CSIQ - Hot Stocks: WOLF CSIQ jump on earnings news; KSS falls; ELAN sets new 52-week low

A lackluster session ended with mild gains on Thursday, as investors looked for direction after a modest decline the previous session halted a recent upswing for the major U.S. equity averages.

While the overall action remained restrained, Thursday also saw its share of significant moves by individual stocks. This included Wolfspeed ( NYSE: WOLF ), which expanded its value by nearly a third after the release of its quarterly update.

Canadian Solar ( CSIQ ) also rallied on earnings news, climbing to a new 52-week high.

On the other side of the ledger, Kohl's ( KSS ) retreated on disappointing earnings and guidance. Meanwhile, an analyst's downgrade sent Elanco Animal Health ( ELAN ) to a fresh 52-week low.

Standout Gainer

Wolfspeed ( WOLF ) surged 32% after releasing Street-beating Q4 results and issuing an updated forecast for the current quarter.

WOLF reported a Q4 loss that came in significantly narrower than analysts had expected. Meanwhile, revenue surged about 57% to reach nearly $229M.

Looking ahead, the company projected Q3 revenue between $232.5M and $247.5M. This beat out analysts' current consensus of around $232M.

WOLF rode its upbeat results to a close of $112.94, a rally of $27.35 on the day. With the gains, the stock added to an upswing that began in mid-June, when shares touched a 52-week low of $58.07.

Thursday's advance took WOLF to its highest close since April.

Standout Decliner

Kohl's ( KSS ) lost ground after reporting a disappointing Q2 profit and predicting a sales decline for the full year. Weighed down by the quarterly update, shares of the retailer dropped about 8%.

The company's bottom line failed to meet expectations , with revenue dropping 8% from last year. For 2022, the company said it now expects a sales decline of 5% to 6%.

KSS finished at $31.33, a decline of $2.62 on the day. With its losses, the stock moderated some of the gains posted over the previous few weeks, after the stock came off a 52-week low of $26.07 reached in late July.

Notable New High

The release of strong Q2 results sparked buying in Canadian Solar ( CSIQ ). The stock jumped 15% to reach a new 52-week high.

The company reported a quarterly profit that topped expectations, fueled by a 61% rise in revenues compared to last year. Meanwhile, the company also raised its forecast for the full year.

Looking to the current quarter, CSIQ predicted Q3 revenue between $2.0B and $2.1B. Analysts were looking for a figure around $1.94B.

Inspired by the financial figures, CSIQ rallied $5.96 to close at $45.19. During the session, the stock reached its intraday 52-week high of $47.69.

Shares added to an uptrend that has marked trading since CSIQ reached a 52-week low of $22.15 reached in May. All told, the stock has climbed 44% for 2022 as a whole.

Notable New Low

Elanco Animal Health ( ELAN ) lost ground in the wake of an analyst downgrade, sending shares lower by 4%. With the slide, the stock recorded a new 52-week low.

The drop came after Morgan Stanley downgraded its rating on the stock to Equal Weight from Overweight . The firm pointed to macro headwinds, such as COVID lockdowns in China and supply chain challenges, as well as company-specific challenges, such as a slower innovation ramp and greater competition in the parasiticides market.

Weighed down by the downgrade, ELAN dropped to an intraday 52-week low of $18.08. The stock finished just off that mark at $18.09, a decline of 76 cents on the day.

Thursday's slide marked the fourth consecutive day of declines. Overall, shares have fallen 36% for 2022.

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