Hot Stocks: Chinese EV stocks surge; CRWD drops on earnings; S hits 52-week low; HZNP soars
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Stocks surged on Wednesday after Federal Reserve Chair Jerome Powell made remarks that pointed to a near-term slowdown in the pace of the central bank's interest rate hikes. With Wall Street interpreting the comments as stepping back from the Fed's ultra-hawkish stance, the Nasdaq jumped 4% and the Dow soared more than 700 points.
Chinese EV stocks were among the standout gainers on the day. This followed results from XPeng (XPEV) and hope for a looser COVID policy in China. Nio (NIO) and Li Auto (LI) also jumped.
Meanwhile, Horizon Therapeutics (HZNP) expanded its value by more than a quarter after the firm confirmed it had entered takeover talks. 
Not all stocks benefited from the broad-based advance. CrowdStrike (NASDAQ:CRWD) slumped following its quarterly update. The news also weighed on SentinelOne (S), which fell to a new 52-week low.
Sector In Focus
Chinese electric vehicle makers saw a massive upswing, led by a 47% surge in XPeng (XPEV), which soared in the wake of its latest quarterly report. The sector also received a boost amid hope for the Chinese economy.
Chinese stocks in general showed strength on reports that authorities in the country are moderating their zero-COVID policy, which had led to strict restrictions. Meanwhile, XPEV's results suggested medium-term growth prospects, even though the firm also issued weak Q3 earnings and a soft Q4 forecast.
Along with XPEV, fellow Chinese EV maker Nio (NIO) jumped almost 22%, while Li Auto (LI) climbed about 19%.
Standout Gainer
Takeover chatter sent Horizon Therapeutics (HZNP) sharply higher, with the stock jumping more than 27% after it confirmed talks with several companies over a potential buyout.
HZNP confirmed that it has staged talks with Amgen (AMGN), Janssen Global Services (JNJ) and Sanofi (SNY). However, the firm warned investors that there is no certainty that an offer will eventually be made.
HZNP climbed $21.53 to close at $100.29. This extended a recent surge in the stock. Shares have advanced 59% in the past month. However, this has only reversed losses posted earlier in the year. HZNP remains 7% lower for 2022 as a whole.
Standout Decliner
CrowdStrike (CRWD) suffered an investor exodus following the release of quarterly results that included a weak forecast. Shares dropped about 15% on the session.
CRWD beat expectations with its Q3 results, including revenue that surged almost 53% from last year to reach nearly $581M. 
However, the company issued a disappointing revenue projection for Q4, targeting a total between $619.1M and $628.2M. Analysts were looking for a figure of around $634M.
CRWD slumped $20.35 to close at $117.65. Shares also reached an intraday 52-week low of $108.89. The stock has dropped 41% in 2022.
Notable New Low
CrowdStrike's earnings-inspired decline also weighed on other stocks in the cybersecurity space. This included SentinelOne (S), which slumped 6% to reach a new 52-week low.
Following the release CRWD's forecast, S plunged to an intraday 52-week low of $13.27, at one point showing a decline on the day of 14%. The stock cut its losses from there but still finished at $14.50, a slide of 95 cents on the session.
Wednesday's retreat added to a recent downturn, with S down about 35% over the past month. Looking longer term, the stock has fallen about 70% in 2022.

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