Buoyed by Tesla earnings and stronger-than-expected GDP statistics, stocks finished higher on Thursday. The Nasdaq led the advance, climbing by 1.8%.
Earnings news represented the main catalyst for individual stock moves. This included Sherwin Williams ( NYSE: SHW ), which dropped after its quarterly update included a weak forecast for 2023. Meanwhile, disappointing results drove Customers Bancorp ( CUBI ) to a new 52-week low.
Las Vegas Sands ( LVS ) also missed expectations with its latest financial figures. However, investors focused on the prospects for a reopening in China, sending the stock to a fresh 52-week high.
Elsewhere, Qualtrics International ( XM ) expanded its value by a third after releasing its quarterly results and SAP ( SAP ) saying it was looking into selling its shares in the company.
Standout Gainer
Following the release of quarterly results and amid news that SAP ( SAP ) is exploring a sale of its stake in the company, Qualtrics International ( XM ) experienced a surge of buying interest. Shares of the experience management company jumped 33%.
The company reported Q4 non-GAAP earnings of $0.03 per share, topping projections by a penny . Meanwhile, the firm's revenue totaled $389M, an improvement of 23% from last year.
Meanwhile, SAP reported that it was exploring the sale of its 71% stake in XM.
XM finished Thursday's trading at $14.90, an advance of $3.69 on the day. With the gains, the stock jumped to its highest finish since last August.
Standout Decliner
A weak forecast prompted selling in Sherwin Williams ( SHW ), as shares of the paint maker declined almost 9%.
For its Q4 results, the company reported a profit figure that topped analysts' expectations on revenue that rose almost 10% from last year. However, the company gave a downbeat forecast for the coming year, amid a slowdown in the housing market.
SHW predicted adjusted EPS of $7.95-$8.65, compared to analysts' consensus of $10.17. Revenue for the year is predicted to be flat to down by a mid-single-digit percentage.
SHW dropped $22.03 in Tuesday's trading to finish at $225.06. This marked its lowest close since early November.
Notable New High
Las Vegas Sands ( LVS ) rallied to a fresh 52-week high even though the company's latest quarterly results missed expectations. With Wall Street looking past recent COVID-related weakness in its Macau operations, shares climbed 6% on the session.
The casino operator reported a wider-than-expected loss in Q4. However, analysts focused more on the firm's projections for a reopening in Macau , which had been hampered by China's zero-COVID policy.
Following the earnings release, LVS rose $3.33 to close at $58.37. During the session, the stock also reached an intraday 52-week high of $58.89.
This added to a longer-term upswing for the stock. Shares have climbed 20% over the past month and have advanced by nearly 67% since late October.
Notable New Low
Customers Bancorp ( CUBI ) plunged almost 16% in the wake of disappointing quarterly results . The slide took the stock to a new 52-week low.
The company reported a quarterly profit of $1.37 per share, missing projections by $0.24 per share. Meanwhile, revenue plunged 32% to reach a total near $142.5M.
Weighed down by the earnings report, CUBI slumped to an intraday 52-week low of $25.13. The stock rebounded a bit before the close but still finished at $26.76, a decline of $5.08 on the day.
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Hot Stocks: SHW, CUBI drop on earnings; LVS hits 52-week high; XM surges