56.5 F
Laguna Hills
Thursday, Feb 29, 2024
-Advertisement-

Midday Stock Roundup: Montrose Environmental Up 24%

Q4 Earnings Beat Analysts' Expectations

Feb. 29

ENVIRONMENTAL

Montrose Environmental Group Inc. (NYSE: MEG) rose 24% to $40.92 and a $1.2 billion market cap. The environmental consulting firm, with much of its operations based in Irvine, today reported fourth-quarter revenue of $165.7 million, surpassing analysts’ expectations of $157.3 million.

HEALTHCARE

Inari Medical Inc. (Nasdaq: NARI) fell 19% to $47.21 and a $2.7 billion market cap. Shares in the Irvine-based medical device company hit a 52-week low of $46.59 after reporting a loss of 8 cents per share in yesterday’s fourth-quarter results, missing the Zacks consensus estimate of 1 cent per share.

–Yuika Yoshida


Feb. 28

HEALTHCARE

ICU Medical (Nasdaq: ICUI), the San Clemente-based supplier of infusion therapy-related medical equipment, rose 6.7% to $113.98 per share for a market cap of $2.8 billion. The company yesterday reported adjusted fourth-quarter earnings of $1.57 per share, beating analysts’ estimates, while revenue for the period was 4% above estimates.

Orange’s Alignment Healthcare Inc. (Nasdaq: ALHC), which sells Medicare Advantage insurance to seniors, fell 20% to $5.56 per share for a market cap of $1.1 billion a day after posting earnings that included a net loss of $148.2 million for the full year 2023. “Alignment Healthcare posts loss despite Medicare Advantage enrollment that’s on the rise,” Forbes magazine said after the earnings release.

Kevin Costelloe

Feb. 27

HEALTHCARE

Alignment Healthcare Inc. (Nasdaq: ALHC), which sells Medicare Advantage insurance to seniors, rose 13% to $7.01 per share for a market cap of $1.3 billion. The Orange-based company is scheduled to release fourth-quarter and full-year earnings later today, with analysts predicting a jump in revenue.

AEROSPACE

Tustin-based space tourism company Virgin Galactic Holdings Inc. (NYSE: SPCE) rose 6% to $1.89 per share for a market cap of $754 million.  The company’s stock outperformed competitors yesterday on a “strong trading day,” according to investor website MarketWatch. Virgin Galactic will release earnings later today.

INDEXES

The yield on a 10-year Treasury bond fell 1.9% to 4.3%.

                                                                          –Kevin Costelloe

 

 

Feb. 26

TECHNOLOGY

BioLargo Inc. (OTC: BLGO) jumped 18% to 35 cents a share and a $102 million market cap. Shares in the Westminster-based environmental engineering firm have more than doubled since Dec. 16.

HEALTHCARE

BioCorRX Inc. (OTC: BICX) rose 17% to 98 cents a share and a $8.4 million market cap. Shares in the Anaheim-based maker of substance abuse treatments are off 56% from their 52-week high last July.

INDEXES

Crude oil increased 2% to $77.98 a barrel.

The yield on a 10-year treasury bond gained 1.2% to 4.309%.

–Kaitlin Aquino


Feb. 23

TECHNOLOGY

Aliso Viejo-based indie Semiconductor Inc. (Nasdaq: INDI) fell 14% to $5.91 a share and a $958 million market cap. The automotive tech company’s first quarter revenue forecast of $56 million missed analysts’ consensus projection of $76 million.

HEALTHCARE

Glaukos Corp. (NYSE: GKOS) rose 1.6% to $92.90 a share and a $4.6 billion market cap. The Aliso Viejo glaucoma treatment maker yesterday reported $82 million in fourth quarter revenue, which beat analysts’ expectations.

INDEXES

Crude oil slipped 2.8% to $76.41 a barrel.

The yield on a 10-year bond decreased 1.6%to 4.256%.

–Kaitlin Aquino


AUTOMOTIVE

Rivian Automotive Inc. (Nasdaq: RIVN) fell 26% to $11.42 and a $11 billion market cap. Shares in the Irvine-based EV maker today hit a 52-week low of $11.06 when it forecast producing 57,000 vehicles for 2024, well below the expected 80,000.

