Hot Stocks: AAPL touches $3T; retailers rally; GILT soars; TARO sets low; APLT drops on delayed application
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The same optimistic view that fueled 2021's 27% advance in the S&P 500 carried over into the new year. With investor sentiment remaining strong, the major averages scored modest gains Monday on the first trading session of 2022.
Apple (NASDAQ:AAPL) was the spotlight performer on the day, setting a new high and briefly ticking above $3T in market cap.
Retailers contributed to Monday's overall strength as well. Signs that Omicron won't seriously interrupt shopping patterns helped spark gains in Nordstrom (NYSE:JWN), Macy's (NYSE:M), Dillard's (NYSE:DDS), Signet (NYSE:SIG) and Fossil(NASDAQ:FOSL).
Gilat Satellite Networks (NASDAQ:GILT) was another standout performer. The stock expanded its value by more than a fifth on news of a large contract.
Even with the positive vibes headed into 2022, a few stocks suffered notable sell-offs during the session. Applied Therapeutics (NASDAQ:APLT) lost almost a third of its value on a delayed regulatory filing. Meanwhile, Taro Pharmaceutical Industries (NYSE:TARO) extended its recent weakness to set a new 52-week low.

Sector In Focus

Retail stocks were among the big winners as Wall Street welcomed 2022. Companies with close ties to malls saw the biggest rally on the session, as investors bet that the Omicron variant would have a limited impact on their business.
The sector saw a dramatic rally early in the session, although many names saw their gains moderate significantly over the rest of the day. Still, stocks like Nordstrom (JWN) held most of their early gains, with JWN finishing with a 6% advance.
Macy's (M) rose nearly 5%, while Dillard's (DDS) posted an advance of more than 2%.
Luxury retailers also benefitted from the relief rally. Signet (SIG) advanced nearly 7% and Fossil Group (FOSL) pushed higher by 4%.

Standout Gainer

Gilat Satellite Networks (GILT) jumped 21% after it received a large order from a customer it identified only as "one of the worldâs largest Mobile Network Operators."
Under the deal, the customer will use GILT satellite technology as a 4G backhaul, a process that gives cell companies more reliable coverage in areas that are hard to reach with traditional cellular networks.
GILT ended the session at $8.56, a gain of $1.49 on the day. With the advance, the stock, which set a closing 52-week low of $6.75 on Nov. 26, bounced to its highest finish in two months.
Still, shares remain well off a 52-week high of $22.69 set during a spike last February.

Standout Loser

Applied Therapeutics (APLT) plunged almost 31% after the company delayed the filing of an application with the U.S. Food and Drug Administration. The move follows a similar decision made back in September.
The company said it will hold the submission of its New Drug Application for AT-007 as a treatment for galactosemia, a condition that impacts how the body processes galactose, a sugar present in foods like milk. The decision followed indications from the FDA that more clinical data would be necessary to approve the product.
APLT reported that a Phase 3 trial of AT-007 is ongoing, with clinical outcomes slated to complete in Q1.
APLT declined $2.73 to close at $6.22. Shares finished off an intraday 52-week low of $5.99 set earlier in the session.
The stock had reached a 52-week high of $29.80 in February but has been declining steadily since the second half of June. Shares have lost about 71% of their value in the past six months.

Notable New High

Apple (AAPL) started 2022 off on the right foot, extending its gains from 2021 and finally reaching the $3T benchmark in market cap -- the first U.S. company in history to achieve that size.
Shares of the iPhone maker rose 2.5% to close the session at $182.01. The stock had reached as high as $182.88 during the middle of the session -- a new intraday 52-week high.

AAPL had ticked above the $3T mark when it reached $182.86. The stock closed fractionally below the $3T benchmark.
Investors spent most of late December watching to see when AAPL would break above the $3T barrier. Shares came within striking distance with a closing high of $180.33 on Dec. 27 but were unable to push above that before the end of the year.
AAPL gained about 34% in 2021. Microsoft sits at number two on the list of largest market caps, with a figure of around $2.5T.


Notable New Low

Taro Pharmaceutical Industries (TARO) accelerated a long-term downtrend on Monday to establish a fresh 52-week low. The stock dropped 4% on the session.
Shares of the Israel-based drug maker started the session with gains, but sold off during the middle of the day. TARO eventually closed at $45.61, a decline of $2.06 on the session.
The stock also reached an intraday 52-week low of $45 during the session.
TARO had reached a 52-week high of $80 last February but lost ground through 2021. The decline intensified during the final months of the year. TARO has dropped about 37% in the past six months.
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