TH - Hot Stocks: TH MRC rise on guidance; IRTC climbs on Medicare details; SIX downgrade

On the cusp of earnings season, a couple of strong forecasts drew attention in Friday's midday trading. Target Hospitality ( NASDAQ: TH ) and MRC Global ( NYSE: MRC ) each posted double-digit percentage gains after raising their guidance.

iRhythm ( IRTC ) also showed significant intraday strength, boosted by estimates related to upcoming Medicare reimbursement rates.

Meanwhile, Six Flags ( SIX ) represented one of the standout decliners in midday trading. Shares of the theme park endured selling pressure following an analyst's downgrade.

Gainers

iRhythm ( IRTC ) rallied 23% in midday trading after the company gave details of what recently announced prospective Medicare reimbursement rates would mean for the company.

The maker of electrocardiogram monitoring products estimated what reimbursement would look like for its Zio XT product under the proposed 2023 rates. The final rules are expected to be released in November, with implementation to begin for the new year.

Elsewhere, raised guidance prompted gains in Target Hospitality ( TH ). Shares of the provider of temporary and modular housing rallied nearly 14% on the news.

The company, which focuses on providing housing for oil and mining workers, now sees 2022 revenue of $500M-$510M, compared to its previous forecast of $325M-$335M. Analysts were looking for a figure around $333M.

MRC Global ( MRC ) also received a boost from strong guidance. The provider of PVF products and services to the chemical industry raised its full-year sales guidance to $3.3B, compared to the $3.1B that it previously predicted.

The company also increased its EBITDA target. Bolstered by the forecast, MRC climbed almost 13% in intraday action.

Decliners

Six Flags ( SIX ) lost ground following an analyst downgrade. Citi cut its rating on the stock to Neutral from Buy, pointing to overall weakness in the theme park industry.

Along with the downgrade, Citi reduced its price targets for rivals Cedar Fair ( FUN ) and SeaWorld ( SEAS ). SIX dropped almost 7% in midday trading. SEAS retreated 6%, while FUN slid 4%.

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