2023-04-20 17:39:39 ET
Stocks pushed lower on Thursday, weighed down by an earnings-inspired drop in Tesla. Worries about the economy and the Federal Reserve also undermined sentiment.
Beyond Tesla, the release of financial figures weighed on shares of Nokia ( NYSE: NOK ) as well. Meanwhile, Eagle Bancorp ( EGBN ) also dropped following its quarterly update, slumping to a new 52-week low.
On the upside, Badger Meter ( BMI ) posted a double-digit percentage gain following its Street-topping results. D.R. Horton ( DHI ) advanced on its own financial figures, setting a new 52-week high.
Standout Gainer
The release of better-than-expected quarterly results sent Badger Meter ( BMI ) sharply higher. The stock jumped nearly 11% on the news.
The provider of flow measurement and water quality products reported Q1 EPS of $0.66, surpassing projections by $0.11. Revenue advanced 20% to $159M.
Looking ahead, the company's CEO stated: "Demand trends in our markets remain healthy and we have experienced positive order trends, stable bid funnel and record backlogs supportive of continued strong financial performance."
Boosted by the earnings news, BMI climbed $12.84 to close at $133.34. During the day, the stock reached an intraday 52-week high of $138.12. Looking longer-term, shares have climbed 31% in the past six months and have risen 56% in the last year.
Standout Decliner
Weighed down by a weak profit figure and sagging margins, Nokia ( NOK ) recorded a notable slide, with shares of the Finnish cell phone maker falling by 9%.
NOK reported Q1 EPS that missed expectations . The disappointing bottom-line figure came despite revenue that expanded almost 10% and exceeded analysts' consensus. Comparable gross margin fell 300 basis points from last year to 37.7%.
"Looking forward, we are starting to see some signs of the economic environment impacting customer spending," the company stated. "We remain on track to deliver another year of growth in 2023 so our outlook is unchanged with the expectation that profitability in the second half of the year will be stronger than the first half."
NOK slumped 42 cents on the earnings news, finishing the session at $4.20. With the retreat, the stock dropped below a recent trading range, recording its lowest close since October.
Notable New High
D.R. Horton ( DHI ) received a lift from Street-beating quarterly results . Shares climbed almost 6% to reach a new 52-week high.
The homebuilder's EPS figure fell from last year but came in above the amount predicted by analysts. Meanwhile, the firm issued a better-than-expected forecast, calling for revenue for the full year of $31.5B to $33B. Experts were targeting a number of around $28.5B.
Investors cheered the results, sending DHI to an intraday 52-week high of $110.37. Shares moderated a bit before the close but still finished at $107.60, an advance of $5.74 on the session.
The upswing added to recent momentum. The stock is up 11% in the past month. Over the past six months, DHI has climbed 54%.
Notable New Low
Eagle Bancorp ( EGBN ) endured intense selling pressure in the wake of its quarterly report, with disappointing results sending shares of the bank to a new 52-week low. This came as the stock dropped about 19%.
EGBN reported Q1 EPS of $0.78, missing projections by $0.35. The firm also announced a drop in revenue, with the top-line figure dropping 10% from last year.
The earnings news sent the stock to an intraday 52-week low of $25.04. Shares eventually finished at $25.36, a slide of $6.14 on the day. Longer-term, EGBN has fallen 31% in the past month and has dropped 43% in 2023.
For more of the day's best- and worst-performing stocks, turn to Seeking Alpha's On The Move section .
For further details see:
Hot Stocks: NOK, EGBN drop on earnings news; BMI, DHI climb