A comment from a Federal Reserve official, who said the central bank could be ready to pause its rate hikes this summer, bolstered the stock market on Thursday. The Dow led the major averages higher, climbing by 1.1%.
Looking at individual stocks, Silvergate ( NYSE: SI ) lost more than half its value after the company pushed back a regulatory filing deadline and saw several partners distance themselves from the company.
Elsewhere, earnings news remained a key catalyst. Hormel Foods ( HRL ) slipped to a 52-week low following its quarterly report. Meanwhile, the release of financial figures triggered buying in Certara ( CERT ) and Sprouts Farmers Market ( SFM ), with both posting double-digit percentage gains.
Standout Gainer
The release of quarterly results sent Certara ( CERT ) surging more than 17%, as investors celebrated better-than-expected earnings and revenue.
The provider of biosimulation software reported Q4 non-GAAP EPS of $0.16, beating estimates by $0.03. Revenue also came in above projections, climbing 15% to $87M.
On the strength of the earnings report, CERT jumped $3.19 to close at $21.63. With the advance, the stock added to gains posted earlier in the year, with shares up 33% for 2023 as a whole. CERT also reached its highest close since last August.
Standout Decliner
Concerns about the company's future sparked a massive selling spree in Silvergate ( SI ). Shares fell off a cliff, plummeting 58%.
The slide came after crypto-focused financial institution delayed filing its annual report with U.S. Securities and Exchange Commission. Meanwhile, several partners took steps away from SI, including Coinbase ( COIN ), Galaxy Digital ( OTCPK:BRPHF ) and stablecoin issuer Paxos Trust.
SI dropped $7.80 to finish $5.72. During the day, shares also reached an intraday 52-week low of $5.66. Over the course of the past year, the stock has lost 95% of its value.
Notable New High
Sprouts Farmers Market ( SFM ) surged to a new 52-week high on the back of its quarterly update, which included Street-topping results for Q4 and a strong forecast. The stock climbed 13% on the news.
The grocery store operator said Q4 EPS rose from last year to reach $0.42, exceeding analysts' consensus , which called for a figure of $0.37. Revenue rose 6% to $1.58B. For 2023, the company predicted net sales growth of 4% to 6%.
Bolstered by the quarterly results, shares pushed to an intraday 52-week high of $35.59. The stock moderated a bit from there but still closed at $34.80, an advance of $4.00 on the session.
Notable New Low
Hormel Foods ( HRL ) slumped in the wake of its quarterly report, sliding to a new 52-week low in the process. Shares finished the day lower by nearly 5%.
The packaged food giant came up short on both earnings and revenue , with a top-line figure that slipped by 1% from last year. Looking ahead, the company predicted net sales growth of 1% to 3% for 2023.
"The operating environment at the beginning of fiscal 2023 remained challenging," the company's CEO said. "While many areas of the business performed ahead of last year, our results were disappointing and below our expectations, reflecting the persistent impact from inflationary pressures, supply chain inefficiencies and lower-than-expected sales volumes across our business segments."
HRL closed trading at $41.83, a slide of $2.00 on the day. Shares also reached an intraday 52-week low of $40.72.
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Hot Stocks: SI craters 58%; CERT, SFM surge on earnings; HRL reaches 52-week low