HEALTHCARE

Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) rose 4% to $31.31 and a $1 billion market cap. The Irvine-based drugmaker today announced positive topline results from a trial of its oral therapeutic aimed at preventing Lyme disease.

INDEXES

S&P 500 rose 1.8% to 5,069.03.

Nasdaq increased 2.5% to 15,971.58.

–Yuika Yoshida


Feb. 21

BIOTECH
NKGen Biotech Inc. (Nasdaq: NKGN) dropped 20% to $1.00 and a $21 million market cap. Shares of the Santa Ana biotechnology company focused on “natural killer therapeutics” are at their lowest since the company went public in October.
INSURANCE
Alignment Healthcare Inc. (Nasdaq: ALHC) fell 5.2% to $6.45 and a $1.2 billion market cap. Shares have fallen 28% since Jan. 8 when it reported membership enrollment that disappointed some investors. The Orange-based provider of Medicare Advantage insurance plans is expected to report fourth-quarter results on Feb. 27.
MARKETS:Crude oil declined 1.1% to $77.85 a barrel.
                                                                                                    –Peter J. Brennan

Feb. 20

MEDIA

Vizio Holding Corp. (NYSE: VZIO) surged 15% to $10.95 per share for a market cap of $2.2 billion after retail giant Walmart (NYSE: WMT) said it is buying the Irvine-based TV maker and media company for $2.3 billion.

HEALTHCARE

Shares in enVVeno Medical Corp. (Nasdaq: NVNO) rose 16% to $5.84 apiece for a market cap of $78 billion, with volume at three times the daily average. The company today announced that topline efficacy data from the VenoValve U.S. pivotal trial will be presented at the 2024 American Venous Forum Annual Meeting being held March 3-6 in Tampa,

MARKETS

The Nasdaq was down 1.6% to 15,526.12.

Kevin Costelloe

 —

 

Feb. 16

TECHNOLOGY 

Ducommun Inc. (NYSE: DCO) fell 3.8% to $49.63 with a market cap of $724 million. The Santa Ana-based aerospace, defense and industrial component maker reported on Thursday fourth-quarter revenue of $192 million up 2.1% year-over-year, and below consensus expectations, and earnings of 70 cents per share beating the Zacks consensus estimate of 59 cents per share. 

RESTAURANTS 

Huntington Beach-based BJ’s Restaurants Inc. (Nasdaq: BJRI) was up 4.3% to $37.01 apiece and a $860 million market cap. The restaurant chain yesterday reported fourth-quarter adjusted profit of 34 cents a share, topping the Zacks consensus estimate of 27 cents.

INDEXES 

Oil is up 1.3% to $79.03 per barrel.  

The yield on a 10-year Treasury bond rose 1.53% to 4.305%.

–Emily Santiago-Molina


Feb. 15

BANKS

Pacific Premier Bancorp Inc. (Nasdaq: PPBI) rose 4.7% to $24.82 and a$2.4 billion market cap. The KBW Bank Index climbed 2% today as regional banks rallied. Banc of California, which has its co-headquarters in Santa Ana, also climbed 7% today.

ENERGY

Clean Energy Technologies Inc. (Nasdaq: CETY) fell 27% to 79 cents and a $30.7 million market cap. Shares in the Irvine-based provider of clean energy services yesterday quadrupled to as high as $2.39 before closing at $1.08. The company hasn’t reported any news in the past eight days nor is there any known analyst report.

INDEXES

Oil rose 2.2% to $78.32 per barrel.

–Yuika Yoshida


Feb. 14

ENERGY

Clean Energy Technologies Inc. (Nasdaq: CETY) shot up 268% to $1.94 and a $76 million market cap. Volume topped 12 million shares, more than 350 times the daily average of 33,000. The Irvine-based provider of clean energy services hasn’t issued a press release in a week and there were no known analyst reports published.

MEDIA

Vizio Holding Corp. fell 2.5% to $9.51 and a $1.9 billion market cap. The shares jumped 25% yesterday after the Wall Street Journal reported Walmart Inc. was in discussions to buy the Irvine-based seller of televisions and an ad platform for $2 billion.

MARKETS
The yield on a 10-year bond fell 1.043% to 4.271%.

