Hot Stocks: DIS sets 52-week low; NVAX plunges; ANGI rises on monthly data; GO sets 52-week high

Jul. 14, 2022 5:57 PM ETThe Walt Disney Company (DIS)NVAX, ANGI, GOBy: Brian Stewart, SA News Editor21 Comments

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Another day, another unsettling inflation report. And for the Dow and S&P 500, another day of losses, with the indices each posting their fifth consecutive day of declines. However, the Nasdaq managed to escape the downdraft, recovering from an early loss to finish with a fractional gain.

Disney (NYSE:DIS) was among the victims of the general downward pressure. Shares of the entertainment conglomerate slipped to a new 52-week low.

More dramatically, Novavax (NVAX) lost more than a quarter of its value, weighed down by allergy risks connected to its COVID vaccine.

Looking to some of the day's standout gainers, Angi (ANGI) received a boost thanks to strong monthly revenue. Meanwhile, Grocery Outlet Holding Corp. (GO) continued its long-standing march higher, setting a fresh 52-week high.

Standout Gainer

A surge in monthly revenue sparked buying in shares of Angi (ANGI). The stock rallied nearly 10% after the release of June performance metrics.

IAC, the company's parent, announced statistics showing that ANGI experienced a 27% jump in total revenues for June compared to the previous year. This included a doubling of revenue for Angi Services.

ANGI finished Thursday's action at $4.30, a gain of 38 cents on the session. Even with the uptick, shares remain in a trading range, off a 52-week low of $3.47 set in May. The stock has fallen about 54% in 2022.

Standout Loser

Novavax (NVAX) dropped around 26%, with the plunge happening despite news that the firm received U.S. emergency use authorization for its COVID vaccine, Nuvaxovid. The slide came amid worries about severe allergic reactions tied to the product.

After a process that took much longer than many had anticipated, NVAX revealed late Wednesday that the U.S. Food and Drug Administration had given it the emergency use authorization for Nuvaxovid. This followed similar approvals in multiple other countries.

However, the positive impact of this news was undercut by an announcement from European authorities that they would add severe allergic reactions to the list of potential side effects for the COVID vaccine.

On fears that the risk of potential reactions would drive users to competing products, NVAX plunged $18.33 to close at $51.62. Shares have fallen nearly 64% so far this year, although the stock remains off a 52-week low it reached in June.

Notable New High

Discount closeout retailer Grocery Outlet Holding Corp. (GO) saw another uptick on Thursday, with investors betting that low-price options will draw increased demand in a high-inflation environment. The stock rose almost 3% to set a new 52-week high.

GO finished the session at $44.89, an advance of $1.24 on the day. During trading, the stock reached an intraday 52-week high of $45.20.

The latest uptick extended a longer-term rally for the stock. GO has climbed 57% in 2022.

Notable New Low

The possibility of a sinking economy put further pressure on Disney (DIS). The stock slipped an additional 1% during the session, driving shares of the entertainment giant to a fresh 52-week low.

The release of a hotter-than-expected wholesale inflation report prompted DIS to fall to an intraday 52-week low of $90.23. Shares bounced back later in the session but still closed lower by $1.16, ending the day at $91.84.

The persistence of high inflation has fueled fears that the Federal Reserve will be forced to trigger a recession as it aggressively raises interest rates to get price increases under control. The prospect of an economic downturn would undercut consumer spending, hurting results for companies like Disney (DIS).

Thursday's slide added to a longer-term downturn. Shares have fallen about 41% so far in 2022, coming further off a 52-week high of $187.58 set last year.

For more of the day's best- and worst-performing stocks, turn to Seeking Alpha's On The Move section.

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