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Hot stock: LYV falls as Taylor Swift continues to fail; STNE escalates in earnings; FTCH drops

Shares rallied on Friday, though trading remained volatile, following an uncertain pattern that has marked the past several sessions. The Dow and S&P 500 posted modest gains, while the Nasdaq gained only slightly.

Looking at individual stocks, StoneCo (STNE) posted a double-digit percentage gain following a stellar earnings report. Griffin (GFF) also showed strength a day after its own quarterly update, with the latest gain taking the stock to a new 52-week high.

On the other hand, the release of financial figures has spurred selling in Farfetch (NYSE:FTCH ONLY). Meanwhile, Live Nation Entertainment (lyv) fell to a 52-week low as government agencies reportedly opened an investigation regarding Taylor Swift’s handling of concert ticket sales.

Prominent bullies

Earnings news prompted buying into StoneCo (STNE), up 17% after the company’s third-quarter revenue exceeded management’s target. The company also anticipates continued growth in Q4.

Brazil-based fintech reported a 71% increase in quarterly revenue year-over-year to R$2.51 billion. Meanwhile, the company expects Q4 revenue above R$2.6 billion.

STNE rose $1.66 on earnings news, rising to $11.53. This continues to plague the stock, which just hit its highest close since the start of this month.

Longer-term, the STNE dropped to a 52-week low of $6.81, though it remains about 40% lower for the entirety of 2022.

Prominent denizen

far fetch (FTCH ONLY) fell sharply after its quarterly results. With the company posting a greater than expected loss During this time period, the stock has fallen about 11%.

The online fashion retailer reported sluggish revenue growth of 1.9% and Gross Merchandise, a key retail metric, was down about 5% year over year and lower than expected. analysts’ expectations.

The company also revised its full-year forecast, with the CFO explaining that “we made the strategic decision to prioritize profit margins over growth in this promotional market.”

FTCH ended Friday’s trading at $8.11, down $1.02 during the session. With the pullback, the stock has given up on the gains it made late last week, though it has remained well within its recent trading range.

Overall, in 2022, the FTCH is down about 76%. Still, the stock remains above its 52-week low of $6.52.

Remarkable new high

Griffin (GFF) added to the gains it has seen over the past few weeks, adding 9% to a new 52-week high. The advance comes a day after the company posted better-than-expected quarterly profit.

GFF rose $2.91 to close at $36.16. This advance adds to the gains announced over the past few weeks, with the stock up a total of nearly 21% over the past month.

On Thursday, the company released a quarterly report that included earnings that Exceeded analyst expectations. Revenue was in line with expectations, up 24% year-over-year to about $709 million.

Notable new lows

Live National Entertainment (lyv) fell nearly 8% to a new 52-week low, prompting reports that federal authorities had opened an investigation into the company following a messy pre-sale process for its upcoming tour. Taylor Swift.

Follow The New York TimesThe US Department of Justice has opened an antitrust investigation into the concert organizer, looking into the circumstances surrounding the ticket sales for Swift’s Eras Tour.

The newspaper reports that authorities are looking into whether the company, which owns Ticketmaster, has too much power in the live music business.

On the news, LYV fell to a 52-week intraday low of $65.05 during midday trading. Shares cut losses later in the session but still ended at $66.21, down $5.64 on the day.

For more on the best and worst performing stocks of the day, visit Looking for Alpha’s On The Move part.



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