Hot Stocks: SKX, AIZ slump on quarterly results; ENPH rallies; BIIB hits 52-week high
da-kuk


The major U.S. equity averages posted a mixed performance on Wednesday. The Nasdaq dropped more than 2% amid poorly received earnings from Alphabet and Microsoft. Meanwhile, strong results from the likes of Visa and 3M helped the Dow post a fractional gain.
Looking at some of the other major movers on the session, Enphase Energy (ENPH) jumped following an upbeat earnings report. Biogen (NASDAQ:BIIB) extended recent gains on a positive analyst comment, rising to a 52-week high.
On the downside, Skechers (SKX) and Assurant (AIZ) both fell on their respective quarterly updates.
Standout Gainer
The release of strong financial figures sparked buying in Enphase Energy (ENPH), sending the stock higher by nearly 10%. 
The company reported quarterly results that exceeded estimates on both the top and bottom lines. This included 80% revenue growth compared to last year, sending the top-line figure to a company record of almost $635M.
ENPH jumped $26.28 to close at $291.87. Shares are coming off a multi-month low reached earlier this month and remain off a 52-week high of $324.84 set in September.
Standout Decliner
Skechers (SKX) endured significant selling pressure, falling 10% after the company issued a weak quarterly profit and gave a disappointing forecast.
The shoe maker's net earnings fell from last year, even as revenue surged 21%. Margins contracted as expenses jumped significantly amid supply chain challenges and ongoing COVID lockdowns. The company said results were also impacted by unfavorable foreign currency exchange.
SKX also gave soft guidance for the full year. The company predicted a top-line result between $1.725B and $1.775B. Analysts have a consensus estimate of $1.81B.
Hurt by the earnings news, SKX finished at $32.41, a decline of $3.47 on the day. Shares remain off a 52-week low of $31.28 reached earlier this month. The stock is down about 27% for 2022 as a whole.
Notable New High
A bullish analyst comment inspired buying in Biogen (BIIB). The stock rose an additional 3%, adding to a surge the company experienced about a month ago. The latest leg up took the stock to a new 52-week high.
Goldman Sachs upgraded BIIB to Buy from Neutral, citing the release of upcoming Phase 3 data as a catalyst. The information will relate to the company's experimental Alzheimerâs therapy lecanemab.
BIIB surged in late September after the Alzheimer's drug candidate, which it is developing with Eisai, met its primary endpoint in a late-stage trial. That news sparked a nearly 40% rally in a single session on Sept. 28.
During Wednesday's trading, BIIB advanced to an intraday 52-week high of $284.76. Shares moderated a bit by the close, but the stock still rose $6.87 to close at $280.43.
Notable New Low
Assurant (AIZ) dropped after the provider of risk management products reported disappointing preliminary results for Q3 and cut its forecast for the full year. Shares dropped 10% to reach a new 52-week low.
The company said its preliminary adjusted EPS fell to $1.01 for Q3, down from $1.69 a year ago. Excluding reportable catastrophes, the EPS figure came in at $2.81 compared to $3.04 last year.
Looking ahead, the company cut its forecast, saying it now expects adjusted EBITDA for the year to be flat to modestly lower compared to the previous year. Previously, the firm had predicted growth of 3% to 6%.
"Preliminary third quarter 2022 results came in below our expectations in Global Lifestyle, reflecting the challenging global macroeconomic environment," AIZ CEO Keith Demmings said.
AIZ finished Wednesday's trading at $136.75, a decline of $15.99 on the day. During the session, the stock reached an intraday 52-week low of $133.71. 
Looking longer term, shares rose early in the year, reaching a 52-week high of $194.12 in April. However, AIZ has been trending lower since then, falling about 26% over the past six months.

Looking for more of the day's biggest winners and losers? Head over to Seeking Alpha's On The Move section.