Hot Stocks: META dips on curtailed hiring; PCT dips on CEO departure; ACCD earnings; BLTE gets Buy rating
Diego Thomazini/iStock via Getty Images


Meta (NASDAQ:META) represented one of the biggest name stocks seeing a midday move on Friday. Shares of the Facebook parent edged lower as it cut back on its hiring plans in the face of a cautious economic forecast.
Meanwhile, PureCycle (PCT) also made the list of midday decliners, falling after it announced the departure of its CEO.
Looking to the downside, Accolade (ACCD) rallied in the wake of its latest earnings report, bolstered by strong revenue growth. At the same time, an analyst's comment prompted gains in Belite Bio (BLTE).
Decliners
Meta (META) lost ground in midday trading on signs that the social media giant was preparing for rough economic waters. The company pulled back on its hiring of engineers by 30% this year.
This followed a report Thursday that the Facebook parent was preparing for "fierce" headwinds in the second half of the year. Given the grim economic forecast from the megacap bellwether, META retreated 2% in intraday action. 
PureCycle (PCT) also saw weakness in midday trading, falling nearly 4% amid a major leadership shakeup. The company revealed that Mike Otworth, its chairman and CEO, will leave the company.
The departure will become official on August 5. COO Dustin Olson will take over as the new chief executive of the recycling technology firm.
Gainers
The release of quarterly results sparked buying in Accolade (ACCD). Shares of the health benefits platform jumped more than 19% on the strength of better-than-expected revenue.
The company reported a quarterly loss that came in wider than analysts had predicted. However, the firm's top-line figure topped projections, rising nearly 44% from last year. 
Looking ahead, the company's CEO stated: "Despite the inherent uncertainties in the current macroeconomic environment, we remain firmly on track to deliver our revenue growth and positive cash flow objectives."
Belite Bio (BLTE) represented another midday winner, bolstered by a bullish analyst comment. Shares of the biotech soared 7% after it was initiated at a Buy rating at Benchmark.
The firm, which gave BLTE a $57 price target, pointed to the release of interim clinical data for its lead asset as the next likely catalyst for the stock. The stats are due out in Q3.

To keep track of Wall Street's biggest winners and losers throughout the session, turn to Seeking Alpha's On The Move section.