Hot Stocks: USX shares nearly quadruple; ONON jumps on earnings; ALT, AG plunge

With fears about the banking sector continuing to dissipate, stocks posted another day of gains. The S&P 500 rose more than 1%, reaching its highest close in more than two weeks.

Looking at individual stocks, U.S. Xpress (NYSE:USX) almost quadrupled, soaring to a 52-week high on a deal to be acquired by Knight-Swift Transportation (KNX). On Holding (ONON) was another standout gainer, expanding its value by more than a quarter following the release of earnings news.

Looking at some of the day's standout losers, Altimmune (ALT) lost more than half its value following the release of clinical data on an obesity drug. At the same time, First Majestic (AG) dropped on news that it has suspended mining at a site in Nevada.

Standout Gainer

The release of strong quarterly results spurred buying in On Holding (ONON). Shares of the European footwear manufacturer jumped more than 26%.

ONON reported Q4 revenue that rose 92% from last year. Meanwhile, the firm also disclosed an expansion of its gross profit margin from the previous quarter.

For 2023, the company predicted sales growth of 39%. "After navigating through a challenging 2022, including supply shortages, tight production capacities and disruption of global trade lanes, we are looking forward to a great year with largely normalized operations," Martin Hoffmann, the company's co-CEO and CFO, said.

Boosted by the earnings news, ONON soared $5.69 to $27.26. This took the stock to its highest close since last March. So far in 2023, shares have climbed nearly 60%.

Standout Decliner

Altimmune (ALT) plunged 55% following the release of clinical trial results for an obesity drug, which showed that a significant number of patients had to leave the study due to side effects.

The company reported that 24% of the patients receiving pemvidutide as part of a Phase 2 study discontinued treatment, with half doing so as a result of gastrointestinal adverse events.

ALT finished trading at $4.95, a decline of $5.97 on the session. The slide took shares to their lowest close since last May. With losses earlier this year, the stock has fallen 68% in 2023.

Notable New High

A merger deal prompted a surge in U.S. Xpress (USX), with the stock skyrocketing 299% on a deal to be acquired by Knight-Swift Transportation (KNX).

The deal valued USX at $6.15 per share, or a total enterprise value of about $808M. The transaction is projected to close late in Q2 or early Q3.

USX climbed $4.48 on the day, closing at $5.98. Shares also reached an intraday 52-week high of $6.03.

Notable New Low

First Majestic (AG) plunged nearly 23% after the company announced the suspension of mining at its Jerritt Canyon gold mine in Nevada. The slide sent the stock to a new 52-week low.

The firm said the move came in the face of higher-than-expected costs at the project. Jerritt Canyon represented about 21% of AG's 2022 revenue. The company pointed to "contractor inefficiencies and high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events" for its disappointing results at the site.

News of the production halt sent AG tumbling to an intraday 52-week low of $5.53. Shares trimmed their losses a bit by the close but still ended the day at $5.76, a decline of $1.68.

Shares had fallen earlier in 2023 but staged a rebound in mid-March. Tuesday's slide more than reversed the recent upswing, with the stock now down 32% for the year.

For more of the day's biggest winners and losers, head over to Seeking Alpha's On The Move section.