Crude Oil Rises Over 2%; Cutera Shares Plummet

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 80 points on Wednesday.

The Dow traded down 0.12% to 33,643.89 while the NASDAQ fell 0.67% to 11,951.16. The S&P 500, also fell, dropping, 0.33% to 4,095.41.

Check This Out: $4M Bet On Jasper Therapeutics? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying

 

Leading and Lagging Sectors

• Energy shares rose by 0.2% on Wednesday. Meanwhile, top gainers in the sector included 4,095.41 BANL, up 10%, and 4,095.41 BPT, up 4%.
• In trading on Wednesday, consumer discretionary fell by 1.4%.

 

Top Headline

Apogee Enterprises Inc APOG posted upbeat earnings for its fourth quarter.

The company reported fourth-quarter 2023 sales growth of 4.9% year-over-year to $344.1 million, missing the consensus of $348.2 million. Adjusted EPS declined to $0.86 from $0.91 in Q4FY22, above the consensus of $0.83.

 

Equities Trading UP

• TESSCO Technologies Incorporated TESS shares shot up 87% to $8.78 as it agreed to be acquired by entities affiliated with Lee Equity Partners and Twin Point Capital for $9.00 in cash, resulting in an enterprise value of $161.4 million.
• Shares of HeartCore Enterprises, Inc. HTCR got a boost, shooting 57% to $1.40. HeartCore forged an agreement with rYojbaba Inc for its tenth Go IPO consulting service win.
• National CineMedia, Inc. NCMI shares were also up, gaining 120% to $0.4527. National CineMedia disclosed filing a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of Texas.

 

Equities Trading DOWN

• Cutera, Inc. CUTR shares dropped 26% to $20.06 after the company announced the immediate terminations of Executive Chairman Daniel Plants and CEO David Mowry for cause and withdrew 2023 outlook.
• Shares of Aeglea BioTherapeutics, Inc. AGLE were down 23% to $0.1985 after the company announced interim results the ongoing Phase 1/2 clinical trial of pegtarviliase for the treatment of Classical Homocystinuria and said it is exploring strategic alternatives.
• iMedia Brands, Inc. IMBI was down, falling 21% to $0.1985 following downbeat Q4 results.

Also Check This Out: These 3 Health Care Stocks Delivering High-Dividend Yields Are Recommended By Wall Street's Most Accurate Analysts

 

Commodities

In commodity news, oil traded up 2.2% to $83.31 while gold traded up 0.6% at $2,031.10.

Silver traded up 1.8% to $25.64 on Wednesday while copper rose 1.3% to $4.0720.

Stocks of crude oil in the US rose by 0.377 million barrels in the week ended April 7, 2023, versus a 4.3 million barrel decline in the earlier week, the API said. US crude oil inventories increased by 0.597 million barrels in the latest week, versus market expectations for a 0.583 million decline, the EIA said.

 

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.13%, London’s FTSE 100 rose 0.50% while Spain’s IBEX 35 Index rose 0.44%. The German DAX rose 0.31%, French CAC 40 rose 0.09% and Italy’s FTSE MIB Index rose 0.38%.

 

Asia Pacific Markets

Asian markets closed mostly higher on Wednesday, with Japan’s Nikkei 225 gaining 0.57%, Hong Kong’s Hang Seng Index falling 0.86% and China’s Shanghai Composite Index gaining 0.41%. India’s S&P BSE Sensex rose 0.4%.

The value of loans in Japan rose 3% year-over-year in March following a 3.3% increase in February. Producer prices in Japan climbed by 7.2% year-over-year in March, while core machinery orders slipped 4.5% month-over-month in February.

 

Economics

• Mortgage applications in the US increased 5.3% in the week ended April 7, 2023, versus a 4.1% decline in the prior week, the Mortgage Bankers Association said.
• The headline CPI came in at 5% year-on-year in March, down from 6% in February, according to data the Labor Department reported on Tuesday. The closely watched inflation reading was below average economist estimates of 5.2%. This marked the lowest inflation print since May 2021.
• US crude oil inventories increased by 0.597 million barrels in the latest week, versus market expectations for a 0.583 million decline, the EIA said.

Now Read This: Top 5 Financial Stocks That Are Set To Fly In April

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,385,350 cases with around 1,157,190 deaths. India confirmed a total of at least 44,776,000 cases and 531,010 deaths, while France reported over 39,853,250 COVID-19 cases with 165,850 deaths. In total, there were at least 685,156,170 cases of COVID-19 worldwide with more than 6,838,920 deaths.