HELE - Hot Stocks: Solar stocks rally; GROV surges 84%; HELE falls on guidance; CTIC jumps on bullish rating

Stocks climbed on Thursday, adding to gains posted the previous day. Tech and consumer discretionary stocks helped lead the rally, with the Nasdaq rising more than 2%.

Solar and clean energy stocks found themselves in the vanguard of Thursday's advance. Stocks like Daqo New Energy ( DQ ), JinkoSolar ( JKS ), Array Technologies ( ARRY ) and Canadian Solar ( CSIQ ) benefited from headlines related to lower tariffs and government stimulus.

Elsewhere, Grove Collaborative ( NYSE: GROV ) was another of the day's standout gainers, surging more than 80% on an increased footprint in the retailing sector. On the other side of the spectrum, Helen of Troy ( HELE ) endured selling pressure after issuing a disappointing forecast.

Sector In Focus

Solar and clean energy stocks received a boost from some news on the international trade front. Reports suggest that China is looking at a potential $220B stimulus package. At the same time, the U.S. is lifting tariffs on solar products from Canada.

Daqo New Energy ( DQ ) was among the best performers in the group, climbing by almost 15%. JinkoSolar ( JKS ) was another standout winners, surging 14% and reaching a new 52-week high.

Among the other notable gainers in the group, Array Technologies ( ARRY ) climbed almost 11%, while Canadian Solar ( CSIQ ) advanced nearly 10%.

Standout Gainer

Grove Collaborative ( GROV ) soared 84% after revealing a "significant retail expansion" for its flagship brand, including a broader footprint at Target as well as the addition of more retail partners.

GROV said that it has doubled its product assortment at Target since its launch last year. At the same time, it has added relationships with Kohl’s, Giant Eagle and Meijer.

The news sent shares skyrocketing $3.37 on the day, with the stock eventually closing at $7.37. GROV came public last month in a SPAC transaction and has had a volatile trading career so far. Shares have reached as high as $12.39 and set a low of $4.30 earlier this month.

Standout Loser

Helen of Troy ( HELE ) dropped following the release of its quarterly results, sliding almost 9% after the distributor of beauty and housewares products provided a disappointing forecast .

HELE beat expectations with its Q1 results but issued a weak forecast for the rest of the year.  Blaming a significant shift in the macroeconomic outlook, the company predicted full-year revenue of $2.15B-$2.2B. Analysts were looking for a total of about $2.4B.

Dragged down by the guidance, HELE retreated $15.14 to close at $154.75. Shares remain off a 52-week low of $149.03 reached in mid-June. The stock has fallen about 37% in 2022.

Notable New High

A bullish analyst comment helped propel CTI BioPharma ( CTIC ) to an 18% advance, building on gains the stock has accumulated over the past several months and sending it to a new 52-week high.

Cowen initiated coverage of the stock with an Outperform rating , touting the potential of the firm's Vonjo product. The drug is approved by the U.S. Food and Drug Administration for thrombocytopenic myelofibrosis.

Boosted by the bullish comment, CTIC surged to an intraday 52-week high of $7.12. Eventually, the stock closed at $7.10, a gain of $1.10 on the day.

Shares have been rising since early March, bolstered by the original news that Vonjo had received the FDA green light. CTIC has jumped about 185% so far in 2022.

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