Stocks ticked down again on Thursday, giving back another chunk of the sharp gains posted earlier in the week. The S&P 500 dipped 1% as optimism continued to fade that the Federal Reserve was close to pivoting from its ultra-hawkish stance.
Colgate-Palmolive ( NYSE: CL ) was among the stocks dragged down by the day's retreat. With the slide, shares of the consumer products maker set a new 52-week low.
Elsewhere, earnings news took its toll on AngioDynamics ( ANGO ). The stock lost a fifth of its value following the release of disappointing results.
The announcement of financial figures had the opposite impact on Richardson Electronics ( RELL ), which soared to a new 52-week high on a Street-beating report. Meanwhile, Provention Bio ( PRVB ) surged on news of a partnership with Sanofi ( SNY ).
Standout Gainer
Provention Bio ( PRVB ) experienced a surge of buying interest after revealing a partnership with Sanofi ( SNY ) related to the firm's teplizumab product, a potential treatment for type 1 diabetes currently under review by U.S. regulators.
Under the deal, PRVB will receive a $20M upfront payment. In exchange, SNY will get the exclusive right of first negotiation to license the drug globally.
The partnership also includes a co-promotion deal between PRVB and SNY if teplizumab receives approval by the U.S. Food and Drug Administration.
PRVB soared on the news, ending the day at $6.22, a gain of $1.27 on the day. This sent the stock above recent resistance and to its highest close since April.
Standout Decliner
The release of disappointing quarterly results promoted a wave of selling in AngioDynamics ( ANGO ). Shares of the medical device maker plunged nearly 20% on the news.
ANGO reported a loss for its latest quarter that came in wider than expected. The firm's revenue total also missed projections, rising about 6% from last year.
Prompted by the weak results, ANGO slumped $4.21 to post a closing price of $17.34. During the session, shares also reached an intraday 52-week low of $17.14.
Thursday's slide added to weakness seen since the first half of August, when the stock traded above $24. Shares have fallen about 41% since the end of 2021.
Notable New High
Richardson Electronics ( RELL ) rode a better-than-expected earnings report to a new high. Shares jumped almost 25% on the session.
The maker of such products as power grid and microwave tubes exceeded projections on both the top and bottom lines. This included revenue growth of nearly 26% and a gross margin figure that climbed from last year.
Investors cheered the results, sending the stock higher by $3.78. This took shares to a closing level of $19.12. During the session, RELL set an intraday 52-week high of $19.37.
RELL staged an advance from May into the tail end of August before suffering a bout of profit-taking. Thursday's jump took the stock above August's high, with shares now up about 54% for 2022 as a whole.
Notable New Low
Colgate-Palmolive ( CL ) suffered another setback amid the general market downturn on Thursday. With another 2% slide on the session, shares of the consumer products company slipped to a new 52-week low.
With selling pressure that mounted throughout the session, the stock reached an intraday 52-week low of $69.49. Shares stabilized late in the session, but still dropped $1.55 on the day to close at $69.56.
The dip added to a slide that took place the previous day. CL rallied along with the overall market on Monday and Tuesday, although its gains were relatively restrained given the aggressive upswing seen generally on Wall Street during those sessions.
Longer-term, CL has seen choppy trading throughout 2022, as investors have weighed the impact of inflation and a possible looming recession on the maker of products like Palmolive dishwashing liquid and Colgate toothpaste.
Shares closed above $83 as recently as Aug. 19. CL has fallen about 16% from that point and about 18% total since the end of 2021.
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Hot Stocks: ANGO plunges on earnings; RELL soars; CL sets 52-week low; PRVB climbs on SNY deal