2023-03-10 12:10:44 ET
Stocks slumped during Friday's midday trading, weighed down by banking stocks, which came under pressure amid a crisis at SVB. A stronger-than-expected February jobs report also raised concerns about higher interest rates.
Tracking individual stocks that were making significant moves on the session, Wheaton Precious Metals ( WPM ) and National Beverage ( FIZZ ) gained following earnings results, whereas The Gap ( GPS ) plunged on weak financial figures.
Elsewhere, TG Therapeutics ( TGTX ) slipped after the U.S. drug pricing watchdog said the firm's price for a multiple sclerosis therapy is not low enough. Meanwhile, Peloton Interactive ( NASDAQ: PTON ) plunged after losing a patent case against Dish Network.
Gainers
Wheaton Precious Metals ( WPM ) shares advanced more than 4% on a strong outlook. Investors focused on the forecast, even as the firm issued a Q4 earnings miss .
"Even in the current inflationary environment, Wheaton averaged 75% cash operating margins in 2022," said Randy Smallwood, president and CEO. "With one of the strongest balance sheets in the industry, we enter 2023 exceptionally well-positioned to deliver long-term shareholder value through the significant organic growth profile already embedded in the portfolio as well as through additional accretive acquisitions."
National Beverage ( FIZZ ) also jumped on earnings news. Shares rose around 7% after the company reported Street-beating Q3 results . The company reported a gross margin rate of 35% and EPS growth of 12% Y/Y.
Decliners
The Gap ( GPS ) plunged more than 5% after holiday quarter earnings and comparable sales fell short of expectations. The company reported comparable sales of -5% vs. consensus of -2.7%.
On the guidance front, the company sees 2023 sales decreasing in the low to mid-single digit range compared to last year.
Elsewhere, TG Therapeutics ( TGTX ) shares fell more than 13% after the U.S. drug pricing watchdog, Institute for Clinical and Economic Review, or ICER, said that the company should price its multiple sclerosis therapy Briumvi between $16.5K – $34.9K. The company priced it with an annual price tag of $59K.
Among other notable decliners, Peloton Interactive ( PTON ) saw a downside of ~9% on losing a patent case against Dish Network. The U.S. International Trade Commission issued a ban on imports of video-streaming fitness devices made by the company.
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: WPM, FIZZ rise on earnings; GPS and TGTX slide; PTON drops on patent case