The downward momentum continued on Wall Street during Thursday's trading, as the S&P 500 dropped 1%. This added to a decline seen the previous day and represented its fourth lower finish in the past five sessions. Continued concerns about Federal Reserve policy have weighed on the major averages recently.
Earnings news remained a catalyst for individual stocks. Affirm ( NASDAQ: AFRM ) and Baxter ( BAX ) both recorded double-digit percentage declines following the release of their respective quarterly results.
Looking at other news, Cardiovascular Systems ( CSII ) surged nearly 50% after announcing a deal to be acquired. Elsewhere, Hims & Hers ( HIMS ) soared to a 52-week high following an analyst upgrade.
Standout Gainer
Cardiovascular Systems ( CSII ) surged after reaching a deal to be acquired by Abbott Laboratories ( ABT ). Thanks to the takeover agreement, shares of the heart device maker jumped 48% during the session.
Under the terms of the proposed transaction, ABT will pay $20 per share to acquire CSII. The deal has an equity value of $890M.
CSII finished trading at $19.75, an advance of $6.44. With the gains, the stock jumped above a recent trading range to record its highest close since last May.
Standout Decliner
Affirm ( AFRM ) dropped 17% after the release of its quarterly results , which included a disappointing forecast. The fintech also announced a major restructuring, including reducing its workforce by 19%.
The decline was mostly prompted by the firm's Q3 forecast. The Buy Now, Pay Later company predicted quarterly revenue of $360M-$380M, below the $418M that analysts were predicting.
"We began increasing prices for merchants and consumers later in the year than we should have. This had a negative impact on our ability to approve more consumers and improve our margin," CEO Max Levchin said, explaining the factors impacting its results.
AFRM eventually finished Thursday's trading at $13.29, a decline of $2.73 on the day. The retreat reversed some of the gains posted over the past month. Last week, shares had reached their highest level since October.
Overall, the stock has fallen 77% over the past year, reaching a 52-week low of $8.62 in late December.
Notable New High
Hims & Hers ( HIMS ) received a boost from a bullish analyst comment, with the stock surging nearly 8%. The advance took shares to a fresh 52-week high.
Jefferies upgraded the digital health platform to Buy from Hold , citing an analysis of app downloads, web traffic and market share. "Overall, the data continue to suggest momentum in the underlying business remains strong," analyst Glen Santangelo stated.
HIMS rose 64 cents on the news, closing the day at $9.07. During the session, the stock also reached an intraday 52-week high of $9.56.
Thursday's advance added to a recent upswing, with the stock up about 34% over the past month. Looking at the past year, HIMS has climbed 85%.
Notable New Low
Weak guidance included in the firm's latest quarterly update sent Baxter ( BAX ) to a new 52-week low, with the stock tumbling 12% on the news.
The healthcare company revealed mixed results for Q4, including a lower-than-expected earnings figure. For Q1, the firm issued a disappointing target, predicting an EPS figure between $0.46 and $0.50. Analysts were looking for $0.76.
Hurt by the forecast, BAX plunged to an intraday 52-week low of $38.58. The stock moderated its losses a bit by the close but still ended the day at $40.14, a decline of $5.56 on the session.
With the retreat, shares dropped below a recent trading range, adding to a longer-term downtrend. Shares have slumped about 33% over the past six months and have fallen more than 54% over the past year.
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Hot Stocks: AFRM, BAX drop on earnings; CSII jumps on takeover deal; HIMS soars on upgrade