Nasdaq Edges Higher; Honeywell Shares Fall After Q3 Results

U.S. stocks traded mixed midway through trading, with the Nasdaq Composite gaining around 0.3% on Thursday.

The Dow traded down 0.72% to 42,206.88 while the NASDAQ rose 0.26% to 18,323.75. The S&P 500 also fell, dropping, 0.16% to 5,788.23.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 2.6% on Thursday.

In trading on Thursday, materials shares fell by 1.1%.

Top Headline

Shares of Honeywell International Inc. HON fell around 4% on Thursday after the company reported third-quarter results and updated FY24 guidance.

Revenue grew 6% year-over-year (organic: +3%) to $9.728 billion, missing the consensus of $9.901 billion. Adjusted EPS was $2.58 (+8% Y/Y), beating the consensus of $2.50.

For FY24, the company lowered sales guidance to $38.6 billion – $38.8 billion (from $39.1 billion – $39.7 billion prior) versus the consensus of $39.20 billion. Honeywell tightened adjusted EPS guidance to $10.15 – $10.25 (from $10.05 – $10.25) versus the estimate of $10.13.

Equities Trading UP
                       

• Nxu, Inc. NXU shares shot up 216% to $0.7930. Nxu and Verde Bioresins reported a proposed merger.
• Shares of QuantumScape Corporation QS got a boost, surging 25% to $6.49 after the company said it has begun producing low volumes of its first B-sample cells and has begun shipping cells for automotive customer testing.
• Molina Healthcare, Inc. MOH shares were also up, gaining 22% to $336.39 after the company reported better-than-expected third-quarter financial results.

Equities Trading DOWN

• Beyond, Inc. BYON shares dropped 26% to $7.03 after the company reported worse-than-expected third-quarter adjusted EPS and sales.
• Shares of Marinus Pharmaceuticals, Inc. MRNS were down 80% to $0.3413 after the company announced its Phase 3 TrustTSC trial of Oral Ganaxolone did not meet its primary endpoint.
• Community Health Systems, Inc. CYH was down, falling 23% to $4.2550 following third-quarter earnings.

Commodities

In commodity news, oil traded down 0.7% to $70.29 while gold traded up 0.4% at $2,741.10.

Silver traded down 0.1% to $33.790 on Thursday, while copper fell 0.1% to $4.3350.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.25%, Germany's DAX gained 0.54% and France's CAC 40 rose 0.27%. Spain's IBEX 35 Index rose 0.12%, while London's FTSE 100 rose 0.28%.

The S&P Global UK composite PMI declined to 51.7 in October from 52.6 in September, while Eurozone composite edged higher rose to 49.7 in October versus 49.6 in the previous month.

The HCOB Germany composite PMI increased to 48.4 in October versus 47.5 in September, while French composite PMI slipped to 47.3 in October from 48.6 in September.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japan's Nikkei 225 gaining 0.10%, Hong Kong's Hang Seng Index falling 1.30%, China's Shanghai Composite Index falling 0.68% and India's BSE Sensex falling 0.02%.

The HSBC India composite PMI rose to 58.6 in October from 58.3 in the prior month. The au Jibun Bank Flash Japan composite PMI declined to 49.4 in October compared to a final reading of 52.0 in September.

Economics

• The Chicago Fed National Activity Index fell to a reading of -0.28 in September compared to a revised level of -0.01 in August.
• U.S. initial jobless claims declined by 15,000 from the prior week to 227,000 during the period ending Oct. 19, compared to market estimates of 242,000.
• U.S. building permits declined by 3.1% to an annual rate of 1.425 million in September.
• The S&P Global flash manufacturing PMI rose to 47.8 in October versus a 15-month low level of 47.3 in September.
• The S&P Global services PMI increased to 55.3 in October from 55.2 in the prior month.
• Sales of new single-family homes in the U.S. surged 4.1% to an annual rate of 738,000 in September.

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