Thursday was another day of losses for the Dow and the S&P 500, with the indices posting their fifth straight day of declines. Another worrying inflation report dragged down indices. However, the Nasdaq managed to escape the downdraft, recovering from an early loss to finish with a tiny gain.
Disney (NYSE:DIS) was one of the victims of the general downward trend. The entertainment conglomerate stock fell to a new 52-week low.
Things were more dramatic for Novavax (NASDAQ:NVAX), which lost more than 25% of its value. The risks of allergies linked to its COVID vaccine weighed down on shares.
It was a good day for Grocery Outlet Holding Corp. (NASDAQ:GO), which continued its long-running rise, setting a new 52-week high. Angi (NASDAQ:ANGI) was one of the other most notable winners of the day. The company received a boost after posting solid monthly revenue.
Big Winner
An increase in monthly revenue triggered the purchase of Angi shares. The stock rebounded nearly 10% after the release of June performance indicators.
IAC, the company’s parent company, announced statistics showing that Angi saw a 27% increase in total revenue in June compared to the previous year. This included a doubling of revenue from Angi Services.
Angi ended Thursday’s action at $4.30, a gain of 38 cents on the session. Even with the rise, stocks remain in a trading range, following a 52-week low of $3.47 set in May. The stock has fallen around 54% in 2022.
Big Loser
Novavax fell around 26%, with the drop occurring despite news that the company has received US emergency use authorization for its COVID vaccine, Nuvaxovid. The slide came amid concerns about severe allergic reactions caused by the vaccine.
Novavax revealed on Wednesday evening that the US Food and Drug Administration had granted it emergency use authorization for Nuvaxovid, after a process that took much longer than expected. This followed similar approvals in several other countries.
However, European authorities announced that they would add severe allergic reactions to the list of potential side effects of the COVID vaccine undermined the positive impact of this news.
Concerned that the risk of potential reactions could push users towards competing products, Novavax plunged $18.33 to close at $51.62. Shares have dipped nearly 64% year-to-date, although the stock remains at a 52-week low reached in June.
Discount clearance retailer Grocery Outlet Holding Corp. saw another rise on Thursday as investors bet lower-priced options will attract increased demand in an environment of high inflation. The stock rose nearly 3% to hit a new 52-week high.
Grocery Outlet ended the session at $44.89, a $1.24 lead on the day. During trading, the stock hit a 52-week intraday high of $45.20.
The latest rise extended a longer-term rally for the stock. Grocery Outlet soared 57% in 2022.
Notable New High and New Low
The possibility of an economic wreck has put additional pressure on Disney. The stock slipped a further 1% during the session, dragging shares of the entertainment giant to a new 52-week low.
The release of hotter-than-expected wholesale inflation report prompted Disney to fall to a 52-week intraday low of $90.23. Shares rebounded later in the session but still closed down $1.16, ending the day at $91.84.
Persistently high inflation has fueled fears that it could force the Federal Reserve to trigger a recession as it aggressively hikes interest rates to combat rising prices. The prospect of an economic slowdown would reduce consumer spending, thus hurting the results of companies in the consumer discretionary sector like Disney.
Thursday’s slide added to a longer-term downturn. Shares have fallen about 41% far in 2022, pulling away from a 52-week high of $187.58 set last year.
Featured Image: Megapixl @ 4tomania
