Stocks dropped on Tuesday amid lingering worries about interest rate policy and the release of concerning forecasts from a pair of major retailers. The S&P 500 slumped 2%, while the Dow fell nearly 700 points.
Dana ( NYSE: DAN ) represented one of the standout decliners on the session. The stock posted a double-digit percentage loss following the release of its quarterly update.
Meanwhile, Twist Bioscience ( TWST ) added to recent earnings-inspired weakness, slumping to a new 52-week low.
Looking at some of the day's standout gainers, Sigma Lithium ( SGML ) jumped on reports that Tesla ( TSLA ) is considering a potential takeover of the company. At the same time, a strong quarterly report sent HSBC ( HSBC ) to a fresh 52-week high.
Standout Gainer
Sigma Lithium ( SGML ) surged 16% following reports that the battery metals miner could become an acquisition target for Tesla ( TSLA ).
According to Bloomberg, TSLA has spoken to potential advisors about a possible bid for SGML. However, the news outlet warned that no firm decision has been made.
SGML finished Tuesday's trading at $34.23, a rally of $4.75 on the day. With the advance, the stock jumped above a recent trading range to reach its highest close since early December.
Shares remain off a 52-week high of $39.93.
Standout Decliner
Disappointing quarterly results prompted selling in Dana ( DAN ), with shares of the auto supplier plunging nearly 18%.
DAN reported a non-GAAP loss for Q4, disappointing analysts, who were generally predicting a profit. This came even as the company reported revenue of $2.56B, a nearly 13% increase from last year.
"We experienced unexpected headwinds in the fourth quarter, including higher raw material costs and lower commercial recoveries, additional costs for EV program wins, increased customer schedule volatility, and incremental costs to scale operations," the firm's CFO said.
Looking ahead, the company predicted 2023 adjusted EPS of $0.25-$0.75 on sales between $10.35B and $10.85B.
Hurt by the quarterly update, DAN dropped $3.32 to close at $15.53. The slide reversed a large chunk of the gains seen earlier in the year. The stock finished at its lowest level since early January, although it remains about 2% higher for 2023.
Notable New High
HSBC Holdings ( HSBC ) rode its latest quarterly update to a new 52-week high. Shares climbed nearly 5% after the bank's adjusted profit nearly doubled from last year.
The company reported an adjusted profit before tax of $6.8B, up 92% from last year. Reported profit before tax climbed to $5.2B, an increase of $2.5B from last year. Adjusted revenue advanced 38% to reach $15.4B.
Boosted by the earnings report, HSBC surged to an intraday 52-week high of $39.63. The stock moderated its gains later in the session but still ended at $39.04, a rally of $1.70 on the day.
Looking longer-term, HSBC has climbed more than 23% so far in 2023. Meanwhile, shares are up almost 58% since hitting a 52-week low of $24.77 in October.
Notable New Low
Twist Bioscience ( TWST ) began a slide earlier this month after its quarterly update included a weak forecast. Shares continued the downward momentum on Tuesday, reaching a new 52-week low.
TWST dropped $1.99 on the day to end at $20.53, representing a decline of more than 8%. During the session, the stock reached an intraday 52-week low of $20.32.
Shares plunged 18% on Feb. 3 following the release of its Q1 earnings report. The maker of synthetic DNA products gave a Q2 forecast below expectations .
The stock has continued to drift lower recently, falling about 29% over the past month. In the past year, TWST has lost nearly 61% of its value.
For more of the day's biggest winners and losers, turn to Seeking Alpha's On The Move section .
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Hot Stocks: DAN slumps on earnings news; HSBC rises; TSLA reportedly eyeing SGML; TWST hits 52-week low