Hot Stocks: AFRM jumps on earnings; casino stocks rise; FIGS plunges; PAG hits high
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Wall Street saw a surge of bargain hunting on Friday. The Nasdaq paced the advance, jumping by nearly 4%. Affirm (AFRM) was another standout gainer on the session. Penske Automotive (PAG) also showed strength. FIGS (FIGS) plunged on a weak quarterly report. New Relic (NEWR) hit a fresh 52-week low.
There are signs that the COVID-related shutdowns in Shanghai might be lifted soon. This would boost the demand for casinos in Macau. Las Vegas Sands jumped about 15%, Wynn Resorts climbed about 13%, and Caesars Entertainment advanced around 10%.
Affirm shares rose 31% on the day after the release of its quarterly report. The company predicted a sustained profitability run rate by the middle of 2023.
FIGS (FIG) reported disappointing earnings and revenue for the first quarter. The stock fell nearly 25% on Friday. FIGS has lost about half its value over the past month. AFRM jumps on earnings.
Penske Automotive (PAG) increased its quarterly dividend by 6% to $0.50 per share and increased the stock repurchase plan to $250M. PAG's stock price rose $6.92 on Friday to close at $115.94.
New Relic's stock fell 3% to a new 52-week low. The company reported a wider loss than expected, but revenue rose by 19%. CFO Mark Sachleben will retire after 14 years with the company. NEWR plunged in February after a disappointing earnings report.
