A strong earnings report from Meta Platforms propelled the Nasdaq to a 3.3% advance on Thursday, pushing the index above 12,000 for the first time since September. The S&P 500 also rose, while the Dow recorded a slight decline.
Corporate results represented the main catalyst during the session, with Align Technology (ALGN) expanding its value by more than a quarter after announcing its financial figures. W.W. Grainger (NYSE:GWW) took advantage of a standout earnings performance to reach a new 52-week high.
The maker of dental alignment products said its quarterly revenue fell 13% from last year to hit $901.5M. However, the figure was up 1% sequentially and exceeded the $882M that analysts were predicting.
ALGN finished Thursday's trading at $359.88, an advance of $77.35 on the day. This added to gains posted since the stock reached an intraday 52-week low of $172.05 in November. Meanwhile, shares have climbed almost 70% so far in 2023.
Citing an "extremely challenging environment," Hanesbrands (HBI) reported weak earnings and a soft forecast, sending shares lower by almost 28%.
The underwear and casual apparel maker reported Q4 non-GAAP EPS of $0.07, coming in a penny below projections. Revenue fell 16% to reach $1.47B. Looking ahead, the firm projected 2023 net sales of $6.05B-$6.20B, below the $6.23B that analysts were looking for.
Weighed down by the earnings news, HBI plunged $2.43 to finish at $6.28. The slide reversed gains posted over the previous several weeks. The stock recorded its lowest close since late December.
Notable New High
The supplier of maintenance and repair products reported Q4 EPS of $7.14, above the $7.00 that analysts were looking for. This came as sales jumped 13% to $3.8B.
GWW also issued an upbeat forecast. The company said sales would total $16.2B-$16.8B, compared to a consensus of around $16B.
The release of the quarterly update sent GWW higher by $76, ending the session at $675.57. During the day, shares reached an intraday 52-week high of $676.12.
Thursday's rally accelerated an upswing over the past couple of weeks. Shares have climbed 23% since its close on Jan. 19.
Notable New Low
The provider of satellite radio services edged past projections with its Q4 earnings. The firm's revenue was stagnant with last year at $2.28B. For 2023, the firm projected a top-line figure of $9B, below the $9.3B that analysts were targeting.
Hurt by the financial figures, SIRI slumped to an intraday 52-week low of $5.26. The stock trimmed its losses later in the day but still ended at $5.30. This was down 56 cents compared to the previous close.
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