Hot Stocks: SWBI rises on Supreme Court ruling; WE gets bullish rating; APOG earnings; TM dips on recall

view original post

Smith & Wesson (NASDAQ:SWBI) stepped into the spotlight during Thursday’s midday trading, bolstered by a favorable Supreme Court ruling. WeWork (WE) also showed strength, boosted by a bullish analyst comment.

Elsewhere, earnings news drove buying in Apogee (APOG).

Looking to the downside, Toyota (TM) received some investor skepticism during intraday action. Shares dipped on news of a recall for a new electric SUV.

Gainers

A Supreme Court ruling sparked intraday buying in Smith & Wesson (SWBI). The gun maker rose nearly 7% after the highest U.S. court struck down a restrictive gun law in New York.

In other news, WeWork (WE) surged 9% in intraday trading, following a bullish comment from Credit Suisse. The firm initiated coverage of the workspace sharing company at Outperform, calling WE “well-positioned” in the industry.

“We view Work From Home as a long-tailed overhang to demand for traditional office space,” Credit Suisse analyst Tayo Okusanya wrote, highlighting WE’s ability to “take advantage of the structural demand drivers for the flex office industry.”

Meanwhile, the list of midday gainers also included Apogee (APOG), which advanced on strong earnings news. The architectural services company breezed by expectations with its bottom-line figure, with revenue climbing almost 10% to $357M.

The company also raised its forecast for 2022. APOG now sees a profit between $3.50 and $3.90 per share, above the $3.08 per share that analysts are predicting.

APOG also raised its stock buyback authorization by 1M shares. The stock rose about 7% following the earnings report.

Decliner

Toyota (TM) edged lower in midday trading following the announcement of a recall of its electric SUVs. The car maker said it has recalled the entire fleet of its bZ4X vehicle, a model it released less than two months ago.

The move came on concerns about bolts used on the vehicle’s wheels. TM reported that it is investigating the cause of the defect. Non incidents have been reported.

For more on the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.

Related Posts