Nikada
Stocks lacked a clear overarching catalyst in Monday's intraday trading, with the S&P 500 falling about 1.5%. Despite this general weakness, there were a lot of individual names that bucked the downward trend, including Veru (NASDAQ:VERU), which surged following its quarterly report.
Elsewhere, EHang Holdings (EH) added to recent gains, as the firm extends the momentum generated by its recent earnings report. Meanwhile, United Airlines (UAL) rose on an analyst's upgrade.
On the downside, Snowflake (SNOW) showed a notable midday decline, continuing to reverse a gain shown last week immediately after its earnings report.
Gainers
Veru (VERU) rose in intraday action, rising about 5% following the company's Q4 update. The advance came on optimism about the firm's experimental COVID therapy.
For Q4, the company's revenue dropped 36% from the same period last year. However, the company said that it was preparing to commercialize the COVID drug, called sabizabulin, even as the product undergoes review in the U.S. and other markets.
EHang Holdings (EH) added to earnings-inspired gains logged at the end of last week. Shares of the autonomous aerial vehicle technology platform rose almost 30% in intraday trading, adding to a 20% increase seen on Friday. The stock is on track for its seventh day of gains in the past eight sessions.
On Friday, EH reported a Q3 non-GAAP loss of $0.86 per share, with revenue that dropped 40% from last year. Still, shares rallied in response to the results, as investors focused on the firm's long-term prospects. "While the unfavorable market impact of the COVID-19 resurgence in China added pressure to our third-quarter results, we made meaningful progress in type certification and other areas that will fuel our long-term growth," CEO Huazhi Hu said.
United Airlines (UAL) rose about 2% in midday trading, bolstered by an upgrade from Morgan Stanley. The firm raised its rating on the airline to Overweight from Equal-weight, pointing to an international recovery and a new contract with its pilots.
Decliner
Snowflake (SNOW) rallied last Thursday following the release of its quarterly results, despite a weak Q4 forecast, as Wall Street focused on rising margins. However, the stock has reversed course in the last couple of sessions, including a nearly 8% decline in Monday's midday action.
SNOW rose almost 8% the day after it released its quarterly report. However, the stock trimmed its gains with an almost 3% decline on Friday. Monday's trading saw the stock fall more than $12 to around $137.50 at about 12:45 p.m. ET. This took it below its closing price last Wednesday, ahead of its earnings report.
For more on the day's biggest winners and losers, head over to Seeking Alpha's On The Move section.