Crude Oil Down 4%; Neogen Shares Plunge After Q3 Results

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling more than 100 points on Wednesday.

The Dow traded down 0.29% to 37,535.75 while the NASDAQ climbed 0.56% to 15,353.21. The S&P 500 also fell, dropping, 0.15% to 4,975.48.

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Leading and Lagging Sectors

Information technology shares surged by 1.8% on Wednesday.

In trading on Wednesday, energy shares fell by 2%.

Top Headline

The Simply Good Foods Company SMPL posted better-than-expected quarterly results.

The company, led by CEO Geoff Tanner, reported second-quarter FY25 sales growth of 15% year-on-year to $359.65 million. It beat the analyst consensus estimate of $354.4 million. Adjusted EPS of 46 cents beat the consensus estimate of 40 cents.

Equities Trading UP

Venus Concept Inc. VERO shares shot up 242% to $9.84 after the company announced it secured $23.24 million in bridge financing from Madryn Health Partners.
Shares of Phio Pharmaceuticals Corp. PHIOgot a boost, surging 116% to $2.18 after the company announced its Safety Monitoring Committee recommended dose escalation in the Phase 1b trial of PH-762.
22nd Century Group, Inc. XXII shares were also up, gaining 19% to $1.25 after the company announced new agreements from former customers to supply filtered cigar products.

Equities Trading DOWN

Neogen Corporation NEOG shares dropped 29% to $4.98 after the company reported worse-than-expected third-quarter financial results and issued FY25 sales guidance below estimates.
Shares of Vincerx Pharma, Inc. VINC were down 54% to $0.2323 after the company announced it terminated its letter of intent with Global Digital regarding a potential merger.
Bloom Energy Corporation BE was down, falling 10% to $15.32. Redburn Atlantic analyst Skye Landon downgraded Bloom Energy from Neutral to Sell and lowered the price target from $14.5 to $10.

Commodities

In commodity news, oil traded down 4% to $57.24 while gold traded up 3.4% at $3,091.90.

Silver traded up 2.4% to $30.42 on Wednesday, while copper rose 2% to $4.2280.

Euro zone

European shares were lower today. The eurozone's STOXX 600 dipped 2.92%, Germany's DAX 40 dipped 2.39% and France's CAC 40 tumbled 2.74%. Spain's IBEX 35 Index fell 1.71%, while London's FTSE 100 fell 2.52%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan's Nikkei 225 falling 3.93%, China's Shanghai Composite gaining 1.31%, Hong Kong's Gang Seng index rising 0.68% and India's BSE Sensex falling 0.51%.

Economics

U.S. mortgage application volumes climbed by 20% from the previous week during the first week of April.

U.S. crude oil inventories climbed by 2.553 million barrels in the week ended April 4, compared to market estimates of a 2.2 million gain.

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