Biggest stock movers Wednesday: COMM, HEI, and more

Stock futures ticked higher in Wednesday’s premarket session as market participants eagerly awaited the Federal Reserve’s highly anticipated December interest rate decision, which is expected to influence market direction heading into the new year.

Here are some of Wednesday’s biggest stock movers:

Biggest stock gainers

• CommScope (NASDAQ:COMM) shares surged 10% after the company announced the completion of a comprehensive refinancing plan, addressing its 2025 and 2026 debt maturities. The deal includes $3.15B in first-lien term loans maturing in 2029 and $1B in first-lien notes maturing in 2031, supported by Apollo and Monarch Alternative Capital. Additionally, proceeds from its $2.1B sale of Outdoor Wireless Networks and Distributed Antenna Systems units to Amphenol, expected in Q1 2025, will further reduce debt. The refinancing improves CommScope’s financial flexibility, with CEO Chuck Treadway highlighting its role in positioning the company for growth as the telecom industry recovers.
• Shares of Corvus Pharmaceuticals (NASDAQ:CRVS) jumped over 21% as investors looked ahead to interim results from a Phase 1 trial assessing soquelitinib in moderate to severe atopic dermatitis. This investigational oral drug selectively inhibits ITK (interleukin-2-inducible T cell kinase), modulating T cell differentiation to enhance Th1 cells for tumor and infection immunity while suppressing Th2 and Th17 cells involved in autoimmune and allergic conditions. With prior success in advanced T-cell lymphomas and ongoing trials in autoimmune disorders, soquelitinib has garnered attention for its therapeutic potential. Results from the randomized, placebo-controlled study will be released on December 18, 2024, fueling optimism about its clinical promise.
• Shares of Worthington Industries (NYSE:WOR) climbed 14% after a strong FQ2 earnings report, which showed non-GAAP EPS of $0.60, exceeding estimates by $0.08. Despite a 5.2% Y/Y decline in revenue to $274.05M, the company beat expectations by $0.28M. This positive earnings beat came just after the stock hit a 52-week low of $38.17. CEO Hayek expressed confidence in the company’s ability to navigate the current environment and focus on delivering value-added solutions. Looking ahead, Worthington is well-positioned for growth, with improved product lines, a solid balance sheet, and a commitment to innovation, transformation, and M&A, ensuring sustainable growth and long-term shareholder value.

Biggest stock losers

• Shares of Heico (NYSE:HEI), a defense stock favored by Warren Buffett, plunged nearly 7% after the company reported mixed FQ4 results that edged past earnings expectations but missed on sales, despite a Y/Y rise of 8%. Heico’s Chairman and CEO, Laurans A. Mendelson, expressed optimism for FY2025, anticipating growth in both the Flight Support Group and Electronic Technologies Group, primarily driven by organic growth and strong demand for most of its products. Mendelson also highlighted the company’s focus on growth through recent acquisitions, product development, market expansion, and maintaining financial strength, with a strong emphasis on delivering long-term value to shareholders.