Stocks went down on Tuesday, weighed down by concerns about upcoming inflation data and the start of the company’s earnings period. Continuing the weakness seen the previous day, the Nasdaq led the retreat with a 1% decline.
Service Today (NYSE: NOW) contributed to pessimistic market sentiment. The shares posted a double-digit percentage decline after the company’s CEO warned of the effects of the difficult macro environment.
Cardlytics (CDLX) is also included in the list of known rejecters. An analyst’s downgrade brought the stock to a new 52-week low.
Looking at some of the standout-only gains today, Canoo (GOEV) jumped more than 50% after announcing a significant order from Walmart (WMT). Meanwhile, Molson Coors (TAP) added recent gains to extend its 52-week high.
Standout Gainer
Canoo (GOEV) received a big increase from a new deal with Walmart (WMT). The order sent shares up 53% on the day.
GOEV announced that Walmart has agreed to purchase 4,500 all-electric delivery vehicles. The tie-up includes an option for up to 10,000 units.
The company said it plans to start producing the vehicles in late 2022, which is expected to hit the road in 2023.
Powered by the WMT deal, GOEV jumped $ 1.26 to close at $ 3.63. The advance was added to a recent rise, which cut shares from a 52-week low of $ 1.75 reached about two weeks ago.
Even with the advance, shares remain 55% lower for 2022. The stock will emerge at the 52-week high of $ 13.35 set in late November.
Unique Loser
A sad economic analysis from the company’s CEO resulted in a wave of sales in ServiceNow (NOW), which fell nearly 13% during trading on Tuesday.
Speaking to CNBC late Monday, ServiceNow CEO Bill McDermott said customers are reconsidering spending priorities amid rising macro headwinds. He specifically mentioned the rise in interest rates, the strong dollar, high energy costs and the ongoing conflict between Ukraine and Russia.
NOW ended trading Tuesday at $ 427.94, a decrease of $ 62.77 in the session. The slide brought the stock to the low end of a recent trading range, although it remains above the 52-week low of $ 406.47.
The shares have retreated since hitting the 52-week high of $ 707.60 reached last year. Shares have now fallen 40% from that level.
Extraordinary New High
An enthusiastic analyst analysis spurred the gains at Molson Coors (TAP), allowing the brewer to rise another 2% and extend its 52-week high.
Cowen analyst Vivien Azer pointed out that TAP boasts a higher percentage of U.S. sales, giving it an advantage over many of its competitors in the current economic situation.
“We are seeing success in the premium lighting segment for Coors Light and Miller Lite (which have been challenging to grow simultaneously). It reached its guide for mid-single-digit revenue growth this year, which driven by the US, ”the analyst said.
Boosted by the commentary, TAP rallied to an intraday 52-week high of $ 58.42. Shares moderated slightly at the close, ending trading at $ 57.40. This represents an advance of $ 1.34 per day.
In appearance, TAP has climbed 13% in the past month and is up more than 21% so far in 2022.
Noteworthy New Low
Cardlytics (CDLX) fell to a new 52-week low, as a cautious analyst comment prompted the stock to extend its recent weakness. Shares fell nearly 6% on the day.
The slide came as Craig-Hallum cut its rating on the advertising company to Hold from Buy, citing a “challenging” environment for consumer spending. The company also reduced its target price, reducing it to $ 20 from $ 50.
CDLX dropped 91 cents to close at $ 15.63. During the session, the stock reached its intraday 52-week low of $ 14.47.
Tuesday’s recession added to a longer period slide, in which the stock lost more than 77% of its value in 2022. Shares have fallen 87% over the past 12 months, if where the stock retreated from the 52-week high of $ 134.91 set last July.
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