Hot Stocks: Energy stocks plunge; MSFT, META, GOOG set new 52-week lows; CS drops; DPZ rises

Stocks retreated again on Friday, part of a recent downtrend spurred by concern that rising interest rates will trigger a recession. With the retreat, the Dow set a new low for the year.

Energy stocks were among the vanguards of Friday’s selloff. This led to notable losses in names like APA Corp. (APA), Marathon Oil (MRO), Halliburton (HAL), ConocoPhillips (COP), Phillips 66 (PSX), Chevron (CVX), Valero Energy (VLO) and Exxon (XOM).

The wide-ranging selling pressure brought a large number of big-name stocks to new 52-week lows. This included megacaps Microsoft (MSFT), Meta Platforms (META) and Alphabet (GOOG)(GOOGL).

Elsewhere, Credit Suisse (CS) was a standout decliner, posting a double-digit percentage slide amid reports it was considering a capital raise.

Bucking the overall trend, Domino’s Pizza (NYSE:DPZ) finished the day higher. A positive analyst comment gave the stock a lift.

Sector In Focus

Amid a general decline in the overall markets, energy represented the hardest-hit segment. Of the 11 S&P sectors, it showed the biggest decline, dropping by almost 7%

Among the top names sector, APA Corp. (APA) and Marathon Oil (MRO) both posted double-digit percentage declines, with each falling about 11%. At the same time, Halliburton (HAL) declined almost 9%, ConocoPhillips (COP) plunged around 8.5% and Phillips 66 (PSX) retreated nearly 8%.

Elsewhere in the sector, Chevron (CVX) and Valero Energy (VLO) dropped 6.5%. Exxon (XOM) slipped more than 5%.

Standout Gainer

On a day of broad-based selling, Domino’s Pizza (DPZ) represented one of the few notable bright spots, rising 3% following the release of a bullish analyst report.

BMO Capital Markets upgraded DPZ to Outperform, citing risk/reward dynamics. Analyst Andrew Strelzik noted that the stock has become more attractive thanks to lowered expectations headed into the end of the year. He also pointed to favorable survey data suggesting continued sales momentum.

DPZ finished the session at $330, a gain of $9.86 on the day. With the advance, the stock halted a decline that has marked most of the past month. Shares are just off a 52-week low of $319.62.

For 2022 as a whole, shares have fallen 40%.

Standout Decliner

Credit Suisse (CS) endured massive selling pressure following reports that the Swiss bank has been looking for an injection of capital. The stock fell 12% on the session.

According to Reuters, the company has approached investors about a possible sale of shares, a move that would potentially dilute current shareholders.

However, there have been separate reports tamping down rumors of a possible capital raise. The Financial Times reported that the bank viewed the move as a last resort. Meanwhile, CNBC said the firm was not looking to raise capital but would instead introduce a new strategic plan in October.

Even amid the later clarifications, speculation about the capital raise sent CS lower by 57 cents, with the stock closing at $4.14. Shares also reached an intraday 52-week low of $4.05.

Overall, CS has dropped about 58% for 2022.

Notable New Low

The sharp decline in the overall markets sent shares of some of the world’s biggest companies to new 52-week lows. Microsoft (MSFT), Meta Platforms (META) and Alphabet (GOOG)(GOOGL) all reached their lowest levels of the past year.

MSFT dropped $3.06 to close at $237.92, after reaching an intraday 52-week low of $235.20. Shares are down about 29% for 2022.

Looking at META, the Facebook parent dropped to an intraday 52-week low of $138.89 before recovering a bit. Shares eventually closed at $140.41, a decline of $2.41 on the day.

Meanwhile, GOOGL ended the session at $98.74, a decline of $1.40 on the session. During the day, the stock reached an intraday 52-week low of $97.47.

To see more of Wall Street’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.

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