Driven lower by the release of another hotter-than-expected inflation statistic, Wall Street suffered a setback on Friday. The Nasdaq led the slide, declining by 1.7%.
Looking at individual stocks, Carvana (NYSE:CVNA) represented one of the day’s standout decliners, losing more than a fifth of its value after announcing a weak quarterly update. Meanwhile, 3M (MMM) extended its recent slide, pushing to a new 52-week low.
On the other side of the spectrum, Beyond Meat (BYND) and Alamo (ALG) jumped after announcing their respective quarterly reports.
Standout Gainer
The announcement of quarterly results spurred buying in Beyond Meat (BYND), with the stock surging 10%. The maker of plant-based meat substitutes reported Street-beating Q4 results and offered an upbeat guidance.
For Q4, the company reported a narrower-than-expected loss. Revenue dropped 21% from last year, but the figure still came in above the amount analysts were projecting.
Looking ahead, BYND’s CEO underlined the firm’s goal of reaching cash flow positive operations within the second half of 2023. Meanwhile, the firm targeted full-year revenues of $375M-$415M.
Boosted by the earnings news, BYND finished trading at $18.88, an advance of $1.74 on the day. The stock recorded its highest close since early February.
Standout Decliner
The release of disappointing quarterly results sent Carvana (CVNA) sharply lower. Shares of the online car dealer plummeted 21% after the company’s loss came in dramatically wider than analysts were predicting.
The firm reported Q4 revenue of $2.8B, a slide of 24% from last year. The total also missed expectations by more than $200M. The number of units sold dropped 23%.
“On retail units, we currently expect a sequential reduction in retail units sold in Q1 2023 compared to Q4 2022, as we continue to normalize our inventory size, optimize marketing spend, and make progress on our profitability initiatives,” the company said.
CVNA dropped $2.07 to close at $8.01. Shares recorded their lowest close since late January. Still, with a surge early in the year, the stock remains 73% higher for 2023 and well above its 52-week low of $3.55.
Notable New High
Alamo (ALG) soared 10% to set a new 52-week high, fueled by the release of stronger-than-projected financial figures.
The maker of equipment for vegetation management and infrastructure maintenance reported Q4 EPS of $2.44, topping projections by $0.54. Revenue climbed 15% to reach nearly $387M.
“The combination of double-digit sales growth, price leverage, improving efficiencies, and spending restraint produced the highest quarterly earnings per share in our history,” the company said.
ALG finished Friday’s trading at $178.25, rising $16.32 on the day. During the session, the stock touched an intraday 52-week high of $181.02.
Notable New Low
3M (MMM) added to recent weakness to reach a nearly 10-year low, falling 1% on the session. This added to a recent downtrend, recently spurred by weak results from home improvement retailer Home Depot, which provided a cautious signal for MMM’s consumer segment.
During Friday’s trading, MMM retreated to an intraday 52-week low of $106.76 before trimming its losses in the final hours of the session. The stock eventually closed at $107.80, a decline of $1.45 on the day.
The slide marked the fourth consecutive day of declines and the sixth retreat in the past eight sessions. Shares have slumped nearly almost 12% so far in 2023. MMM is down about 28% over the past 12 months.
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