Dow Dips Over 100 Points; Analog Devices Posts Upbeat Earnings

Author: Avi Kapoor | February 21, 2024 11:06am

U.S. stocks traded lower this morning, with the Dow Jones index falling over 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.31% to 38,443.33 while the NASDAQ fell 0.58% to 15,540.19. The S&P 500 also fell, dropping, 0.28% to 4,961.55.

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Leading and Lagging Sectors

 

Consumer discretionary shares rose by 0.8% on Wednesday.

In trading on Wednesday, information technology shares fell by 1%.

 

Top Headline

 

Analog Devices, Inc. (NASDAQ:ADI) posted upbeat first-quarter earnings, but issued a weak forecast for the current quarter.

Analog Devices posted adjusted earnings of $1.73 per share, beating market estimates of $1.71 per share. The company’s quarterly sales came in at $2.51 billion versus expectations of $2.50 billion.

Analog Devices said it sees second-quarter adjusted EPS of $1.16 to $1.36 versus estimates of $1.57. The company expects revenue of $2 billion to $2.2 billion versus expectations of $2.36 billion.

 

Equities Trading UP

 

Greenbrook TMS Inc. (NASDAQ:GBNH) shares shot up 136% to $0.4650. Greenbrook TMS raised $2.5 million in debt financing.

Shares of Ventyx Biosciences, Inc. (NASDAQ:VTYX) got a boost, surging 100% to $5.98. Traders circulated unconfirmed analyst comments suggesting co might be the next big weight loss drug citing a new publication showing NLRP3 has significant weight loss similar to GLP-1.

Motus GI Holdings, Inc. (NASDAQ:MOTS) shares were also up, gaining 88% to $1.2288 after the company was granted U.S. Patent #11904085 for 'Systems And Methods For Cleaning A Colon.'

 

Equities Trading DOWN

 

Palo Alto Networks, Inc. (NASDAQ:PANW) shares dropped 26% to $271.52 after the company issued third-quarter adjusted EPS and total revenue guidance below estimates.

Shares of U Power Limited (NASDAQ:UCAR) were down 27% to $0.0743.
U Power received Nasdaq delisting notification and intends to appeal.

Community Health Systems, Inc. (NYSE:CYH) was down, falling 28% to $2.9186 after the company reported fourth-quarter financial results.

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Commodities

 

In commodity news, oil traded up 0.4% to $77.34 while gold traded up 0.1% at $2,040.80.

Silver traded down 0.3% to $23.065 on Wednesday while copper rose 1% to $3.9050.

 

Euro zone

 

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index rose 0.5% The German DAX gained 0.4% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.9%.

The Confederation of British Industry survey's total order book balance climbed by 10 points to a reading of -20 in February.

 

Asia Pacific Markets

 

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index rising 1.57%, China’s Shanghai Composite Index gaining 0.97% and India’s S&P BSE Sensex falling 0.59%.

Japanese trade deficit narrowed to JPY 1,758.311 billion in January from JPY 3,506.43 billion in the year-ago month. Exports from Japan surged by 11.9% year-over-year, while imports to Japan dipped 9.6% year-over-year.

 

Economics

 

U.S. mortgage applications fell by 10.6% on the week ending Feb. 16, 2024.

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Posted In: ADI CYH GBNH MOTS PANW UCAR VTYX