Hot Stocks: LCID leads EVs lower; LNTH, FIX rise on earnings; W plunges
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The release of strong earnings from Nvidia helped inspire gains on Thursday, with the S&P 500 breaking a four-session losing streak. The Nasdaq led the major averages higher, climbing by 0.7%.
EV stocks were left out of the rally. Weak results from Lucid (NASDAQ:LCID) put pressure on the sector, with losses also coming from Rivian Automotive (RIVN), Fisker (FSR) and LiveWire Group (LVWR).
Among individual stocks, Wayfair (W) represented a standout decliner, losing nearly a quarter of its value on a disappointing quarterly update. Elsewhere, Lantheus (LNTH) and Comfort Systems (FIX) both surged on earnings news.
Sector In Focus
The release of a poorly received earnings report from Lucid (LCID) sparked selling in the overall EV sector. LCID dropped almost 12% after it revealed disappointing revenue and announced Q4 deliveries that came in below expectations.
Amid worries that the LCID results point to overall demand issues in the industry, other EV stocks suffered as well. The group was further undermined by Lordstown Motors (RIDE), which dropped 11% after being forced to halt production due to quality issues with certain of its components.
Elsewhere in the group, Rivian Automotive (RIVN) and Fisker (FSR) both dropped more than 4%. LiveWire Group (LVWR) posted a decline of more than 3%.
Standout Gainer
The release of earnings news prompted buying in Lantheus (LNTH). Shares of the provider of diagnostic and therapeutic products soared 20% on Street-beating results and a strong forecast.
The company reported a quarterly profit that surged from last year, exceeding analysts' consensus. Meanwhile, revenue more than doubled from last year to reach $263M.
LNTH finished Thursday's trading at $69.99, an advance of $11.74 on the day. The stock also reached its highest close since early November. Shares have climbed 38% so far in 2023.
Standout Decliner
Wayfair (W) reported a wider-than-expected quarterly loss and revealed a drop in active consumers, triggering a 23% slide in the retailer's stock. 
The company's revenue figure narrowly topped expectations, although the top-line total slumped 5% from last year to reach $3.1B. Meanwhile, W's net loss widened from last year and active customers dropped 19%.
"Quarter-to-date gross revenue has been trending down about 10% year-over-year," the firm's CFO said of the current quarter. "However, we are seeing a return to traditional seasonality in the core business, and we expect net revenue to end the quarter down in the high single digit."
Dragged down by the earnings news, W dropped $11.48 to close at $38.33. This added to a recent slide, with the stock down nearly 30% over the past month.
Early this month, W reached its highest level since August. Even with the recent dip, shares remain 17% higher for 2023, although the stock is down 70% over the past 12 months.
Notable New High
Comfort Systems (FIX) surged to a new 52-week high, boosted by stronger-than-expected earnings and the announcement of an acquisition. Shares advanced almost 10% during the session.
The provider of heating and air conditioning installation and maintenance reported Q4 EPS of $1.54, topping projections by 12%. Meanwhile, revenue jumped 30% to $1.1B.
"Revenue benefitted from increasing activity levels and was also lifted by increases in the pricing of the materials and labor that we provide to our customers," the company's CEO said.
FIX also announced the acquisition of Eldeco, a provider of electrical design and construction services in the Southeastern region of the U.S. The purchase is expected to add annualized revenue of about $130M-$140M.
Fueled by the earnings news, FIX jumped to an intraday 52-week high of $140.05. The stock moderated some of its gains before the close but still finished at $136, an advance of $12.10 on the day.
Shares have climbed 16% so far in 2023 and are 64% higher over the past 12 months.

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