Hot Stocks: AMC gives up early gains; PSFE, ROST rally on earnings news; FSLR declines
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Stocks showed gains in Wednesday's midday action, with the S&P 500 up about 1.7%, bouncing back from the previous day's decline. Even with the upward bias, meme-stock darling AMC (NYSE:AMC) had trouble holding its post-earnings pop, slipping into negative territory despite better-than-expected results.
First Solar (NASDAQ:FSLR) also got left out of the general midday advance, with the stock posting a double-digit percentage decline in the wake of weak guidance included in its quarterly update.
Meanwhile, Paysafe (NYSE:PSFE) and Ross Stores (NASDAQ:ROST) saw strength following their respective earnings releases.
Decliners
AMC (AMC) had turned lower by midday trading, reversing an early spike that took place in the immediate release of its earnings report. The movie theater chain and meme-stock favorite reported a quarterly loss that came in narrower than expected and the firm reported positive cash flow, with adjusted EBITDA coming in at a profit of $159M.
AMC rallied in Tuesday's after-hours trading following the earnings release and briefly showed a gain early in Wednesday's session. However, the stock gave up that early advance and posted a loss of 3% in intraday action.
Elsewhere in the market, First Solar (FSLR) dropped 11% after the maker of solar panels included disappointing guidance with its Q4 results. The company predicted a broad range for its 2022 profit, saying it expects a figure between breakeven and $0.60 per share.
Gainers
Paysafe (PSFE) rallied nearly 9% in midday trading following the release of its quarterly results. The provider of payment solutions reported adjusted EBITDA that rose 11% from last year to reach $105.5M. Revenue was basically flat with last year, but the total of nearly $372M topped expectations.
Ross Stores (ROST) also showed strength following its earnings report. The retailer exceeded expectations on both its top and bottom lines, bolstered by a 9% rise in comparable sales from the pre-pandemic levels of 2019.
ROST also announced a two-year stock repurchase plan worth $1.9B, as well as an increased dividend. The stock rose about 8% in midday action.
For more on Wall Street's biggest winners and losers, head over to Seeking Alpha's On The Move section.
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