Dow Dips 150 Points; Bristol Myers Squibb Issues Weak Outlook

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 150 points on Thursday.

The Dow traded down 0.35% to 44,715.15 while the NASDAQ rose 0.08% to 19,708.01. The S&P 500 also rose, gaining, 0.14% to 6,069.88.

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Leading and Lagging Sectors

Financials shares surged by 0.7% on Thursday.

In trading on Thursday, energy shares fell by 1.4%.

Top Headline

On Thursday, Bristol Myers Squibb & Co BMY posted better-than-expected results for its fourth quarter, but issued weak outlook.

The company posted fourth-quarter revenues of $12.34 billion, beating the consensus of $11.57 billion. The company reported an adjusted EPS of $1.67, down from $1.70 a year ago, beating the consensus of $1.46.

Bristol Myers Squibb said it sees 2025 adjusted EPS of $6.55-$6.85 compared to the consensus of $6.92. The company forecasts 2025 sales of $45.5 billion versus the consensus of $46.27 billion.

Equities Trading UP

Lipella Pharmaceuticals Inc. LIPO shares shot up 86% to $4.90 after the company received FDA approval for an expanded access program for LP-310 in oral lichen planus.
Shares of American Superconductor Corporation AMSCgot a boost, surging 31% to $33.40 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance with its midpoint above estimates.
Digital Turbine, Inc. APPS shares were also up, gaining 86% to $4.7250 after the company reported better-than-expected third-quarter financial results and raised its FY25 sales guidance.

Equities Trading DOWN

Skyworks Solutions, Inc. SWKS shares dropped 24% to $66.33 after the company issued second-quarter adjusted EPS guidance below estimates. Multiple analysts downgraded the stock on Thursday.
Shares of Sensus Healthcare, Inc. SRTS were down 29% to $6.36 after the company reported mixed fourth-quarter financial results.
WEX Inc. WEX was down, falling 17% to $155.07 after the company issued first-quarter and FY25 guidance below estimates.

Commodities

In commodity news, oil traded up 0.5% to $71.36 while gold traded down 0.8% at $2,869.50.

Silver traded down 1.7% to $32.420 on Thursday, while copper fell 0.4% to $4.4275.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 1.08%, Germany's DAX 40 gained 1.22% and France's CAC 40 rose 1.40%. Spain's IBEX 35 Index rose 1.30%, while London's FTSE 100 rose 1.37%.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 gaining 0.61%, China's Shanghai Composite Index climbing 1.27%, Hong Kong's Hang Seng Index gaining 1.43% and India's BSE Sensex falling 0.27%.

Economics

U.S. initial jobless claims increased by 11,000 from the previous week to 219,000 in the final week of January, compared to market estimates of 213,000.
U.S. unit labor costs rose 3.0% in the fourth quarter following a 0.5% gain in the third quarter.
U.S. nonfarm business sector labor productivity rose by 1.2% in the fourth quarter compared to a revised gain of 2.3% in the previous quarter.
U.S. employers announced job cuts of 49,795 in January up from 38,792 in the previous month.
U.S. natural gas stocks fell 174 billion cubic feet in the week ending Jan. 31.

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