Following weakness that has marked the past week and a half, investors finally stepped in with bargain-hunting on Wednesday, sending the major averages sharply higher. The Nasdaq rose more than 2%, breaking a seven-session losing streak.
Earnings news played a major role among the day's biggest movers. Coupa Software ( NASDAQ: COUP ) soared following the release of its quarterly results. However, the announcement of financial figures put significant pressure on John Wiley & Sons ( WLY ) and UiPath ( PATH ).
Meanwhile, Ulta Beauty ( ULTA ) continued its recent upward momentum, rising to a new 52-week high.
Standout Gainer
Coupa Software ( COUP ) generated buying interest following the release of its quarterly report. With the company also announcing a $100M stock buyback, shares surged nearly 18%.
For Q2, the provider of a cloud platform for business spend management breezed by expectations on both its top and bottom lines, with revenue that advanced 18% from last year.
The company also gave an upbeat forecast for Q3, predicting EPS of $0.08 to $0.10 for the quarter. Analysts were looking for a figure of $0.06 per share.
COUP finished trading at $65.82, an advance of $10 on the session. Even with the uptick, however, shares remain nearly 60% lower for 2022 as a whole.
Standout Decliner
John Wiley & Sons ( WLY ) dropped following the announcement of quarterly financial figures , which included disappointing results for Q1. The stock declined nearly 10% on the news.
The publishing company reported a Q1 profit that dramatically missed the amount predicted by analysts. Meanwhile, revenue basically stagnated from last year, coming in at $488M.
WLY declined $4.53 to close at $41.58. This added to a recent slide, with the stock down about 20% over the past month. Overall, shares have dropped 28% since the end of 2021.
Notable New High
Ulta Beauty ( ULTA ) advanced again on Wednesday, adding to a recent upswing and setting a new 52-week high. Shares climbed 4% on the session.
The beauty supply retailer closed at $444.01, an advance of $16.19 on the session. During the day, ULTA reached an intraday 52-week high of $445.63.
Wednesday's advance added to an upswing that started early in August. The stock has climbed 19% since its close on Aug. 4.
Most recently, the rally has been spurred by the release of better-than-expected earnings news . In late August, the company reported Q2 revenue that rose 17% from last year, with comparable sales that advanced 14%. ULTA also raised its 2022 outlook.
Notable New Low
The release of quarterly results sparked selling in UiPath ( PATH ), which plunged 11% to reach a new 52-week low.
The maker of robotic process automation software beat expectations with its Q2 results, including a narrower-than-expected loss and 24% revenue growth. The top-line total rose to $242M.
However, the company issued a disappointing outlook , saying it now sees Q3 revenue of $243M to $245M. Analysts were looking for a figure near $270M. PATH largely blamed the impact of foreign currency exchange rates for its reduced top-line forecast.
Weighed down by the earnings news, PATH plummeted to an intraday 52-week low of $12.21. Shares rebounded a bit by the close but still finished lower by $1.75, ending the day at $13.84.
The retreat added to downward momentum that has marked trading for nearly a month, extending losses posted earlier in the year. PATH has now declined 68% for 2022.
For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section .
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Hot Stocks: COUP rallies on earnings; PATH, WLY drop; ULTA sets 52-week high