The release of the latest monthly jobs report sparked a rally on Wall Street, with the S&P 500 climbing 2.3% during Friday’s session. The Nasdaq jumped more than 2.5%, while the Dow climbed about 700 points.
Looking at individual stocks, Aehr Test Systems (AEHR) was among the standout performers on the session. The stock expanded its value by almost a third following the release of Street-beating earnings news.
WWE (NYSE:WWE) also posted a double-digit percentage gain, buoyed by hopes for an eventual sale.
On the downside, Fate Therapeutics (FATE) collapsed more than 60% on a terminated collaboration. Meanwhile, Atai Life (ATAI) slumped on disappointing clinical trial results.
Standout Gainer
Aehr Test Systems (AEHR) received a massive boost from the release of better-than-expected earnings news. Shares of the provider of semiconductor test and reliability qualification equipment surged 32%.
Benefitting from robust demand for semiconductor test and burn-in sales for electric vehicles, the company’s profit easily breezed past analysts’ expectations. This came as revenue surged 54% from last year.
AEHR advanced $5.54 on the news, closing the session at $22.81. The gains allowed the stock to recover some of the losses it saw headed into the earnings report. Shares returned to levels last seen in mid-December.
Standout Decliner
The termination of a key collaboration pushed shares of Fate Therapeutics (FATE) off a cliff. With the company scrambling to launch a restructuring program, the stock plunged more than 61%.
FATE disclosed that a collaboration and option agreement with Johnson & Johnson’s (JNJ) Janssen has been terminated. With all joint activities winding down in Q1, the company announced layoffs and the scraping of some clinical programs.
News of the canceled partnership sent FATE lower by $6.76, with the stock eventually closing at $4.24. Shares also touched an intraday 52-week low of $4.02.
The stock, which at one point sat at a 52-week high of $52.54, has now lost 91% of its value over the past year.
Notable New High
With investors betting on the prospects of an eventual sale of the company, WWE (WWE) surged 17% to reach a new 52-week high.
The rally followed news that Vince McMahon, the wrestling promoter’s majority shareholder and its former CEO, is targeting a strategic review meant to “capture [the] unique opportunity to maximize long-term value.” McMahon’s steps include becoming Executive Chairman and making other board changes.
Encouraged by the possibility of an eventual sale, investors sent WWE to an intraday 52-week high of $89.43. Shares moderated a bit from there but still closed Friday’s trading at $84.27, a gain of $12.23 on the day.
The day’s advance more than reversed losses seen in December, with the stock now up about 68% for the past 12 months.
Notable New Low
Disappointing clinical trial results triggered a wave of selling in Atai Life (ATAI). Shares plummeted 31% to reach a new 52-week low.
The company revealed that its PCN-101 therapy failed to meet the primary goal of a mid-stage trial. The Phase 2a study looked at the product in patients with treatment-resistant depression.
Dragged down by the data, ATAI dropped 81 cents to $1.82. During the session, the stock also reached an intraday 52-week low of $1.45. Overall, shares have slumped about 72% over the past year.
For more of the day’s best- and worst-performing stocks, click over to Seeking Alpha’s On The Move section.
