Hot Stocks: DIS continues slide; ILMN falls as CFO quits; RENT rises on earnings; FULC clinical data
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Disney (DIS) took another step down in Friday's midday action, as leadership drama at the entertainment giant propelled the latest retreat in a downtrend that has marked most of June so far. Meanwhile, Illumina (NASDAQ:ILMN) also lost ground on management uncertainty, with the stock dropping in the wake of its CFO's departure.
Elsewhere in the market, Fulcrum (FULC) saw selling as well, losing almost half its value in the wake of clinical trial data.
Looking to the upside, Rent the Runway (RENT) received a boost from its earnings report. The stock rose despite a wider-than-expected loss.
Decliners
Disney (DIS) continued to lose ground in intraday trading, falling another 3%. This marked the sixth consecutive day of declines and the seventh out of the past eight.
The latest step down comes on news out Thursday that the entertainment conglomerate had ousted top TV exec Peter Rice. The company's board also offered a statement of support for CEO Bob Chapek.
With the latest decline, DIS stock reached $100.24 at about 12:30 p.m. ET. Shares have not closed below $100 since April 2020. DIS has fallen 11% so far in June.
Another management change made headlines Friday, with Illumina (ILMN) dropping 10% following the departure of its top financial executive. In a surprise move, the gene-sequencing company said CFO Sam Samad is leaving the company.
In other news, shares of Fulcrum (FULC) suffered a massive decline in intraday action following the release of early-stage data on an experimental therapy for sickle cell disease. The stock dropped 45% on the news.
Gainer
The release of earnings results sparked gains in Rent the Runway (RENT). Shares jumped 4% despite reporting a loss that was wider than analysts had projected.
Even with the bottom-line miss, investors were encouraged by higher margins and subscriber numbers. The designer clothes rental service also beat revenue projections, with the top line doubling from last year.

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