Dow Rises 80 Points; Altamira Therapeutics Shares Plunge

U.S. stocks traded mixed toward the end of trading, with the Dow Jones gaining around 80 points on Tuesday.

The Dow traded up 0.24% to 33,710.06 while the NASDAQ fell 0.21% to 11,340.24. The S&P 500 also fell, dropping, 0.11% to 4,015.51.

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Leading and Lagging Sectors

• Industrials shares gained by 0.7% on Tuesday. Meanwhile, top gainers in the sector included Ideanomics, Inc. IDEX, up 16%, and Concrete Pumping Holdings, Inc. BBCP, up 16%.
• In trading on Tuesday, health care shares fell by 0.9%.

 

Top Headline

Verizon Communications Inc VZ reported better-than-expected Q4 sales results.

Verizon reported a fourth-quarter FY22 sales growth of 3.5% year-on-year to $35.3 billion, beating the consensus of $35.1 billion. Adjusted EPS of $1.19 was in line with the consensus.

Verizon said it expects adjusted EPS of $4.55 - $4.85, below the consensus of $4.99.

 

Equities Trading UP

• Baudax Bio, Inc. BXRX shares shot up 35% to $4.26 after the company announced the outcome of its first interim analysis in a Phase II trial of BX1000 for neuromuscular blockade in patients undergoing elective surgery.
• Shares of bioAffinity Technologies, Inc. BIAF got a boost, shooting 120% to $3.49 after the company announed the publication of results of its clinical trial in peer-reviewed journal Respiratory Research.
• Axcella Health Inc. AXLA shares were also up, gaining 38% to $0.5996 after the comapny announced a regulatory path to registration of AXA1125 in the treatment of Long COVID Fatigue.

 

Equities Trading DOWN

• Altamira Therapeutics Ltd. CYTO shares tumbled 31% to $3.45 after the company provided an update on its clinical trials with Bentrio. The COVAMID study did not reach the primary efficacy endpoint.
• Shares of LogicMark, Inc. LGMK were down 41% to $0.2003 after the company reported pricing of $5.2 million underwritten public offering priced above market.
• Verb Technology Company, Inc. VERB was down, falling 48% to $0.2003 after the company priced its $7.2 million underwritten public offering of common stock.

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Commodities

In commodity news, oil traded down 1.7% to $80.21 while gold traded up 0.3% at $1,934.20.

Silver traded up 0.8% to $23.73 on Tuesday while copper fell 0.1% to $4.2525.

 

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.24%, London’s FTSE 100 fell 0.35% while Spain’s IBEX 35 Index gained 0.26%. The German DAX declined 0.07% French CAC 40 rose 0.26% and Italy’s FTSE MIB Index rose 0.24%.

The S&P Global Eurozone services PMI climbed to 50.7 in January from 49.8 a month ago, while manufacturing PMI rose to 48.8 in January from 47.8. The consumer confidence indicator in the Eurozone climbed by 1.1 points to -20.9 in January. The S&P Global French composite PMI slipped to 49 from 49.1, while German composite PMI climbed to 49.7 in January from 49.0. The GfK Consumer Climate Indicator in Germany increased to -33.9 heading into February versus a revised reading of -37.6 in January.

The S&P Global/CIPS UK services PMI dropped to 48 in January from 49.9 in the previous month, while manufacturing PMI rose to 46.7 from 45.3.

 

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 adding 1.46% and India’s S&P BSE Sensex gaining 0.06%. Many Asian markets were closed for the Lunar New Year holidays.

The au Jibun Bank Japan composite PMI climbed to 50.8 in January versus a final reading of 49.7 in the prior month. Australian composite PMI rose to 48.2 in January from 47.5 in the previous month.

 

Economics

• The S&P Global services PMI rose to 46.6 in January from 44.7 in the previous month, while manufacturing PMI rose to 46.8 in January from 46.2.
• The manufacturing activity index in the Richmond area fell to -11 in January from 1 a month ago.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 103,888,290 cases with around 1,129,140 deaths. India confirmed a total of at least 44,682,100 cases and 530,730 deaths, while France reported over 39,485,570 COVID-19 cases with 163,940 deaths. In total, there were at least 673,626,060 cases of COVID-19 worldwide with more than 6,748,580 deaths.