FOX - Hot Stocks: PBR rise on earnings; MPW fall on refinancing report; FSLR gain on Evolar purchase; HOOD and FOX slide

2023-05-12 12:52:12 ET

Major market averages slumped in Friday's midday session amid concerns lingering regional banks and the economy.

Tracking specific stocks, Petrobras ( NYSE: PBR ) shares rose following its strong Q1 results, while First Solar ( NASDAQ: FSLR ) moved to almost 15-year high following its acquisition of European perovskite technology firm Evolar.

Meanwhile, Medical Properties Trust ( NYSE: MPW ) plunged on a report that Steward Health Care and Prospect Medical Holdings were looking for refinancing.

In other news, Robinhood Markets ( NASDAQ: HOOD ) plunged a day after the company announced to launch 24 hour weekday trading followed by strong Q1 results.

Fox Corporation ( NASDAQ: FOX ) fell on an analyst downgrade following the company's Q1 earnings announcement earlier this week.

Gainers

Petrobras ( PBR ) shares grew as much as 6% on the strength of its Q1 earnings results . The company's Q1 net income fell to 38.16B reais (~$7.7B) from 44.6B reais a year ago, almost 14% down driven by lower oil prices, but exceeded the 31.96B reais analyst consensus estimate.

FirstSolar ( FSLR ) stock jumped 23% , to its highest since September 2008 on agreeing to pay up to $80M to acquire European perovskite technology company Evolar. Analysts at Roth MKM stated, the deal is a "substantial positive" for First Solar ( FSLR ), as their checks indicate there is "no grace period for foreign-produced cells... Look for the stock to be up and the company to announce more capacity expansion soon if this is true."

Decliners

Medical Properties Trust ( MPW ) shares tumbled almost 10% on a report that two of its main hospital tenants, Steward Health Care and Prospect Medical Holdings, had recruited financial advisors to refinance their debt. Given Steward's recent sale of five hospitals in Utah, MPW's exposure to Steward's rent receipts is expected to fall to around 20%, and Prospect was also claimed to have recently sold several of its facilities to fund finance.

Robinhood Markets ( HOOD ) stock dipped approximately 7% , a day after the company announced to launch 24 hour weekday trading followed by strong Q1 results. Transaction-based revenues grew 11% in Q1.

Fox Corporation ( FOX ) shares fell 1% after Wells Fargo downgraded the stock to equal weight from overweight, noting issues with linear TV demand and sports rights pricing. Earlier this week, the firm posted better-than-expected Q3 earnings .

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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