US Stocks Edge Lower; Charles River Earnings Top Estimates

U.S. stocks were mostly lower this morning, with the Nasdaq Composite falling more than 50 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.03% to 35,303.64 while the NASDAQ fell 0.47% to 13,818.70. The S&P 500, also fell, dropping, 0.14% to 4,493.14.

Check This Out: Wall Street's Most Accurate Analysts Say Hold These 3 Financial Stocks With Over 5% Dividend Yields

 

Leading and Lagging Sectors

  • Energy shares jumped by 1.5% on Wednesday.
  • In trading on Wednesday, information technology shares fell 0.7%.

 

Top Headline

Charles River Laboratories International, Inc. CRL reported better-than-expected second-quarter financial results.

Charles River posted adjusted earnings of $2.69 per share, topping expectations of $2.64 per share. The company’s sales came in at $1.06 billion, versus estimates of $1.05 billion.

Charles River Laboratories raised its FY23 non-GAAP EPS estimate to $10.30 – $10.90 from $9.90 – $10.90.

 

Equities Trading UP

  • Tango Therapeutics, Inc. TNGX shares shot up 137% to $9.07 after gaining 11% on Tuesday. Tango Therapeutics recently posted a narrower quarterly loss.
  • Shares of Decibel Therapeutics, Inc. DBTX got a boost, shooting 72% to $4.80 after Regeneron announced it will acquire the company.
  • Renovaro Biosciences Inc. RENB shares were also up, gaining 75% to $1.4901 after the company and AI-focused GEDi Cube announced a binding, exclusive letter of intent to merge.

 

Equities Trading DOWN

  • Palisade Bio, Inc. PALI shares dropped 64% to $0.7016 after the company announced its U.S. Phase 2 PROFILE study evaluating LB1148 for post-surgical abdominal adhesions did not achieve the primary efficacy endpoint.
  • Shares of Tigo Energy, Inc. TYGO were down 39% to $12.99 after the company reported worse-than-expected second-quarter sales results and issued third-quarter revenue guidance below estimates.
  • Nuvei Corporation NVEI was down, falling 35% to $19.60 after the company reported mixed second-quarter financial results and issued third-quarter revenue guidance below estimates.

Also Check This Out: Disney To Report Earnings After Market Closes Wednesday, Options Traders Anticipate 5.5% Move

 

Commodities

In commodity news, oil traded up 1.4% to $84.09 while gold traded down 0.2% at $1,956.30.

Silver traded down 0.3% to $22.74 on Wednesday while copper rose 0.7% to $3.7935.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.7%, London’s FTSE 100 rose 0.8% while Spain’s IBEX 35 Index rose 0.6% The German DAX gained 0.7% French CAC 40 rose 0.9% and Italy’s FTSE MIB Index gained 1.5%.

 

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.53%, China’s Shanghai Composite Index falling 0.49% and Hong Kong’s Hang Seng Index gaining 0.32%. India’s S&P BSE Sensex, meanwhile, rose 0.1%.

China's producer prices declined 4.4% year-over-year in July following a 5.4% decline in the previous month, while consumer prices fell by 0.3%% year-over-year in July, versus a flat reading in the prior month.

Japan’s machine tool orders fell 19.8% year-over-year to JPY 114,251 million in July following a revised 22.2% decline in the prior month.

 

Economics

Mortgage applications in the US declined 3.1% during the first week of August.

Now Read This: Top 3 Tech Stocks That May Fall Off A Cliff

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,569,370 cases with around 1,170,790 deaths. India confirmed a total of at least 44,996,030 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,010,490 cases of COVID-19 worldwide with more than 6,905,650 deaths.

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