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The downward momentum that marked the top of final week continued on Monday, with the main averages ending decrease for the fourth consecutive session. The Nasdaq led the decline, falling by 1%.
Rivian (NASDAQ:RIVN) represented a notable decliner on the session, falling within the wake of a recall. Five9 (FIVN) additionally noticed vital weak spot, dropping greater than 1 / 4 of its worth after its CEO revealed that he was leaving the corporate.
Taking a look at among the day’s finest performers, HCI Group (HCI) jumped after offering extra details about its reinsurance preparations surrounding Hurricane Ian. On the identical time, Denbury (DEN) superior amid experiences that it’s in talks for a possible takeover deal.
Standout Gainer
HCI Group (HCI) rallied after offering additional particulars concerning the impression of Hurricane Ian. The insurance coverage supplier, which has seen its inventory undergo recently amid worries concerning the storm’s impression on its Q3 outcomes, jumped about 11%.
The corporate reassured buyers that it entered right into a “sturdy reinsurance program” earlier this yr, giving it “vital safety” in Florida.
“Moreover, HCI maintains vital reinsurance safety for the rest of the contract yr,” firm CEO Paresh Patel added.
HCI soared $3.66 on the day to shut at $36.91. Final week, the inventory reached a 52-week low of $32.28. As lately as Aug. 8, the inventory closed at $71.85. Shares have fallen about 49% since that point.
Standout Decliner
Rivian (RIVN) dropped after saying a wide-scale recall late final week. The inventory dropped 7% on the day.
The EV maker introduced that it’s going to recall about 13K automobiles because of a difficulty associated to the steering system. The transfer impacts practically each car produced this yr and greater than half of its complete manufacturing steerage for 2022, which at present requires 25K.
RIVN declined $2.47 to shut at $31.48. Shares have seen uneven buying and selling recently after coming off their 52-week low of $19.25 in the course of the summer time.
With Monday’s drop, RIVN reached its lowest degree since July. Shares skilled an enormous selloff early within the yr. Even with a moderation in the course of the summer time, the inventory stays about 69% decrease for 2022 as a complete.
Notable New Excessive
Studies pointing to a possible sale triggered shopping for curiosity in Denbury (DEN). With Exxon (XOM) recognized as a possible purchaser, DEN rallied virtually 7% to succeed in a brand new 52-week excessive.
Avenue Insider reported that DEN is in talks to be acquired by a strategic purchaser. In the meantime, Bloomberg stated XOM was contemplating a takeover as properly.
DEN confirmed losses early within the day, however the takeover experiences sparked a wave of shopping for in the course of the session. The inventory finally ended at $99.02, an advance of $6.32 on the session.
Through the session, shares reached an intraday 52-week excessive of $104.05.
Notable New Low
A serious management change prompted a wave of promoting in Five9 (FIVN). Shares plunged virtually 26% to succeed in a brand new 52-week low.
The developer of cloud-based contact heart software program introduced that Rowan Trollope has resigned because the agency’s CEO to take the same job at a privately held firm. The corporate stated its former CEO will take over the position, efficient Nov. 28.
On the information, FIVN plunged to an intraday 52-week low of $57. Shares trimmed their losses barely by the shut however nonetheless ended at $57.30, a decline of $19.67 on the day.
Monday’s slide accelerated a downtrend that started in August. With losses posted earlier within the yr, FIVN has now fallen practically 59% for 2022.
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