2023-04-27 18:38:17 ET
Stocks rallied on Thursday, bolstered by strong quarterly results from Meta. With a wave of buying in tech, the Nasdaq led the upswing, climbing by 2.4%.
Along with Facebook's parent company, Hasbro ( NASDAQ: HAS ) was another winner out of the latest round of earnings reports. The stock posted a double-digit percentage rise after the toy maker issued an optimistic forecast as part of its quarterly update.
Churchill Downs ( CHDN ) also surged following the release of its financial figures, jumping to a new 52-week high. On the downside, Morningstar ( MORN ) and Wolfspeed ( WOLF ) both plunged in the wake of their respective quarterly results.
Standout Gainer
Hasbro ( HAS ) received a boost from an upbeat outlook , even as its latest quarter continued to show the impact of inventory issues. With investors focusing on the guidance, shares of the toy maker jumped almost 15%.
HAS reported a disappointing quarterly profit for Q1, hurt by a nearly 14% drop in revenue. However, the company predicted adjusted EPS of $4.45-$4.55 for the full year, compared to a $4.39 analyst estimate.
The rosy projection sent the stock higher by $7.52 on Thursday, with shares closing the day at $58.93. With the advance, HAS reached its highest finish since mid-February.
Standout Decliner
A disappointing forecast included in the company's quarterly earnings report prompted a wave of selling in Wolfspeed ( WOLF ). The stock dropped 20% on the news.
The semiconductor company posted a narrower-than-expected Q3 loss, with revenue that surged 22% from last year. However, the company gave a weak Q4 forecast, calling for a loss of $0.17-$0.23 per share on revenue of $212M-$232M. Analysts were looking for a loss of $0.12 per share on revenue of $234.6M.
Dragged down by the guidance, WOLF dropped $11.40 to close at $46. Shares also reached an intraday 52-week low of $44.25. Overall, the stock has dropped about 32% in 2023.
Notable New High
A strong quarterly performance propelled Churchill Downs ( CHDN ) to a new 52-week high, with shares of the horse racing company jumping 14% on the day.
The company said adjusted EBITDA surged to $223M in Q1 compared to $129M seen in the same period last year. Meanwhile, revenue reached a record level of nearly $560M, as the top line for its Live and Historical Racing segment more than doubled from last year.
CHDN closed Thursday's trading at $287.27, an advance of $35.43 on the day. During the session, the stock reached an intraday 52-week high of $289.79. Looking longer-term, shares have jumped 37% in 2023.
Notable New Low
Morningstar ( MORN ) dropped to a 52-week low in the wake of its quarterly report . With adjusted earnings that plummeted from last year, shares slumped almost 10% during the session.
The investment research firm said it posted a net loss for the period compared to the profit in the same period last year. On an adjusted basis, the firm recorded a Q1 profit, but the figure cratered 60% from the prior-year period.
"Despite continued strength in our license-based product areas, soft credit issuance and market volatility proved challenging for our other product areas and had a significant impact on overall revenue growth and profitability," the company's CEO said.
The financial figures triggered a significant selloff in MORN, with shares plunging to a 52-week low of $163.28. The stock recovered a bit later in the day, eventually finishing at $172.03, down $18.59 from the previous close.
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: HAS, CHDN soar on earnings news; MORN, WOLF drop