Vertigo3d/E+ via Getty Images
Wall Street brushed off a warning from Microsoft on Thursday to finish the session with notable gains. With employment data on tap for the following day, the Nasdaq climbed nearly 2.7%, while the S&P 500 finished higher by 1.8%.
The rally included significant gains in Chewy (NYSE:CHWY). The beaten-down pandemic favorite jumped more than 20% following the release of better-than-expected quarterly results.
Meanwhile, CONSOL Energy (CEIX) continued the upward momentum that it has seen through most of the year so far. The coal producer expanded its 52-week high -- extending its 2022 advance to more than 140%.
Even with the general advance on Wall Street, C3.ai (AI) still finished the day lower following its quarterly update. Worries about slowing growth weighed on the stock.
Meanwhile, disappointing clinical trial results forced Immunic (IMUX) to lose nearly half its value. The stock also reached a new 52-week low.
Standout Gainer
The release of better-than-expected quarterly results spurred buying in Chewy (CHWY). The stock surged 24%, climbing to its highest level since early May.
The online pet supply retailer reported a profit for Q1, surprising Wall Street analysts, who had predicted a loss. Revenue climbed nearly 13% from last year to reach $2.43B -- also beating analysts' consensus.
CHWY finished Thursday's trading at $29.18, rising $5.68 on the session.
After a surge in 2020 and early 2021 amid increased pandemic demand, CHWY has been trending lower since last summer. The stock reached a 52-week low of $22.22 in mid-May and has spent the past several weeks in a range near that level.
Standout Loser
While it rebounded significantly during the session, C3.ai (AI) suffered selling pressure in the wake of its quarterly report. A wider Q4 loss and signs of slowing sales prompted a 5% slide in shares of the enterprise software company.
AI topped expectations with its quarterly results, with a loss that came in narrower than analysts had predicted and revenue that rose 38% from last year.
However, the company issued a disappointing forecast, predicting a top-line figure for fiscal 2023 of $308M to $316M. Analysts were projecting a total around $340M.
Following the quarterly results, AI dropped sharply in early trading, at one point showing a decline of nearly 19%. Shares began a recovery in the mid-morning, substantially cutting their losses by the close.
Still, AI finished the session lower by 91 cents at $17.62. Overall, the stock remains off a 52-week low of $13.37 sent in the first half of May. Shares have retreated 45% in 2022.
Notable New High
Coal producer CONSOL Energy (CEIX) continued its recent march higher, building on gains it has been accumulating since late January. The latest step higher allowed the stock to extend its 52-week high.
CEIX finished Thursday's trading at $56.63, an advance of $2.71. Shares also reached an intraday 52-week high of $57.39.
The stock ended January at $21.74, meaning CEIX has climbed 160% since that point. Over the past 12 months, shares have jumped 237%.
Notable New Low
Shares of Immunic (IMUX) fell off a cliff, plunging 47% following the release of data from a mid-stage trial of its lead asset. With the slide, the stock reached a new 52-week low.
IMUX revealed that its IMU-838 product failed a Phase 2 trial in ulcerative colitis. As a result, the company said it no longer has plans to pursue the development of the drug in UC without a partner.
IMUX cratered $11.10 to close at $3.14. During the session, the stock reached an intraday 52-week low of $2.52.
Thursday's slide accelerated a decline that has marked most of the past two months. Shares have fallen almost 75% since early April.
For more of the day's best- and worst-performing stocks, click over to Seeking Alpha's On The Move section.