Stocks closed sharply lower on Tuesday, pressured by aggressive comments from Federal Reserve Chairman Jerome Powell. The Dow led the main averages lower, falling 1.7%.
Regarding individual actions, WW International (NASDAQ:WW) jumped almost 80% after announcing a major acquisition. Meanwhile, Tidewater (TDW) added to recent gains to set a new 52-week high.
On the downside, Tremor International (TRMR) and Cara Therapeutics (CARA) slumped in their respective quarterly results.
outstanding winner
A wave of buying interest sent WW International (WW) up 79% after the company released its quarterly results and announced the acquisition of a telehealth platform.
The owner of weight loss brand Weight Watchers announced a mixed quarterly report, which included a nearly 20% drop in its fourth-quarter revenue. However, the company also announced the purchase of Sequence, a telehealth firm focused on weight issues.
Boosted by the news, WW rose $3.06 to end at $6.93. With the advance, the stock jumped to its highest level since mid-August. Still, the stock is still down 32% over the past year.
prominent decliner
Dragged down by weak quarterly results, Tremor International (TRMR) experienced a notable downdraft. Shares of the ad-tech company fell 13%.
TRMR reported a fourth quarter profit that was below expectations. Revenue increased 5% to nearly $108 million.
Looking ahead, the company lowered its adjusted EBITDA outlook, saying it now expects a 2023 figure of between $140 million and $145 million. TRMR said it expects global advertising demand to remain tight in the first half of the year and potentially longer.
TRMR ended up trading at $6.56, down 99 cents on the day. With the drop, the stock fell to its lowest close since early January.
new notable high
Tidewater (TDW) extended recent gains with an advance of nearly 6%. With the rally, the stock hit a new 52-week high.
The oil transportation company ended up trading at $51.78, up $2.84 on the day. The stock also hit a 52-week intraday high of $51.88. The advance extended a recent rally, with shares rising 13% last week.
In late February, the company announced its fourth quarter results and issued strong guidance for 2023. Overall, TDW is up 51% in 2023 and more than 180% in the past 12 months.
new notable low
The disappointing results prompted sales at Cara Therapeutics (CARA). Shares of the biotech plunged 33% after the company reported a bigger-than-expected loss and said it had enough cash on hand to operate through the first half of 2024.
CARA disclosed a fourth-quarter loss that narrowed from last year but still missed expectations. Revenues were also below projections.
The financial figures sent the stock tumbling $3.33 to close at $6.69. During the session, the stock hit a 52-week intraday low of $6.58.
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