Dow Gains Over 50 Points; Neogen Posts Downbeat Earnings

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.20% to 38,972.32 while the NASDAQ rose 0.40% to 16,319.23. The S&P 500 also rose, gaining, 0.32% to 5,219.29.

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Leading and Lagging Sectors

 

Communication services shares jumped by 0.8% on Tuesday.

In trading on Tuesday, financial shares rose by just 0.1%.

 

Top Headline

 

Neogen Corporation NEOG reported worse than expected third-quarter earnings and cut 2024 guidance.

Neogen posted adjusted earnings of 12 cents per share, missing market expectations of 14 cents per share. The company’s quarterly sales came in at $228.812 million versus estimates of $230.011 million.

 

Equities Trading UP

 

Laser Photonics Corporation LASE shares shot up 174% to $3.9250 after the company announced it secured an order for its LaserTower COMPACT marking and engraving system from L3Harris Technologies.

Shares of Acrivon Therapeutics, Inc. ACRV got a boost, surging 54% to $9.11. The company announced a $130 million private placement financing.

MediaCo Holding Inc. MDIA shares were also up, gaining 40% to $4.22.

 

Equities Trading DOWN

 

Vincerx Pharma, Inc. VINC shares dropped 68% to $1.5092 after the company presented preliminary Phase 1 data for VIP236 and updates on pipeline progress at the AACR Annual Meeting 2024.

Shares of Eco Wave Power Global AB WAVE were down 30% to $2.96. Eco Wave Power Global shares jumped 219% on Monday.

HUB Cyber Security Ltd. HUBC was down, falling 18% to $1.10.

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Commodities

 

In commodity news, oil traded down 0.1% to $86.35 while gold traded up 0.9% at $2,371.40.

Silver traded up 1.1% to $28.125 on Tuesday, while copper rose 0.6% to $4.30.

 

Euro zone

 

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.2% The German DAX fell 0.7% French CAC 40 fell 0.5% while Italy’s FTSE MIB Index fell 0.5%.

French trade deficit shrank to €5.2 billion in February 2024 versus a revised €7.2 billion gap in the prior month. Retail sales in the UK gained 3.2% from a year ago in March.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.08%, Hong Kong’s Hang Seng Index gaining 0.57%, China’s Shanghai Composite gaining 0.05% and India’s S&P BSE Sensex falling 0.08%.

Foreign exchange reserves in Hong Kong fell to $423.6 billion in March from $425.2 billion in the prior month. Japanese machine tool orders fell 8.5% year-over-year to JPY 135,647 million in March compared to a 8% decline in the prior month, while consumer confidence index in Japan rose to 39.5 in March versus a revised reading of 39.0 in the prior month.

 

Economics

 

The NFIB Small Business Optimism Index declined for a third straight month to a reading of 88.5 in March, compared to market estimates of 90.2.

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