Bouncing back from recent weakness, the major U.S. equity averages surged on Thursday, led by a gain of more than 2.5% in the Nasdaq. This came ahead of the final trading session of the year, leading into a three-day holiday weekend.
Electric vehicle stocks were among the winners during the session. This included rallies in niche players like Hyzon Motors (HYZN), Polestar (PSNY), Mullen Automotive (MULN), Rivian Automotive (RIVN) and Lucid Group (LCID)
Chubb (CB) benefited from the general market strength, adding to its recent momentum and setting a fresh 52-week high. At the same time, TG Therapeutics (TGTX) expanded its value by nearly a quarter, adding to gains posted the previous day in the wake of a favorable regulatory decision.
On the downside, Cal-Maine Foods (NASDAQ:CALM) reversed the gains it has posted over the past six weeks, suffering a double-digit percentage loss in the wake of a disappointing quarterly report.
Sector In Focus
Thursday’s general rally showed a more accepting stance towards risk assets. This included a wave of buying in the electric vehicle space, including a further rebound in Tesla and gains among some of the industry’s more niche competitors.
Hyzon Motors (HYZN) was among the standouts in the sector. The stock surged 19% amid news that its Hyzon Zero Carbon unit will take a stake, along with Chevron U.S.A., in Raven, a company developing a solid waste-to-hydrogen facility in California.
Elsewhere, Polestar (PSNY) climbed 14%, while Mullen Automotive (MULN) jumped 24%. At the same time, Rivian Automotive (RIVN) and Lucid Group (LCID) both rose more than 5%.
Standout Gainer
Continuing an advance that began in the wake of a key regulatory approval, TG Therapeutics (TGTX) surged another 23% and recorded its highest close in more than eight months.
TGTX finished Thursday’s trading at $10.40, an advance of $1.94 on the session. This added to an advance of 8% seen the previous day, taking the stock to a closing level not seen since early April.
The two-day surge in TGTX followed news that the U.S. Food and Drug Administration had approved its multiple sclerosis therapy ublituximab.
Standout Decliner
The release of earnings news sparked selling in Cal-Maine Foods (CALM), sending the stock lower by nearly 15% and taking it further off a 52-week high set last week.
The egg producer reported sales and earnings that came up short of analysts’ expectations, even with a top line that more than doubled from last year. The jump in revenue came thanks to a sharp rise in egg prices.
However, the quarterly statistics also included signs that egg prices may have peaked, which contributed to the day’s sharp stock-price decline. Shares slumped $9.02 to close at $53.17.
CALM had been climbing since mid-November, reaching a 52-week peak of $65.32 late last week. With Thursday’s slide, the stock recorded its lowest close since Nov. 14.
Notable New High
Chubb (CB) drifted higher in an overall strong market. While the stock’s daily advance of 1% was relatively mild, the gain was enough to make the insurance provider one of the few big-name companies to set a 52-week high on the session.
CB gained $2.26 to close at $222.08. During the session, shares also reached an intraday 52-week high of $223.05.
Thursday’s advance added to a medium-term upswing that has seen shares rise 27% since late September. This has helped the stock overcome weakness seen during the middle of the year. Overall, CB is up about 16% in 2022.
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