Hot Stocks: HELE whipsaws after earnings; RPM rallies; CCRN falls on downgrade; DNA slips

While earnings season doesn’t start to ramp up until later this month, a couple of stocks showed notable moves in the wake of their quarterly reports in Wednesday’s midday action. RPM International (NYSE:RPM) advanced on its better-than-expected results, while Helen of Troy (HELE) whipsawed following its release.

Elsewhere, Ginkgo Bioworks (DNA) dropped on a proposed securities offering. Meanwhile, an analyst’s downgrade sparked selling in Cross Country Healthcare (CCRN).

Gainers

RPM International (RPM) gained ground following the release of its latest earnings report. Shares climbed more than 3% after the company beat expectations with its Q1 adjusted earnings.

RPM also reported robust revenue, with the top-line figure climbing 17% from last year. Looking ahead, the firm projected sales growth of 9%-12% for Q2, with adjusted EBIT expansion of 30%-40%.

In other earnings news, Helen of Troy (HELE) saw a volatile reaction to its earnings report. The stock initially plummeted after its quarterly update included a trimmed full-year outlook, with the stock slumping nearly 17% to open the session.

The early drop took HELE to a new intraday 52-week low of $85.32. However, shares bounced off that mark and staged a dramatic rebound during the morning. By midday trading, shares had topped $105 and were showing a gain on the session of nearly 3%.

Longer-term, HELE remains lower by 57% for 2022 as a whole.

Decliners

News of a proposed securities offering put pressure on Ginkgo Bioworks (DNA). The stock dropped more than 7% in intraday action after the biotech filed with regulators for a $500M mixed securities offering. Terms of a potential offering haven’t been set yet, but the transaction could include instruments like common stock, preferred stock and warrants.

In another notable decliner in intraday action, Cross Country Healthcare (CCRN) lost ground after receiving a cautious analyst comment. Shares slipped nearly 6% on the news.

The slide came after Truist downgraded the healthcare staffing firm to Hold from Buy. The analyst blamed changing labor market conditions, with a rise in unemployment likely lowering the demand for temporary labor.

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