A retreat in crude prices fueled a decline in oil-related names, with notable losses from the likes of Exxon ( XOM ), Halliburton ( HAL ), APA Corp. ( APA ), Marathon Oil ( MRO ), Occidental Petroleum ( OXY ) and Diamondback Energy ( FANG ).

The list of standout decliners also included Photronics ( NASDAQ: PLAB ). Shares lost nearly a quarter of their value following the release of earnings news. Meanwhile, 3M ( MMM ) added to its recent declines, extended its 52-week low.

On the other side of the spectrum, Big Lots ( BIG ) posted a double-digit percentage gain after announcing Street-beating financial figures.

Sector In Focus

Oil-related stocks suffered in Tuesday's trading. A slide in crude prices dragged the sector lower, as investors continued to worry that higher interest rates would eventually spark a recession.

Oil fell almost 5% to reach a level above $92.

Exxon ( XOM ) was one of the high-profile decliners in the sector. The stock dropped nearly 4%, dragged down by lower crude prices and an escalated dispute with Russia .

Elsewhere in the space, Halliburton ( HAL ), APA Corp. ( APA ) and Marathon Oil ( MRO ) all retreated about 5%. Occidental Petroleum ( OXY ) and Diamondback Energy ( FANG ) both recorded losses of around 4%.

Standout Gainer

The release of better-than-expected quarterly results prompted buying in Big Lots ( BIG ). The stock climbed 12% on the day.

The low-cost retailer reported red ink for Q2, but the losses were not as steep as experts had feared. Meanwhile, revenue slipped almost 8%, falling to $1.35B. This largely met analysts' consensus.

BIG ended the session at $24.08, an advance of $2.54. The stock lost ground early in 2022, eventually hitting a 52-week low of $18.16. Shares have rebounded from that nadir but remain 49% lower since the end of 2021.

Standout Decliner

Photronics ( PLAB ) endured severe selling pressure following the release of its quarterly results . The company reported solid results for its latest fiscal period, but shares dropped 24% on a weak forecast.

For Q3, the semiconductor photomask manufacturer beat expectations on both the top and bottom lines. Revenue jumped 29% to reach nearly $220M.

Looking to Q4, the firm predicted a top-line total of between $205M and $215M, compared to an analysts' consensus of approximately $215M. On the earnings front, PLAB forecast EPS between $0.44 and $0.52, compared to a consensus of $0.53.

Weighed down by the earnings news, PLAB dropped $5.13 to close at $16.64. The stock had reached a 52-week high of $25.81 earlier this month but has lost ground lately.

PLAB is now down 14% for 2022 as a whole, falling to its lowest level since late May.

Notable New Low

3M ( MMM ) added to recent weakness, slipping another 1% to reach another 52-week low. General weakness among industrials weighed on the stock, which has seen pressure lately amid legal issues related to an earplug product.

MMM dropped $1.58 to close at $124.86. During the day, shares reached an intraday 52-week low of $123.03. This was part of a broad-based decline , as investors continued to worry that interest rate hikes would endanger economic growth.

Beyond these macro concerns, MMM has faced company-specific headwinds as well. The stock has lost ground lately, setting a series of 2-and-a-half-year lows, as the firm and a bankrupt subsidiary appeal a ruling in a case related to defective combat earplugs.

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