While the overall markets remained focused on the Federal Reserve’s latest move on interest rates, some individual stock stories still gained prominence in Wednesday’s midday trading. This included Alcoa (NYSE:AA), which slipped amid a further decline in aluminum prices.
Elsewhere, Aurora Cannabis (ACB) dropped in the wake of its quarterly report, which showed a widening loss. At the same time, iRhythm (IRTC) experienced selling pressure despite reiterating its guidance.
On the other side of the spectrum, Coty (COTY) showed strength in midday action. Shares received a boost from raised guidance.
AA dropped about 8% in intraday action. This came as aluminum prices reached their lowest level since March 2021.
Aurora Cannabis (ACB) represented another midday decliner, weighed down by the release of quarterly results. The cannabis producer said its Q4 net loss widened compared to last year due to non-cash impairment charges.
Along with the bottom-line deterioration, the firm’s revenue dropped, led by a slide in consumer cannabis net revenue. ACB fell 7% on the news.
The release of raised guidance sparked buying in Coty (COTY). Shares of the maker of cosmetics and skin products advanced nearly 6% after the firm said it now expects sales growth of 8% to 9%. Previously, the firm had projected a growth rate of 6% to 8%.
COTY also predicted a “stronger Q1 gross margin outlook,” even amid higher inflationary pressures. Longer-term, the company predicted revenues to double to a figure between $500M and $600M by 2025.
For more of the day’s biggest winners and losers, head over to Seeking Alpha’s On The Move section.