Dow Surges Over 500 Points; Western Digital Announces Plan To Split Into Two Companies

Author: Lisa Levin | October 30, 2023 03:06pm

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 500 points on Monday.

The Dow traded up 1.67% to 32,959.68 while the NASDAQ rose 1.25% to 12,800.95. The S&P 500 also rose, gaining, 1.23% to 4,167.91.

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Leading and Lagging Sectors

 

Communication services shares jumped by 2.3% on Monday.

In trading on Monday, energy shares fell by 0.1%.

 

Top Headline

 

Western Digital Corp (NASDAQ:WDC) reported upbeat first-quarter results and announced a plan to separate its HDD and Flash businesses.

Western Digital reported a first-quarter FY23 revenue decline of 26% year-on-year to $2.75 billion, beating the consensus of $2.65 billion. The company clocked an adjusted EPS loss of $(1.76), beating the consensus loss of $(1.90).

The company’s board unanimously approved a plan to separate its HDD and Flash businesses.

 

Equities Trading UP

 

Miromatrix Medical Inc. (NASDAQ:MIRO) shares shot up 225% to $3.2858 after United Therapeutics agreed to acquire the company for $3.25 per share in cash.

Shares of VYNE Therapeutics Inc. (NASDAQ:VYNE) got a boost, shooting 25% to $2.81 after the company announced a private placement of $88 million and data from its Phase 1b trial evaluating once-daily dosing of VYN201 in patients with nonsegmental vitiligo.

Eargo, Inc. (NASDAQ:EAR) shares were also up, gaining 52% to $2.56 after the company announced it will be taken private by Patient Square Capital.

 

Equities Trading DOWN

 

CommScope Holding Company, Inc. (NASDAQ:COMM) shares dropped 41% to $1.4250 after the company reported preliminary third-quarter financial results.

Shares of Alzamend Neuro, Inc. (NASDAQ:ALZN) were down 21% to $0.1369 after the company announced a reverse stock split.

LumiraDx Limited (NASDAQ:LMDX) was down, falling 29% to $0.0855. On Oct. 24, LumiraDx announced receipt of Nasdaq delisting determination.

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Commodities

 

In commodity news, oil traded down 3.6% to $82.43 while gold traded up 0.5% at $2,008.60.

Silver traded up 2.6% to $23.475 on Monday while copper rose 0.2% to $3.6540.

 

Euro zone

 

European shares closed higher today. The eurozone’s STOXX 600 gained 0.36%, London’s FTSE 100 rose 0.50% while Spain’s IBEX 35 Index climbed 1.07% The German DAX gained 0.20% French CAC 40 climbed 0.44%, while Italy’s FTSE MIB Index jumped 0.19%.

The German economy shrank by 0.1% in the third quarter compared to the revised 0.1% growth recorded in the prior three-month period. Spain's consumer price inflation rate came in unchanged at 3.5% for October. Consumer credit in the UK increased by £1.391 billion in September slowing from the revised £1.681 billion in the prior month.

 

Asia Pacific Markets

 

Asian markets closed mixed on Monday, with Japan’s Nikkei 225 falling 0.95%, Hong Kong’s Hang Seng Index gaining 0.04% and China’s Shanghai Composite Index gaining 0.12%. India’s S&P BSE Sensex, meanwhile, gained around 0.5%.

Retail sales in Australia increased by 0.9% month-over-month in September versus a revised 0.3% rise in August.

 

Economics

 

The Dallas Fed Texas manufacturing output index fell to 5.2 in October from 7.9 in September.

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Posted In: ALZN COMM EAR LMDX MIRO VYNE WDC