Dow Edges Higher; Tigo Energy Shares Plunge
U.S. stocks pared some losses toward the end of trading, with the Dow Jones turning higher on Wednesday.
The Dow traded up 0.05% to 35,332.35 while the NASDAQ fell 0.46% to 13,820.37. The S&P 500, also fell, dropping, 0.07% to 4,496.29.
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Leading and Lagging Sectors
- Energy shares jumped by 1.7% on Wednesday.
- In trading on Wednesday, information technology shares fell 0.7%.
Top Headline
The Wendy's Company (NASDAQ:WEN) reported upbeat earnings for its second quarter, while sales missed estimates.
The company reported second-quarter FY23 sales growth of 4.4% year-on-year to $561.57 million, missing the analyst consensus of $566.95 million. Adjusted EPS of $0.28 beat the consensus estimate of $0.27.
Wendy's continues to expect FY23 adjusted EPS of $0.95 - $1.00 versus the consensus of $0.98.
Equities Trading UP
- Benitec Biopharma Inc. (NASDAQ:BNTC) shares shot up 70% to $3.28. Benitec Biopharma reported pricing of $30 million underwritten public offering.
- Shares of Decibel Therapeutics, Inc. (NASDAQ:DBTX) got a boost, shooting 78% to $4.96 after Regeneron announced it will acquire the company.
- Renovaro Biosciences Inc. (NASDAQ:RENB) shares were also up, gaining 66% to $1.4119 after the company and AI-focused GEDi Cube announced a binding, exclusive letter of intent to merge.
Equities Trading DOWN
- Palisade Bio, Inc. (NASDAQ:PALI) shares dropped 63% to $0.7102 after the company announced its U.S. Phase 2 PROFILE study evaluating LB1148 for post-surgical abdominal adhesions did not achieve the primary efficacy endpoint.
- Shares of Tigo Energy, Inc. (NASDAQ:TYGO) were down 44% to $11.90 after the company reported worse-than-expected second-quarter sales results and issued third-quarter revenue guidance below estimates.
- WeWork Inc. (NYSE:WE) was down, falling 40% to $0.1262 after the company reported worse-than-expected second-quarter financial results.
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Commodities
In commodity news, oil traded up 1.8% to $84.41 while gold traded down 0.6% at $1,949.20.
Silver traded down 0.3% to $22.75 on Wednesday while copper rose 0.7% to $3.7920.
Euro zone
European shares closed higher today. The eurozone’s STOXX 600 rose 0.43%, London’s FTSE 100 rose 0.80% while Spain’s IBEX 35 Index rose 0.57% The German DAX gained 0.49% French CAC 40 rose 0.72% and Italy’s FTSE MIB Index gained 1.31%.
Asia Pacific Markets
Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.53%, China’s Shanghai Composite Index falling 0.49% and Hong Kong’s Hang Seng Index gaining 0.32%. India’s S&P BSE Sensex, meanwhile, rose 0.1%.
China's producer prices declined 4.4% year-over-year in July following a 5.4% decline in the previous month, while consumer prices fell by 0.3%% year-over-year in July, versus a flat reading in the prior month.
Japan’s machine tool orders fell 19.8% year-over-year to JPY 114,251 million in July following a revised 22.2% decline in the prior month.
Economics
- Mortgage applications in the U.S. declined 3.1% during the first week of August.
- U.S. crude oil inventories increased by 5.851 million barrels in the week to Aug. 4, 2023, compared to market expectations for a 0.567 million barrel rise, the EIA said.
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COVID-19 Update
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 107,569,370 cases with around 1,170,790 deaths. India confirmed a total of at least 44,996,030 cases and 531,910 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. In total, there were at least 693,010,490 cases of COVID-19 worldwide with more than 6,905,650 deaths.
