Nasdaq Tumbles 1%; Patterson Companies Earnings Beat Views

U.S. stocks traded mostly lower midway through trading, with Nasdaq Composite dropping over 100 points on Wednesday.

The Dow traded up 0.05% to 34,069.77 while the NASDAQ fell 1.04% to 13,525.71. The S&P 500, also fell, dropping, 0.32% to 4,374.46.

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Leading and Lagging Sectors

• Energy shares rose 1.2% on Wednesday. Meanwhile, top gainers in the sector included Tidewater Inc. TDW, up 6%, and SM Energy Company SM, up 7%.
• In trading on Wednesday, information technology shares dipped by 1%.

 

Top Headline

Patterson Companies Inc PDCO reported better-than-expected earnings for its fourth quarter.

Patterson reported a net sales increase of 5% year-over-year to $1.72 billion for the fourth quarter of 2023, beating the consensus of $1.66 billion. Adjusted EPS of $0.84 beat the analyst consensus of $0.70.

Patterson expects the FY24 adjusted EPS forecast of $2.45 to $2.55 against the consensus of $2.34.

 

Equities Trading UP

• Ocean Biomedical, Inc. OCEA shares shot up 25% to $6.63 after the company announced a share price target increase to $17.63 by Fundamental Research Corp on results from an independent study showing glioblastoma tumor suppression, received patents and recent financing.
• Shares of LumiraDx Limited LMDX got a boost, shooting 22% to $0.4270 after the company received UK approval for its COVID Ultra and COVID & RSV Tests.
• Advanced Health Intelligence Ltd. AHI shares were also up, gaining 170% to $2.00 after the company signed a Letter of Intention with UAE-Based e-script medicine management company Pharmak Pharmacy.

 

Equities Trading DOWN

• uniQure N.V. QURE shares dropped 44% to $10.91 after the company announced interim data from the Phase I/II trial of AMT-130 in Huntington's Disease.
• Shares of The Beauty Health Company SKIN were down 10% to $7.86 after Stifel downgraded the stock from Buy to Hold and lowered its price target from $17 to $10.
• ToughBuilt Industries, Inc. TBLT was down, falling 48% to $0.2899 after the company priced its 10,975,611 share offering at $0.41 per share.

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Commodities

In commodity news, oil traded up 0.7% to $71.71 while gold traded down 0.6% at $1,936.10.

Silver traded down 2.7% to $22.605 on Wednesday while copper rose 0.4% to $3.8985.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.52%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.09% The German DAX dropped 0.57% French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.03%.

Passenger car registrations in the European Union jumped 18.5% year-over-year to around 1 million units in May.

The consumer price inflation in the U.K. came in unchanged at 8.7% in May, while producer price inflation slowed to 2.9% year-over-year in May versus a revised 5.2% in the prior month.

 

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.56%, Hong Kong’s Hang Seng Index dropping 1.98% and China’s Shanghai Composite Index dropping 1.31%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s current account surplus fell to HKD 41.3 billion in the first quarter versus HKD 86.3 billion in the year-ago month. Australia’s Westpac-Melbourne Institute Leading Economic Index came in flat from the previous month in May.

 

Economics

Mortgage applications in the U.S. rose 0.5% in the week ended June 16.

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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 107,248,390 cases with around 1,167,380 deaths. India confirmed a total of at least 44,993,670 cases and 531,890 deaths, while France reported over 40,126,960 COVID-19 cases with 167,590 deaths. In total, there were at least 690,635,950 cases of COVID-19 worldwide with more than 6,893,340 deaths.