2023-03-28 12:31:10 ET
The major market indices were mixed in the intraday session on Tuesday, following a slight increase in the US trade deficit in goods and a drop in home prices.
Tracking individual stocks, PVH ( NYSE: PVH ) jumped on upbeat Q4 results and bullish outlook, whereas Futu Holdings ( NASDAQ: FUTU ) stocks slumped despite Q4 beat.
Meanwhile, Lyft ( NASDAQ: LYFT ) stock dipped in response to the CEO transition. Analysts upgraded Paramount ( NASDAQ: PARA ) and Ciena ( NYSE: CIEN ).
In other news, Occidental Petroleum ( NYSE: OXY ) gained after Warren Buffet's Berkshire Hathaway ( BRK.A ) ( BRK.B ) boosted its stake in the firm and Viking Therapeutics ( NASDAQ: VKTX ) added more than 50% on reporting early-stage data for obesity candidates.
Gainers
PVH ( PVH ) stock rose around 20% after the company reported better-than-expected fourth-quarter results and an upbeat outlook. The company forecasted revenue growth of 3% to 4% and adjusted diluted earnings per share of $9.85.
The stock of Paramount Global ( PARA ) rose 3% after Bank of America upgraded it from neutral to buy. The firm emphasised the company's strong asset lineup, which could help Paramount value itself at a premium to the market if the business is ever put up for sale.
Ciena ( CIEN ) advanced more than 5% following an upgrade to strong buy from outperform by Oppenheimer, which cited the company's entry in the edge router market as a catalyst.
Occidental Petroleum ( OXY ) rose about 3% after Berkshire Hathaway purchased nearly 3.7 million shares in recent days, increasing its ownership stake to 23.6% .
Cowen raised its price target on Occidental ( OXY ) shares to $70 from $63, saying the company "stands out as a name with resilient assets that continue to benefit from productivity improvements and attractive reserve bookings, and longer term, should be uniquely positioned to increase EOR related reserves from enhanced CO2 economics."
Viking Therapeutics ( VKTX ) increased its stock price by 54% after revealing that its obesity candidate VK2735 resulted in an average body weight reduction of up to 8% in a Phase 1 trial.
Decliners
Futu Holdings ( FUTU ) shares slipped more than 9% despite Q4 earnings beat. CFO said , "Going forward, I think it is still very difficult to predict 2023 situations. I think our base case will be the CAC largely will be the same as 2022....We now have no guidance for the U.S. clients or asset inflow growth in 2023."
Lyft ( LYFT ) shares plunged more than 1% , wiping out early market gains after Wall Street analysts praised the company's decision to appoint board member David Risher as its new chief executive.
To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .
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Hot Stocks: PVH rises on earnings; OXY up on BRK.A stake boost; PARA and CIEN analyst upgrades; VKTX gains; FUTU and LYFT slides