Hot Stocks: AVGO, ALHC jump on earnings; SWBI falls; DIS dips on new Disney+ price tier
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Earnings news prompted some dramatic stock movements during Friday's midday action. Broadcom (NASDAQ:AVGO) and Alignment Healthcare (NASDAQ:ALHC) were among the standout gainers, with each posting notable advances in the wake of their respective quarterly reports.
Smith & Wesson (NASDAQ:SWBI) moved in the opposite direction following the release of its own financial figures. A disappointing showing led to a double-digit percentage slide in the stock.
In other news, Disney (NYSE:DIS) saw modest selling in intraday action as well. Investors trimmed their holdings on news that the company would launch a new price tier to its streaming service.
Gainers
The release of strong financial figures prompted buying in Broadcom (AVGO). The stock rose 4% in midday trading after the maker of semiconductor and infrastructure software products topped expectations with its top and bottom lines, thanks largely to robust enterprise demand. 
AVGO said its revenue figure rose nearly 16% from last year to reach $7.71B. The firm also gave an upbeat forecast for the current quarter. 
Alignment Healthcare (ALHC) also caught a bid following the release of its quarterly update. The Medicare Advantage provider recorded better-than-expected Q4 results and issued a Q1 revenue forecast that similarly exceeded analysts' projections.
Boosted by the earnings news, ALHC climbed about 10% in intraday action.
Decliners
The news that Disney (DIS) would add an ad-supported tier to its streaming service received a skeptical reaction on Wall Street. Shares dipped 3% after the entertainment giant confirmed that Disney+ would expand its model to include the new price point. The change is expected later this year. 
Smith & Wesson (SWBI) plunged nearly 14% following the release of disappointing quarterly results. The gun maker missed expectations with both earnings and revenue, as it faced a tough comparison to last year's pandemic-impacted sales. 

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