Stocks rallied on Thursday, buoyed by Meta’s strong quarterly results. With a wave of tech buying, the Nasdaq led the rally, climbing 2.4%.
With Facebook’s parent company, Hasbro (NASDAQ:A) was another winner of the latest set of results reports. The stock posted a double-digit percentage rise after the toymaker released an upbeat forecast as part of its quarterly update.
Churchill Downs (CHDN) also jumped after the release of its financial figures, hitting a new 52-week high. On the downside, Morningstar (MORN) and Wolfspeed (WOLF) both dipped in the wake of their respective quarterly results.
Hasbro (HAS) received a boost from an upbeat outlook, although its latest quarter continued to show the impact of inventory issues. With investors focusing on forecasts, shares of the toymaker jumped nearly 15%.
HAS reported a disappointing quarterly profit for the first quarter, penalized by a drop of almost 14% in its revenues. However, the company was forecasting adjusted EPS of $4.45 to $4.55 for the full year, versus an analyst estimate of $4.39.
The pink projection sent the stock up $7.52 on Thursday, with shares closing the day at $58.93. With the advance, HAS reached its best ranking since mid-February.
A disappointing forecast included in the company’s quarterly earnings report caused a wave of sales at Wolfspeed (WOLF). The stock fell 20% on the news.
The semiconductor company posted a weaker-than-expected third-quarter loss, with revenue jumping 22% from a year ago. However, the company gave a weak guidance for the fourth quarter, announcing a loss of $0.17 to $0.23 per share on revenue of $212 million to $232 million. Analysts were looking for a loss of $0.12 per share on revenue of $234.6 million.
Driven by the forecast, WOLF fell $11.40 to close at $46. Shares also hit a 52-week intraday low of $44.25. Overall, the stock has fallen around 32% in 2023.
Notable new peak
A strong quarterly performance propelled Churchill Downs (CHDN) to a new 52-week high as shares of the horse racing company jumped 14% on the day.
The company said adjusted EBITDA jumped to $223 million in the first quarter from $129 million in the same period last year. Meanwhile, revenue hit a record high of nearly $560 million, with revenue from its Live and Historical Racing segment more than doubling from a year ago.
CHDN closed Thursday’s trading at $287.27, a $35.43 advance on the day. During the session, the stock hit a 52-week intraday high of $289.79. Looking further ahead, stocks jumped 37% in 2023.
New notable low
Morningstar (MORN) fell to a 52-week low following its quarterly report. With adjusted earnings falling from a year ago, stocks fell nearly 10% in the session.
The investment research firm said it posted a net loss for the period compared to profit for the same period last year. On an adjusted basis, the company posted a profit in the first quarter, but the figure fell 60% from the year-ago period.
“Despite the continued strength of our license-based products, soft credit issuance and market volatility have proven difficult for our other products and have had a significant impact on overall revenue growth and profitability,” said said the CEO of the company.
The financial numbers sparked a selloff in MORN, with shares plunging to a 52-week low at $163.28. The stock rallied a bit later in the day, eventually ending at $172.03, down $18.59 from the previous close.
For more on the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.