Hot Stocks: Solar Stocks Rally; GROV jumps 84%; HELE falls on guidance; ICTC jumps

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Shares rose on Thursday, adding to the gains posted the day before. Tech and consumer discretionary stocks helped lead the rally, with the Nasdaq rising more than 2%.

Solar and clean energy stocks found themselves in the vanguard of Thursday’s advance. Stocks like Daqo New Energy (DQ), Jinko Solar (JKS), Network technologies (ARRY) and Canadian Solar (CSIQ) benefited from headlines related to lower tariffs and government stimulus measures.

Elsewhere, Grove Collaborative (NYSE: GROV) was another of the most notable gainers of the day, growing more than 80% thanks to an increased presence in the retail sector. On the other side of the spectrum, Helen of Troy (HELE) came under selling pressure after posting a disappointing forecast.

Focus on the sector

Solar and clean energy stocks were boosted by some news on the international trade front. Reports suggest China is considering a potential $220 billion stimulus package. At the same time, the United States is lifting tariffs on solar products from Canada.

Daqo New Energy (DQ) was among the best performers in the group, climbing almost 15%. JinkoSolar (JKS) was another notable gainer, surging 14% and hitting a new 52-week high.

Among other notable gainers in the group, Array Technologies (ARRY) climbed nearly 11%, while Canadian Solar (CSIQ) rose nearly 10%.

Outstanding Winner

Grove Collaborative (GROV) soared 84% after revealing “significant retail expansion” for its flagship brand, including a larger footprint at Target as well as the addition of more retail partners.

GROV said it has doubled its product assortment at Target since its launch last year. At the same time, he added relationships with Kohl’s, Giant Eagle and Meijer.

The news sent shares skyrocketing to $3.37 that day, with the stock eventually closing at $7.37. GROV went public last month in a SPAC transaction and has had a volatile trading career so far. The shares hit a high of $12.39 and hit a low of $4.30 earlier this month.

Outstanding Loser

Helen of Troy (HELE) fell after the release of its quarterly results, slipping nearly 9% after the beauty and home goods retailer provided a disappointing forecast.

HELE beat expectations with its first quarter results but issued a weak forecast for the rest of the year. Blaming a significant change in the macroeconomic outlook, the company forecast annual revenue of $2.15 billion to $2.2 billion. Analysts were looking for a total of around $2.4 billion.

Driven by the forecast, HELE retreated $15.14 to close at $154.75. Shares remain at a 52-week low of $149.03 hit in mid-June. The stock has fallen around 37% in 2022.

Notable new peak

A bullish comment from an analyst helped propel CTI BioPharma (CTIC) to an 18% lead, building on the stock’s accumulated gains over the past few months and sending it to a new 52-week high.

Cowen kicked off the title cover with an outperform note, touting the potential of the company’s Vonjo product. The drug is approved by the United States Food and Drug Administration for thrombocytopenic myelofibrosis.

Boosted by the bullish commentary, CTIC hit a 52-week intraday high of $7.12. Eventually, the stock closed at $7.10, a gain of $1.10 on the day.

Shares have risen since early March, buoyed by the original news that Vonjo had received the green light from the FDA. CTIC has jumped around 185% so far in 2022.

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