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News

US Stocks Higher; Accenture Issues Weak Sales Outlook

Author: Avi Kapoor | December 19, 2023 10:42am

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.17% to 37,369.84 while the NASDAQ rose 0.25% to 14,941.77. The S&P 500 also rose, gaining, 0.17% to 4,748.81.

Check This Out: Cisco Systems, Electronic Arts And 2 Other Stocks Insiders Are Selling

 

Leading and Lagging Sectors

 

Materials shares rose by 0.7% on Tuesday.

In trading on Tuesday, financial shares fell by 0.1%.

 

Top Headline

 

Accenture Plc (NYSE:ACN) posted upbeat earnings for its first quarter, but issued weak sales outlook.

Accenture reported quarterly sales of $16.22 billion compared with the consensus of $16.20 billion, an increase of 3% Y/Y in U.S. dollars and 1% in local currency. Adjusted earnings came in at $3.27 per share, versus expectations of $3.14 per share.

Accenture expects second-quarter revenues of $15.40 billion to $16.00 billion (versus consensus of $16.25 billion), or negative 2% to 2% in local currency, reflecting the company’s assumption of a negative 0.5% foreign-exchange impact compared with the second quarter of fiscal 2023.

 

Equities Trading UP

 

Compugen Ltd. (NASDAQ:CGEN) shares shot up 218% to $2.32 after Gilead announced an agreement with the company to exclusively license its novel pre-clinical immunotherapy program.

Shares of Panbela Therapeutics, Inc. (NASDAQ:PBLA) got a boost, surging 78% to $1.79. Panbela Therapeutics shares jumped 120% on Monday after US WorldMeds received FDA approval of eflornithine.

Jin Medical International Ltd. (NASDAQ:ZJYL) shares were also up, gaining 65% to $168.00 after jumping around 264% on Monday.

 

Equities Trading DOWN

 

Motus GI Holdings, Inc. (NASDAQ:MOTS) shares dropped 43% to $1.23 after the company priced its $5 million public offering.

Shares of BYND Cannasoft Enterprises Inc. (NASDAQ:BCAN) were down 44% to $0.3877 after the company reported pricing of $1.5 million registered direct offering.

ETAO International Co., Ltd. (NASDAQ:ETAO) was down, falling 39% to $0.2810. ETAO International received a staff determination letter, on Dec. 13, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC.

Also Check This Out: How To Earn $500 A Month From General Mills Stock Ahead of Quarterly Earnings Report

 

Commodities

 

In commodity news, oil traded up 0.6% to $72.90 while gold traded up 0.3% at $2,045.50.

Silver traded up 0.6% to $24.25 on Tuesday while copper rose 1.5% to $3.9110.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.2%, London’s FTSE 100 gained 0.1% while Spain’s IBEX 35 Index rose 0.4% The German DAX rose 0.4% French CAC 40 fell 0.1%, while Italy’s FTSE MIB Index rose 0.2%.

Annual inflation rate in the Eurozone eased to 2.4% in November from 2.9% in the previous month.

 

Asia Pacific Markets

 

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.41%, Hong Kong’s Hang Seng Index declining 0.75% and China’s Shanghai Composite Index gaining 0.05%. India’s S&P BSE Sensex, meanwhile, rose 0.17%.

Hong Kong’s unemployment rate came in unchanged at 2.9% for the three months ending Nov. 2023. The Bank of Japan held its key short-term interest rate at -0.1% during its latest meeting.

 

Economics

 

Building permits in the U.S. declined by 2.5% to an annual rate of 1.460 million in November, down from market estimates of 1.470 million.

U.S. housing starts surged 14.8% month-over-month to an annualized 1.56 million in November, compared to market estimates of 1.36 million.

Now Read This: Top 5 Financial Stocks That May Keep You Up At Night In December

Posted In: ACN BCAN CGEN ETAO MOTS PBLA ZJYL

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