STZ - Hot Stocks: STZ drops on earnings news; IPAR rallies; COIN downgrade; CACC continues slide

Earnings news represented a noteworthy catalyst for individual stocks during Thursday's midday trading. Constellation Brands ( NYSE: STZ ) fell after the release of its financial figures, while Inter Parfums ( IPAR ) received a boost from its quarterly results.

In other news, Coinbase ( COIN ) dropped following an analyst's downgrade. At the same time, Credit Acceptance ( CACC ) extended its recent slide to set a 52-week low.

Decliners

The release of a reduced forecast put pressure on Constellation Brands ( STZ ), which dropped 9% in intraday trading. The alcohol producer topped expectations with its Q3 results but provided a soft forecast for fiscal 2023.

STZ said it now expects EPS on a comparable basis to come in between $11 and $11.20 in fiscal 2023. This was below its prior forecast of $11.20-$11.60. Analysts are looking for a figure of $11.05.

Coinbase ( COIN ) lost ground in intraday action as well, weighed down by a cautious analyst comment. Cowen downgraded its rating on the cryptocurrency exchange to Market Perform from Outperform , sending the stock lower by almost 10%.

In announcing the rating change, analyst Stephen Glagola pointed to low visibility about when the firm's deteriorating volume will stabilize. "COIN’s monthly trading volumes have seen a fairly consistent drawdown each subsequent month since November 2021, and there remains low visibility into either a stabilization or rebound in retail trading volumes over 2023," Glagola stated.

Credit Acceptance ( CACC ) lost ground again during midday trading, adding to a sharp decline posted the previous day. The stock dropped nearly 12% on Wednesday following a lawsuit filed by New York Attorney General Letitia James and the Consumer Financial Protection Bureau alleging that the company misled subprime auto lenders about certain aspects of the firm's loan agreements.

Following up on Wednesday's slide, CACC dropped another 8% in Thursday's intraday action. This brought the stock to a new 52-week low.

Gainer

The release of a strong earnings report fueled buying in Inter Parfums ( IPAR ), with shares of the perfume and cosmetics maker rising more than 7%. The company said its Q3 revenue climbed nearly 7% from last year to reach a total of $280M.

Looking ahead, the firm also provided an upbeat forecast. For 2022, the company expects revenue to rise 23% to $1.08B. Meanwhile, the firm's 2023 sales forecast topped projections, with the company targeting $1.15B compared to the $1.11B that analysts were looking for.

To see more of Wall Street's best- and worst-performing stocks, head over to Seeking Alpha's On The Move section .

For further details see: