2023-04-19 18:12:50 ET
The latest round of earnings releases led to another day of uncertainty on Wall Street. The major averages finished near the unchanged mark, continuing the lackluster action of the last few days.
Looking at individual stocks, Western Alliance ( WAL ) expanded its value by nearly a quarter, bolstered by earnings news. Elsewhere, Boston Scientific ( NYSE: BSX ) extended gains it has seen over the past month to set an all-time high.
On the downside, CDW ( CDW ) slumped in the wake of its quarterly results. At the same time, a disappointing profit figure sent Nicolet Bankshares ( NIC ) to a new 52-week low.
Standout Gainer
The release of quarterly results sparked buying in Western Alliance ( WAL ), which jumped 24% after the bank revealed better-than-expected earnings and reported stabilizing deposits in the wake of the turmoil caused by the recent banking crisis.
The company reported Q1 EPS of $2.30, rising from last year on a 28% surge in adjusted net revenue. Meanwhile, deposits totaled $47.6B, a drop of 11% from Q4. The deposits figure was 9% lower from the same period last year.
WAL closed at $40.35, an advance of $7.84 on the day. This added to a recent upswing, which has seen shares climb 28% in the past week.
The stock plunged in mid-March amid concerns sparked by the collapse of Silicon Valley Bank, falling from a level near $72 to a close of $26.12 on March 13.
Standout Decliner
Shares of CDW ( CDW ) took a hit after the IT products provider revealed a quarterly preliminary sales figure that came in below expectations .
The company reported Q1 net sales of $5.1B, below the nearly $5.6B that analysts were predicting. "The first quarter was marked by a period of intensifying economic uncertainty that led our customers to spend more cautiously and prioritize mission-critical initiatives," the firm's CEO stated.
In response to the sales figure, CDW dropped $25.17, ending the session at $165.12. With the retreat, the stock fell to its lowest level since October.
Notable New High
Boston Scientific ( BSX ) added to its recent upward momentum, climbing another 2% and reaching a fresh all-time high .
Shares of the medical device maker rose in the first hour of trading and, after sideways action through much of the rest of the day, added to its gains heading into the close. Shares touched an intraday 52-week high of $52.92 before closing at $52.89, a gain of $1.28 on the session.
The advance resumed an upswing after two days of mild gains. Prior to those dips, BSX had recorded a streak of 13 higher finishes over the course of 15 sessions.
The stock has climbed 8% over the past month and nearly 15% so far in 2023.
Notable New Low
Nicolet Bankshares ( NIC ) dropped on earnings news, slumping almost 4% to reach a new 52-week low.
The company recorded Q1 non-GAAP EPS of $1.45, missing expectations by $0.22. "Despite the volatility the banking industry has witnessed in the past 45 days, Nicolet remains extremely well-positioned to take advantage of any future disruption," the company's CEO assured investors.
Hurt by the disappointing results, NIC declined $2.36 to close at $57.95. During the session, the stock reached an intraday 52-week low of $55.10. Overall, the stock has fallen 10% in the past month and 27% so far in 2023.
For more on the day's best- and worst-performing stocks, head over to Seeking Alpha's On The Move section .
For further details see:
Hot Stocks: WAL surges on earnings; CDW, NIC decline; BSX sets new high