Stocks fell modestly on Wednesday after the Federal Reserve issued a hawkish forecast. The central bank hiked interest rates by another 50 basis points.
While central bank and macro concerns dominated trade, some individual stocks and sectors moved More on Target News. Avidity Biosciences (Nasdaq:RNA) rose more than 50% after the release of clinical data and reversed.
Elsewhere, Charter Communications (CHTR) posted a double-digit percentage decline after the company announced an aggressive spending plan. Meanwhile, Advance Auto Parts (Aam Aadmi) added to recent weakness to hit a new 52-week low.
The Publication of clinical trial data Avidity sparked a buying wave in Biosciences (RNA), which rose 55% on the day.
The company said a Phase 1/2 study of its AOC 1001 product showed it targeted RNA in muscle. AOC 1001 is being investigated as a treatment for the underlying cause of the muscular dystrophy type 1, myotonic dystrophy.
Following the data announcement, RNA advanced more than 90%. Shares moderated from there but still ended at $17.05, a gain of $6.07 on the day.
With this rally, the stock reversed part of the losses seen in the previous few months. RNA recorded its highest close since late September.
Charter Communications (CHTR) suffered a massive backlash after outlining an aggressive capital spending plan at the company’s investor day. The stock fell more than 16% on the news.
The company now says it plans to raise $10B Total capital expenditure For next year. Meanwhile, the company also plans to spend $5.5B over three years on cable network upgrades.
A larger-than-expected spending plan sent CHTR up $64.34 on Wednesday, with the stock closing the session at $328.34. The pullback took the stock below a recent trading range and its lowest close since late October.
Significant new low
Advance Car Parts (Aam AadmiIt fell further, extending a prolonged slide since the company posted a weak earnings report in mid-November. With the latest decline, the stock hit a new 52-week low.
Shares of the auto parts retailer closed trading on Wednesday at $143.46, down $2.26 during the session. During the day, shares touched a 52-week low of $141.88.
Last month, the Aam Aadmi Party announced its quarterly profit It missed analysts’ expectations. The company also lowered its forecast. The news triggered a single-session drop of more than 15%.
With its latest slide, AAP has fallen 22% from its closing price on November 15, the day before the earnings announcement. Overall, shares are down 39% in 2022.
For the day’s biggest winners and losers, go ahead Looking for Alfa’s On the Move section.