Wall Street recorded a mixed performance on Tuesday, as stocks bounced back from an early slide thanks to a recovery in technology stocks. The Nasdaq rose 1.8% on the session, while the Dow finished in negative territory.
Among the gainers on the day, Cowen (COWN) represented a notable standout. Shares soared nearly 30% on reports of a potential takeover offer.
Elsewhere, ProPhase Labs (PRPH) added to the upward momentum that has driven the stock higher since its earnings report almost two months ago. The latest advance allowed shares to set another 52-week high.
Looking to the downside, Stellantis (STLA) slipped on ongoing worries about the semiconductor shortage. Meanwhile, Freeport-McMoRan (FCX) retreated to a new low as the price of copper continued to fall.
Standout Gainer
Shares of Cowen (COWN) jumped almost 29% following a report that the brokerage firm could receive a buyout offer from Canada-based bank Toronto-Dominion Bank (TD).
A Bloomberg report indicated that TD is working with advisors to look at COWN, although no final decision has been made. On the news, COWN jumped $6.89 on the day to close at $30.93.
With the advance, the stock rose above a recent trading range to record its highest close since mid-February.
Standout Loser
Ongoing worries about the supply chain sparked selling in European automaker Stellantis (STLA), leading the stock to drop almost 6%.
The decline came as a union in Italy said the maker of vehicles like Fiat and Chrysler would suffer from a lack of semiconductors. FIM CISL union chief Ferdinando Uliano said the shortage could reduce production by up to 220K vehicles this year.
STLA finished the session at $11.71, a decline of 69 cents on the day. Shares also touched a new intraday 52-week low of $11.47. Overall, the stock has dropped 40% in 2022.
Notable New High
ProPhase Labs (PRPH) extended the gains it has been accumulating since the first half of May, with the stock adding another nearly 8% on Tuesday. The latest step higher allowed shares to reach a fresh 52-week high.
PRPH finished Tuesday’s session at $13.93, a gain of $1.01 on the day. The closing price represented a slight moderation from the intraday 52-week high of $14.17 reached during trading.
The rally built on a steady advance shares have seen since May 12, the day before the biotech and genomics company released a better-than-expected earnings report. Shares have climbed about 135% since the release of the quarterly results.
Notable New Low
A further decline in copper prices put pressure on stocks related to the commodity. The retreat included Freeport-McMoRan (FCX), which dropped nearly 7% on the session to reach a new 52-week low.
Copper posted another step lower, marking its fourth consecutive day of declines. The crucial industrial metal reached its lowest level since February 2021, hurt by ongoing worries about a potential recession on the horizon.
Dragged down by weakness in the key commodity, FCX declined $1.91 on the day to close at $27.26. During the session, shares reached an intraday 52-week low of $26.61.
The stock has been retreating since late April, coming off a 52-week high of $51.99 set earlier in the year. FCX has dropped nearly 48% since hitting that peak. The stock has lost a little more than a third of its value in 2022 as a whole.
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