Gold Down Over 1%; Coca-Cola Posts Upbeat Sales

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 1% on Tuesday.

The Dow traded down 1.05% to 38,389.76 while the NASDAQ fell 1.16% to 15,757.13. The S&P 500 also fell, dropping, 1.01% to 4,970.94.

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Leading and Lagging Sectors

Utilities shares rose by 1.1% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.8%.

Top Headline

Coca-Cola Company KO posted better-than-expected sales for its fourth quarter.

Coca-Cola reported fourth-quarter 2023 sales of $10.8 billion, up 7% Y/Y, beating the consensus of $10.67 billion. The adjusted EPS of $0.49 came in line with the consensus estimate.

For fiscal year 2024, Coke forecasts organic revenue growth of 6%-7% and an increase in comparable EPS of 4%-5%.

Equities Trading UP

Beamr Imaging Ltd. BMR shares shot up 55% to $15.43 after rallying more than 370% on Monday. Beamr Imaging priced $12 million public offering of 1,714,200 ordinary shares at $7 per share.

Shares of Whole Earth Brands, Inc. FREE got a boost, surging 35% to $4.75. Whole Earth Brands signed a definitive agreement to be acquired by affiliates of Sababa Holdings FREE, LLC for $4.875 per share in an all-cash transaction.

Digital Brands Group, Inc. DBGI shares were also up, gaining 206% to $8.78. Digital Brands reaffirmed its 2024 guidance revenue of $27 million to $30 million and committed to no equity offerings for 2024.

Equities Trading DOWN

Sunshine Biopharma, Inc. SBFM shares dropped 65% to $0.0667 after the company announced pricing of $10 million underwritten public offering.

Shares of BIOLASE, Inc. BIOL were down 66% to $0.1536 after the company announced pricing of $7 million public offering of 16 million units at a price of $0.44 per unit.

Sientra, Inc. SIEN was down, falling 69% to $0.1806 after the company announced plans to pursue strategic sale of its business through voluntary Chapter 11 process.

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Commodities

In commodity news, oil traded up 0.8% to $77.52 while gold traded down 1.4% at $2,004.70.

Silver traded down 3.1% to $22.055 on Tuesday while copper rose 0.1% to $3.7250.

Euro zone

European shares closed lower today. The eurozone’s STOXX 600 fell 1.04%, London’s FTSE 100 fell 0.97% while Spain’s IBEX 35 Index fell 0.69% The German DAX fell 0.96% French CAC 40 fell 0.98% while Italy’s FTSE MIB Index fell 0.97%.

Average weekly earnings including bonuses in the UK rose 5.8% year-over-year to GBP 669/week during the three months to December, while UK’s unemployment rate fell to 3.8% in the fourth quarter. The unemployment rate in France came in steady at 7.5% during the fourth quarter.

Asia Pacific Markets

Asia Pacific markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 2.89%, India’s S&P BSE Sensex gaining 0.70% and Australia’s S&P/ASX 200 falling 0.15%.

Producer prices in Japan increased by 0.2% year-over-year in January, while Japan’s machine tool orders fell 14.1% year-over-year to JPY 110,881 million for January.