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Shares edged decrease for the second day in a row on Tuesday, as traders positioned themselves forward of the Federal Reserve’s rate of interest resolution, due out throughout Wednesday’s buying and selling. The market is extensively anticipating one other charge hike of 75 foundation factors.
Whereas macro considerations set the general tone, earnings information continued to be a significant driver for particular person shares. This included Varonis (VRNS), which misplaced greater than a 3rd of its worth on weak outcomes and a diminished forecast.
Earnings information additionally prompted a promoting spree in Zebra Applied sciences (ZBRA), which fell to a 52-week low on its quarterly report. On the opposite facet of the spectrum, IDEXX Laboratories (IDXX) acquired a lift from the discharge of its monetary figures.
In different information, Abiomed (NASDAQ:ABMD) was one of many day’s standout gainers, boosted by a takeover deal signed with Johnson & Johnson (JNJ).
Standout Gainer
The discharge of quarterly outcomes prompted shopping for in IDEXX Laboratories (IDXX). Shares of the supplier of diagnostic testing for the pet and livestock markets jumped nearly 10% on the information.
IDEX stated its quarterly revenue rose almost 13% from final yr, topping expectations, boosted by improved margins. This got here on income development of about 4%. Natural top-line development reached 8% however the headline determine was hemmed in by unfavorable forex trade.
Shares rallied $35.25 to shut at $394.93. The advance added to a latest upswing, as IDEX has come off a 52-week low of $317.06. With Tuesday’s acquire, the inventory reached its highest end since mid-August.
Standout Decliner
Decrease-than-expected Q3 outcomes and a slashed forecast triggered a wave of promoting in Varonis (VRNS). Shares of the info safety agency cratered by 35%.
VRNS missed projections on each its high and backside strains. The corporate additionally lowered its full-year forecast, saying it now expects adjusted EPS of $0.14-$0.15. Beforehand, the agency had projected $0.19-$0.22.
In giving the diminished steering, VRNS cited macroeconomic headwinds and overseas forex weak spot.
VRNS completed Tuesday’s buying and selling at $17.27, a decline of $9.50 on the day. The inventory additionally touched an intraday 52-week low of $17.01. All advised, shares have retreated almost 65% for the reason that shut of 2021.
Notable New Excessive
Cardiac pump maker Abiomed (ABMD) skyrocketed almost 50% after agreeing to a takeover deal from healthcare big Johnson & Johnson (JNJ). With the advance, the inventory set a brand new 52-week excessive.
Below the settlement, ABMD will obtain an upfront cost of $380 per share in money. Together with debt, the transaction has a complete worth of about $16.6B.
Spurred increased by the merger deal, ABMD completed buying and selling at $377.82, climbing $125.74 on the session. Through the session, the inventory reached an intraday 52-week excessive of $381.99.
Notable New Low
Zebra Applied sciences (ZBRA) plunged within the wake of its newest earnings report as a disappointing revenue and falling income sparked a 16% slide in its share value. The inventory additionally reached a brand new 52-week low.
The maker of merchandise like barcode printers and scanners reported a Q3 non-GAAP revenue of $4.12, lacking projections by over 10%. In the meantime, income fell 4% to $1.38B — $100M under consensus.
Wanting forward, ZBRA gave a disappointing forecast for This autumn, saying it now expects a revenue between $4.50 and $4.80 per share. Analysts had been searching for a determine of round $5.15 per share.
Dragged down by the earnings information, ZBRA plummeted to an intraday 52-week low of $237.28. The inventory trimmed its losses barely earlier than the shut however nonetheless completed at $238.30, a decline of $44.92.
With Tuesday’s slide, ZBRA reversed a gentle restoration it had posted within the second half of October. The inventory is now about 59% decrease for 2022 as a complete.
For extra of the day’s best- and worst-performing shares, head over to In search of Alpha’s On The Transfer part.
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