The release of stronger-than-expected jobs data led to a lackluster session on Wall Street, as investors worried that the Federal Reserve would have additional runway to enact an aggressive plan to raise interest rates. The major averages finished Friday’s trading mixed, with the Nasdaq and S&P 500 posting modest losses and the Dow eking out a slim gain.
Cytokinetics (CYTK) also pushed notably higher, rising to a 52-week high in the wake of its quarterly report.
Turning to some of the day’s notable decliners, Warner Bros. Discovery (WBD) posted a double-digit percentage decline following the release of its financial figures. Meanwhile, Hyzon Motors (HYZN) plummeted to a new 52-week low on news of an internal investigation into some of its accounting.
Under the terms of the transaction, each IRBT share will be exchanged for $61 in cash. After completion of the deal, iRobot CEO Colin Angle will continue on as the venture’s chief executive.
IRBT finished Friday’s action at $59.54, a rise of $9.55 on the day. The advance added to an upswing the stock has seen since hitting a 52-week low of $35.41 in late June.
Even with the post-merger advance, IRBT remains about 13% lower for 2022 as a whole.
The media giant reported a quarterly loss of $3.42B. That included $2B in amortization of intangibles and a $1B charge related to restructuring and other items. The bottom line was also impacted by $983M in transaction and integration costs related to the merger of Discovery and Warner Bros.
WBD dropped $2.89 to close at $14.59. The slide reversed some of the gains posted in the last few weeks. The stock had reached a two-month high going into its quarterly release.
Notable New High
The biotech reported a quarterly loss that came in significantly narrower than analysts had predicted. The firm also reduced its projected spending for 2022 and added that it expects to end 2022 with more than $800M in cash, enough to fund its operations for two to three years.
Following the earnings release, CYTK got off to a slow start on Friday but surged in the middle of the day to reach an intraday 52-week high of $52.69. The stock moderated late in the session, eventually closing at $51.82. This represented an advance of $5.10 compared to the previous close.
The uptick took the stock past a previous high set in June. The stock has climbed 63% over the past 12 months.
Notable New Low
The company announced that it was delaying its earnings report and said its board of directors had appointed a committee to probe certain accounting matters. These related to revenue recognition timing and internal controls/procedures, primarily stemming from its China operations.
HYZN finished at $2.78, a decline of $1.71 on the session. During the day, the stock also reached an intraday 52-week low of $2.47.
Friday’s retreat reversed a recent upswing for the stock, adding to weakness shown earlier in the year. For 2022 as a whole, HYZN has lost about 60% of its value.
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