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News

Crude Oil Down 2%; Donaldson Shares Drop Following Q3 Results

Author: Lisa Levin | May 31, 2023 02:39pm

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping over 100 points on Wednesday.

The Dow traded down 0.34% to 32,929.04 while the NASDAQ fell 0.30% to 12,978.20. The S&P 500, also fell, dropping, 0.39% to 4,189.27.

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Leading and Lagging Sectors

  • Utilities shares rose by 0.7% on Wednesday. Meanwhile, top gainers in the sector included Ellomay Capital Ltd. (NYSE:ELLO), up 8%, and Star Group, L.P. (NYSE:SGU), up 4%.
  • In trading on Wednesday, energy shares dipped 1.8%.

 

Top Headline

Shares of Donaldson Co Inc (NYSE:DCI) dropped over 7% on Wednesday after the company reported third-quarter financial results and updated guidance.

Donaldson reported a sales increase of 2.6% Y/Y to $875.7 million beating the consensus of $868.4 million. EPS stood at 76 cents, up from 67 cents a year ago, exceeding the consensus of $0.74.

The company now expects FY23 adjusted EPS to be $3.00-$3.06 (vs $2.99-$3.07 previously) compared to the consensus of $3.04.

 

Equities Trading UP

  • Aridis Pharmaceuticals, Inc. (NASDAQ:ARDS) shares shot up 116% to $0.3991 after the company announced it received agreement from the FDA on its proposed single confirmatory Phase 3 study of AR-301 and the clinical study design.
  • Shares of Marker Therapeutics, Inc. (NASDAQ:MRKR) got a boost, shooting 32% to $1.7401 after the company reported pre-clinical data of its MT-601 multiTAA-specific T cell product candidate MT-601 in lymphoma cells.
  • VistaGen Therapeutics, Inc. (NASDAQ:VTGN) shares were also up, gaining 17% to $0.1567 after the company announced it will present fasedienol safety and exploratory efficacy data from its Phase 3 open-label social anxiety disorder study at the ASCP 2023 Annual Meeting.

 

Equities Trading DOWN

  • Advance Auto Parts, Inc. (NYSE:AAP) shares dropped 34% to $73.70 after the company reported worse-than-expected first-quarter financial results and cut FY23 guidance below estimates.
  • Shares of Panbela Therapeutics, Inc. (NASDAQ:PBLA) were down 32% to $0.2298. Panbela announced a 1-for-30 reverse stock split effective June 1, 2023.
  • QualTek Services Inc. (NASDAQ:QTEK) was down, falling 44% to $0.0842 after the company received Nasdaq delisting notice.

Also Check This Out: AMD, Micron And 2 Other Stocks Insiders Are Selling

 

Commodities

In commodity news, oil traded down 2% to $68.10 while gold traded up 0.3% at $1,983.50.

Silver traded up 1.5% to $23.59 on Wednesday while copper fell 0.7% to $3.6370.

 

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.07%, London’s FTSE 100 fell 1.01% while Spain’s IBEX 35 Index fell 1.28% The German DAX slipped 1.54% French CAC 40 fell 1.54% and Italy’s FTSE MIB Index fell 1.97%.

The annual inflation rate in Italy declined to 7.6% in May from 8.2% in the prior month, while GDP grew by 0.6% quarter-on-quarter during the three months to March 2023. Spain reported a current account surplus of €5575 million in March, recording the highest surplus since July 2016.

The unemployment rate in Germany was steady at 5.6% during May. The French economy expanded 0.2% on quarter in the first quarter, while producer prices fell 5.1% month-over-month in April. The consumer price inflation in France dropped to 5.1 % year-over-year for May.

 

Asia Pacific Markets

Asian markets closed lower on Wednesday, with Japan’s Nikkei 225 dropping 1.41%, Hong Kong’s Hang Seng Index declining 1.94% and China’s Shanghai Composite Index falling 0.61%. India’s S&P BSE Sensex fell 0.6%.

Japan's housing starts fell by 11.9% year-over-year in April versus aa 3.2% decline in the previous month, while consumer confidence index in Japan rose to 36 in May from 35.4 a month ago. Retail sales in Japan rose by 5% year-over-year in April, while industrial production fell by 0.4 % month-over-month during April.

The official NBS non-manufacturing PMI for China fell to 54.5 in May from 56.4 in the previous month, while official NBS manufacturing PMI declined to a five-month low level of 48.8 in May.

 

Economics

  • The Chicago PMI declined to 40.4 points in May versus 48.6 in April.
  • The number of job vacancies in the U.S. rose by 358 thousand to 10.1 million in April.

Now Read This: Bitcoin Drops But Remains Above This Key Level; Optimism, Conflux Among Top Losers

 

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,107,490 cases with around 1,165,310 deaths. India confirmed a total of at least 44,990,580 cases and 531,870 deaths, while France reported over 40,081,380 COVID-19 cases with 167,310 deaths. In total, there were at least 689,549,940 cases of COVID-19 worldwide with more than 6,884,630 deaths.

 

Posted In: AAP ARDS DCI ELLO MRKR PBLA QTEK SGU VTGN

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