Crude Oil Down Over 2%; Bristol Myers Squibb Posts Upbeat Q2 Results

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining over 100 points on Friday.

The Dow traded up 1.60% to 40,574.53 while the NASDAQ rose 0.74% to 17,309.62. The S&P 500 also rose, gaining, 0.99% to 5,452.49.

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Leading and Lagging Sectors

Industrials shares jumped by 1.7% on Wednesday.

In trading on Wednesday, energy shares fell by 0.3%.

Top Headline

Bristol Myers Squibb & Co BMY  posted strong second-quarter earnings and increased 2024 guidance.

Bristol Myers Squibb posted second-quarter revenues of $12.20 billion, beating the consensus of $11.55 billion, an increase of 9% year-over-year, or 11% when adjusted for foreign exchange impacts, primarily driven by the Growth Portfolio and Eliquis. The company reported an adjusted EPS of $2.07, compared to an income of $1.75 a year ago, beating the consensus of $1.63.

Bristol Myers Squibb revised 2024 adjusted EPS guidance to $0.60-$0.90 versus prior guidance of $0.40-$0.70 and consensus Of $0.51. For 2024, the U.S. drug maker expects revenue growth to be at the upper end of the previously provided low single-digit range.

Equities Trading UP
                       

• Windtree Therapeutics, Inc. WINT shares shot up 106% to $6.80 after the company filed a request for the withdrawal of its registration statement on a Form S-1.
• Shares of BurgerFi International, Inc. BFI got a boost, surging 219% to $0.6770 after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.
• Coursera, Inc. COUR shares were also up, gaining 37% to $10.13 after the company beat second-quarter earnings estimates.

Equities Trading DOWN

• NovaBay Pharmaceuticals, Inc. NBY shares dropped 61% to $0.7718 after the company reported pricing of $3.5 million underwritten public offering.
• Shares of DexCom, Inc. DXCM were down 42% to $63.09 after the company reported worse-than-expected second-quarter revenue results and issued weak FY24 revenue guidance.
• Nature’s Miracle Holding Inc NMHI was down, falling 48% to $0.2055 after the company announced pricing of $1.2 million public offering.

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Commodities

In commodity news, oil traded down 2.4% to $76.44 while gold traded up 1.2% at $2,381.50.

Silver traded down 0.4% to $27.86 on Friday, while copper rose 0.1% to $4.1255.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.85%, Germany's DAX rose 0.67% and France's CAC 40 rose 1.24%. Spain's IBEX 35 Index rose 0.17%, while London's FTSE 100 rose 1.15%.

Median expectations for inflation over the next 12 months for the Eurozone came in unchanged at 2.8% for June. Spanish unemployment rate declined to 11.27% during the second quarter. The consumer confidence indicator in France climbed to 90.8 in July compared to a revised reading of 89.7 in the prior month.

Asia Pacific Markets

Asian markets closed mostly higher on Friday, with Japan's Nikkei 225 falling 0.53%, Hong Kong's Hang Seng Index gaining 0.1%, China's Shanghai Composite Index gaining 0.14% and India's S&P BSE Sensex jumping 1.62%.

Foreign exchange reserves held by the Reserve Bank of India rose to $670.9 billion as of July 19. The index of coincident economic indicators in Japan rose to 117.1 in May versus a flash reading of 116.5.

Economics

• The headline Personal Consumption Expenditure (PCE) price index fell to 2.5% year-on-year in June, as expected.
• Personal spending in the U.S. rose 0.3% from the prior month in June, while personal income increased by 0.2% to $23.948 trillion in June.
• The University of Michigan consumer sentiment was revised higher to 66.4 in July compared to a preliminary level of 66.

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