                                                                                                      –Peter J. Brennan


Feb. 13

TECHNOLOGY

Santa Ana-based printed circuit board maker TTM Technologies Inc. (Nasdaq: TTMI) fell 7.4% to $15.10 per share for a market cap of $1.5 billion. Before today, TTM shares had climbed about 13% since Feb. 7 when it reported annual revenue of $2.2 billion, in line with expectations.

Shares in Irvine-based computer memory products maker Netlist Inc. (OTCQB: NLST) rose 2.2% to $1.42 for a market cap of $360 million. Earlier today the company reported a narrower than expected 4Q loss of 5 cents per share, while revenues were $33.4 million, well above analysts’ estimates.

INDEXES

S&P 500 fell 1.1% to 4,966.04.

Dow 30 dropped 1.2% to 38,336.70.

Nasdaq was down 1.4% to 15,713.62.

Price for a barrel of oil rose 1.6% to $78.11.

Gold decreased 1.3% to $2,006.50.

Yield on a 10-year Treasury bond increased 2.8% to 4.29%.

                                                                    –Kevin Costelloe

Feb. 12

HEALTHCARE  

RxSight Inc. (Nasdaq: RXST) rose 1% to $50.26 with a market cap of $1.8 billion. Analyst firm Stifel upgraded its target price from $45 to $54 following a hosted physician call with early adopters of RxSight’s new product line. Stifel came away with a “net positive on the lens’ potential to drive incremental procedure volume,” The Fly website reported. 

Shares of the Aliso Viejo-based lens maker have more than quadrupled in the past year.  

ENERGY 

Newport Beach-based Clean Energy Fuels Corp. (Nasdaq: CLNE) was up 5.8% to $3.10 apiece and a $692 million market cap. Shares of the company are up 12% since a 52-week low of $2.79 on Feb. 5. 

–Emily Santiago-Molina


Feb. 9

TECHNOLOGY

Lantronix Inc. (Nasdaq: LTRX) fell 31% to $4.01 a share and a $149 million market cap. The Irvine maker of computer networking products today forecast third quarter revenue would range between $38 million and $42 million, below the average analyst estimate of $47 million. The company also projected that full year revenue would fall between $155 million and $165 million, less than the analyst consensus estimate of $177 million.

HEALTHCARE

Pro-Dex Inc. (Nasdaq: PDEX) slid 13% to $18.60 a share and a $66 million market cap. The powered surgical device manufacturer in Irvine today reported a “reduced number of billable engineering projects” in the second quarter.

INDEXES

The Nasdaq increased 1.1% to 15,967.52.

 –Kaitlin Aquino


Feb. 8

DENTAL

Envista Holdings Corp. (NYSE: NVST) fell 9.4% to $21.96 and a $3.7 billion market cap. The Brea-based maker of dental equipment yesterday reported fourth-quarter revenue was $645.6 million and expects core sales for 2024 “to grow low-single digits.”

SEMICONDUCTORS

Indie Semiconductor Inc. (Nasdaq: INDI) rose 8.8% to $7.11 and a $1 billion market cap. The Aliso Viejo-based maker of automobile technology product today announced a partnership with Phoenix-based tech company Avnet for the global distribution of Indie’s product portfolio.

INDEXES

Oil rose 2.7% to $75.86 per barrel.

The yield on a 10-year bond increased 1.3% to 4.162%.

–Yuika Yoshida


Feb. 7

RESTAURANTS

Chipotle Mexican Grill Inc. (NYSE: CMG) jumped 8% to $2,686.70 and a $74 billion market cap, the most valuable publicly traded company with headquarters in Orange County. The Newport Beach-based chain of fast-food restaurants yesterday reported fourth-quarter revenue rose 15% to $2.5 billion, surpassing analyst average estimate of $2.49 billion.

SOFTWARE

MeridianLink Inc. (NYSE: MLNK) fell 15% to $18.88 and a $1.5 billion market cap. The Costa Mesa-based provider of banking software yesterday reported preliminary fourth-quarter sales were between $73.5 million and $74 million, missing the average analyst estimate of $74.9 million. It also announced a proposed secondary offering of 6.5 million shares by certain of its existing shareholders.

                                                                                                –Peter J. Brennan


Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-