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News

US Stocks Mixed; Bristol Myers Posts Upbeat Earnings

Author: Lisa Levin | October 26, 2023 09:44am

U.S. stocks traded mixed this morning, following the release of several economic reports.

Following the market opening Thursday, the Dow traded up 0.10% to 33,069.66 while the NASDAQ fell 0.24% to 12,790.71. The S&P 500 also fell, dropping, 0.13% to 4,181.15.

Check This Out: Meta To Rally Over 42%? Here Are 10 Top Analyst Forecasts For Thursday

 

Leading and Lagging Sectors

 

Real estate shares rose by 1% on Thursday.

In trading on Thursday, communication services shares dipped by 2%.

 

Top Headline

 

Bristol Myers Squibb & Co (NYSE:BMY) reported better-than-expected earnings for its third quarter.

Bristol Myers Squibb said revenues came in at $10.966 billion, due to lower sales of Revlimid, partially offset by in-line products and its new product portfolio. Analysts were expecting sales of $10.965 billion. Adjusted EPS rose 1% year-over-year to $2.00, beating the consensus of $1.76.

 

Equities Trading UP

 

ABVC BioPharma, Inc. (NASDAQ:ABVC) shares shot up 220% to $2.72 after the company announced it entered into a term sheet to license the global rights of CNS drugs with the indications of MDD and ADHD to AiBtl BioPharma at the valuation of $667 million.

Shares of PaxMedica, Inc. (NASDAQ:PXMD) got a boost, shooting 82% to $0.3146. PaxMedica reported the completion of a type-B meeting with the FDA.

Appreciate Holdings, Inc. (NASDAQ:SFR) shares were also up, gaining 45% to $0.1751 after falling around 19% on Wednesday. Appreciate Holdings received a notice from Nasdaq regarding delisting.

 

Equities Trading DOWN

 

Bit Brother Limited (NASDAQ:BETS) shares dropped 70% to $0.1380 as the company reported pricing of $5.04 million registered direct offering.

Shares of Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA) were down 51% to $0.18 as the company announced pricing of $1.7 million public offering of 8.5 million shares of common stock at a price of $0.20 per share.

Silicom Ltd. (NASDAQ:SILC) was down, falling 29% to $15.82 after the company issued weak sales forecast for the fourth quarter.

Also Check This Out: Kimberly-Clark, Roblox And 2 Other Stocks Insiders Are Selling

 

Commodities

 

In commodity news, oil traded down 2.7% to $83.09 while gold traded down 0.2% at $1,991.20.

Silver traded down 0.1% to $23.00 on Thursday while copper rose 0.3% to $3.6030.

 

Euro zone

 

European shares were lower today. The eurozone’s STOXX 600 fell 0.5%, London’s FTSE 100 fell 0.5% while Spain’s IBEX 35 Index fell 0.5% The German DAX dipped 1% French CAC 40 slipped 0.4%, while Italy’s FTSE MIB Index fell 0.1%.

The European Central Bank held interest rates during its October meeting. Spain's unemployment rate rose to 11.84% in the third quarter from 11.60% in the prior three-month period. UK car production surged 39.8% year-over-year to 88,230 units in September.

 

Asia Pacific Markets

 

Asian markets closed mostly lower on Thursday, with Japan’s Nikkei 225 falling 2.14%, Hong Kong’s Hang Seng Index declining 0.24% and China’s Shanghai Composite Index gaining 0.48%. India’s S&P BSE Sensex, meanwhile, fell around 1.4%.

Hong Kong’s trade deficit increased to $64.6 billion in September from $44.9 billion in the year-ago month.

 

Economics

 

The U.S. economy grew an annualized 4.9% in the third quarter, higher than market expectations of 4.3% and compared to a 2.1% growth in the second quarter.

U.S. initial jobless claims increased by 10,000 to 210,000 in the week ending Oct. 21, above market estimates of 208,000.

U.S. durable goods orders rose by 4.7% month-over-month in September versus a 0.1% decline in August and topping market estimates of a 1.7% rise.

The U.S. trade deficit in goods rose to $85.8 billion in September versus a revised $84.6 billion gap in the prior month.

Wholesale inventories in the U.S. came in unchanged month-over-month during September, compared to a 0.1% decline in the previous month.

Now Read This: Top 5 Real Estate Stocks That Could Lead To Your Biggest Gains in October

Posted In: ABVC BETS BMY PXMD SFR SILC SNOA

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