TRQ:CC - Hot Stocks: REV surges 30%; TRQ plunges; HRB sets 52-week high; TARO hits 52-week low

Stocks recorded another day of gains on Monday, extending an upswing that took place last week. Ongoing hope that the Federal Reserve will take a less hawkish stance overcame weak economic news out of China.

Among individual stocks, Revlon ( REV ) expanded its value by almost a third on news that a major firm has made a substantial bet on the stock. Meanwhile, H&R Block ( HRB ) built on recent gains to achieve a another 52-week high.

On the other side of the spectrum, Turquoise Hill ( TRQ ) posted a double-digit percentage decline after rejecting a takeover offer. At the same time, Taro Pharmaceutical ( NYSE: TARO ) extended a recent downdraft to set a fresh 52-week low.

Standout Gainer

Word that a high-profile firm has taken a sizable stake in Revlon ( REV ) sparked buying in shares of the bankrupt makeup company. Shares jumped 30% on the news.

In a regulatory filing, Morgan Stanley ( MS ) revealed that it purchased over 400K shares of the REV during Q2. This represented a massive expansion in the MS's holdings.

After a choppy start to the session, REV surged in the middle of the session as the MS news broke. The stock closed at $8.57, an advance of $2.

Shares are rallying off a 52-week low of $1.08 reached in mid-June just as the company headed for a Chapter 11 filing .

Standout Decliner

Turquoise Hill ( TRQ ) lost ground after the company rejected a takeover offer from its largest shareholder, Rio Tinto ( RIO ). The news sent the stock lower by 11%.

TRQ said a special committee of its board of directors has determined that the RIO bid is not in the company's best interest. The offer included a purchase price of C$34/share (US$26.57).

Hurt by the rejection, TRQ declined $2.95 to finish at $23.30. With the retreat, the stock recorded its lowest close since March.

Notable New High

Shares of H&R Block ( HRB ) rallied last week on the release of quarterly results, with gains continuing in recent sessions. This upswing took another step higher on Monday, with shares adding almost 2% to expand its 52-week high.

HRB reached an intraday 52-week high of $46.51 early in the session. The stock moderated from there, but still finished at $46.07, advancing 73 cents on the day.

On August 10, HRB surged 15% after the tax preparer issued a stronger-than-projected quarterly update. Overall, the stock has been rising since May, when the firm's previous earnings report stirred buying interest.

HRB has now climbed about 48% since its close on May 10.

Notable New Low

Taro Pharmaceutical ( TARO ) slipped another 3%, adding to a downdraft that has marked the last several weeks. With the latest decline, the stock reached a new 52-week low .

TARO finished Monday's trading at $33.26, a decline of 97 cents. During the session, the stock reached an intraday 52-week low of $32.15.

This added to a decline that started in late July and has persisted for much of the time since, despite better-than-expected results released on July 27.

The stock has fallen about 17% since its finish on July 21, when the stock reached a three-month closing high. Longer-term, shares have retreated 27% in 2022.

For more on the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .

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