While earnings season doesn't start to ramp up until later this month, a couple of stocks showed notable moves in the wake of their quarterly reports in Wednesday's midday action. RPM International ( NYSE: RPM ) advanced on its better-than-expected results, while Helen of Troy ( HELE ) whipsawed following its release.
Elsewhere, Ginkgo Bioworks ( DNA ) dropped on a proposed securities offering. Meanwhile, an analyst's downgrade sparked selling in Cross Country Healthcare ( CCRN ).
Gainers
RPM International ( RPM ) gained ground following the release of its latest earnings report. Shares climbed more than 3% after the company beat expectations with its Q1 adjusted earnings.
RPM also reported robust revenue, with the top-line figure climbing 17% from last year. Looking ahead, the firm projected sales growth of 9%-12% for Q2, with adjusted EBIT expansion of 30%-40%.
In other earnings news, Helen of Troy ( HELE ) saw a volatile reaction to its earnings report. The stock initially plummeted after its quarterly update included a trimmed full-year outlook, with the stock slumping nearly 17% to open the session.
The early drop took HELE to a new intraday 52-week low of $85.32. However, shares bounced off that mark and staged a dramatic rebound during the morning. By midday trading, shares had topped $105 and were showing a gain on the session of nearly 3%.
Longer-term, HELE remains lower by 57% for 2022 as a whole.
Decliners
News of a proposed securities offering put pressure on Ginkgo Bioworks ( DNA ). The stock dropped more than 7% in intraday action after the biotech filed with regulators for a $500M mixed securities offering. Terms of a potential offering haven't been set yet, but the transaction could include instruments like common stock, preferred stock and warrants.
In another notable decliner in intraday action, Cross Country Healthcare ( CCRN ) lost ground after receiving a cautious analyst comment . Shares slipped nearly 6% on the news.
The slide came after Truist downgraded the healthcare staffing firm to Hold from Buy. The analyst blamed changing labor market conditions, with a rise in unemployment likely lowering the demand for temporary labor.
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Hot Stocks: HELE whipsaws after earnings; RPM rallies; CCRN falls on downgrade; DNA slips