Stocks edged higher after a choppy session on Tuesday, breaking a four-session losing streak. With the Christmas holiday approaching, investors are looking for direction following a Federal Reserve-inspired decline in recent weeks.
Even as the broader market stabilized, Tesla (TSLA) continued to push lower, extending its 52-week low. Meanwhile, FuelCell Energy (NASDAQ:FCEL) posted a double-digit percentage decline following the release of its quarterly report.
On the upside, DLocal (DLO) rallied on a stock buyback plan. At the same time, Verona Pharma (VRNA) surged following the release of clinical data.
Standout Gainer
Investors cheered a new stock buyback plan from DLocal (DLO), sending the stock higher by almost 11%.
The fintech announced a $100M stock repurchase plan. Meanwhile, the company also reported that certain shareholders have signaled their intent to engage in open market transactions to buy additional shares.
DLO jumped $1.41 to close at $14.60. Even with the advance, the stock has remained in a recent trading range, off a 52-week low of $9.03 reached in mid-November.
Standout Decliner
Earnings news sparked selling in FuelCell Energy (FCEL), which plunged almost 19% after missing expectations with its financial figures.
The clean energy company reported a quarterly loss that came in wider than analysts had projected, hurt by a sharp rise in operating expenses. Revenue also missed estimates.
FCEL dropped $1.03 to finish at $2.65. Shares also set an intraday 52-week low of $2.63. The stock has fallen 54% since the close of 2021.
Notable New High
Verona Pharma (VRNA) skyrocketed following the release of clinical trial data. The stock surged 38% to set a new 52-week high.
The company said that a phase 3 trial of its ensifentrine product met its primary and secondary goals. The study looked at the use of a nebulized form of the drug as a treatment for chronic obstructive pulmonary disease.
Bolstered by the data, VRNA concluded trading at $18.59, an advance of $5.10 on the day. During the session, the stock also reached an intraday 52-week high of $20.13.
Adding to gains seen during the summer, VRNA has now climbed over 380% in the past six months.
Notable New Low
The recent steady decline in Tesla (TSLA) continued, with the stock dropping another 8% to extend its 52-week low. Elon Musk’s EV maker has now lost nearly two-thirds of its value during 2022.
TSLA declined steadily through most of Tuesday’s trading, eventually finishing the day at $137.80, a slide of $12.07. Shares also touched an intraday 52-week low of $137.66.
With the retreat, the stock has now finished lower in 10 of the last 12 sessions. The recent slide has been spurred lower by concerns about Elon Musk’s recent Twitter purchase, which many investors fear could distract the TSLA CEO.
Monday’s trading took place amid reports that Musk was looking for a new CEO for the social media giant. This came after respondents of a Twitter poll over the weekend called for Musk to step aside as Twitter’s head.
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