Dow Jumps Over 100 Points; Hormel Foods Earnings Miss Estimates
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining over 100 points on Wednesday.
The Dow traded up 0.42% to 35,564.02 while the NASDAQ rose 0.17% to 14,305.43. The S&P 500 also rose, gaining, 0.26% to 4,566.65.
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Leading and Lagging Sectors
Real estate shares rose by 1.2% on Wednesday.
In trading on Wednesday, communication services shares fell by 0.8%.
Top Headline
Hormel Foods Corp (NYSE:HRL) reported weaker-than-expected earnings for its fourth quarter on Wednesday.
The company posted a fourth-quarter FY23 sales decline of 2.6% year-on-year to $3.198 billion, missing the analyst consensus estimate of $3.264 billion. Adjusted EPS of $0.42 missed the consensus estimate of $0.44.
Hormel sees FY24 sales of $12.2 billion - $12.5 billion versus the consensus of $12.28 billion. The company sees FY24 adjusted EPS of $1.51 - $1.65 against the Street view of $1.68.
Equities Trading UP
Vivos Therapeutics, Inc. (NASDAQ:VVOS) shares shot up 301% to $17.66. Vivos Therapeutics received FDA 510(k) clearance for treating severe obstructive sleep apnea (OSA) in adults using the Vivos' removable CARE (Complete Airway Repositioning and/or Expansion) oral appliances.
Shares of Rover Group, Inc. (NASDAQ:ROVR) got a boost, shooting 29% to $10.93 after the company announced it agreed to be acquired by Blackstone in a $2.3 billion transaction.
Fluence Energy, Inc. (NASDAQ:FLNC) shares were also up, gaining 24% to $25.05 after the company reported fourth-quarter financial results and initiated FY24 revenue guidance.
Equities Trading DOWN
BioVie Inc. (NASDAQ:BIVI) shares dropped 61% to $1.9650 after the company announced topline efficacy data from its Phase 3 trial of NE3107 for mild to moderate Alzheimer's disease.
Shares of Seelos Therapeutics, Inc. (NASDAQ:SEEL) were down 42% to $1.3907 after the company reported pricing of $5.55 million public offering.
Farfetch Limited (NYSE:FTCH) was down, falling 49% to $1.0796. Farfetch said it will not announce its third quarter financial results and will not hold its related conference call earlier scheduled for Nov. 29, 2023.
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Commodities
In commodity news, oil traded up 1.5% to $77.58 while gold traded up 0.3% at $2,066.00.
Silver traded up 0.7% to $25.48 on Wednesday while copper fell 0.4% to $ .8255.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 gained 0.45%, London’s FTSE 100 fell 0.43% while Spain’s IBEX 35 Index rose 0.59% The German DAX rose 1.09% French CAC 40 rose 0.24%, while Italy’s FTSE MIB Index rose 1.06%.
The industry confidence indicator in the Eurozone declined to -9.5 in November versus a revised reading of -9.2 in the prior month, while economic sentiment indicator rose to 93.8 in November versus the revised reading of 93.5.
Consumer credit in the UK increased by £1.289 billion in October versus a revised £1.370 billion in the earlier month. The manufacturing confidence index in Italy rose to 96.6 in November versus 96.1 a month ago, while consumer confidence index in Italy climbed to 103.6 in November from 101.6 in the prior period. Retail sales in Spain surged by 5% year-over-year in October versus a revised 6.3% increase in the previous month, while consumer price inflation rate fell to 3.2% year-over-year in November.
Asia Pacific Markets
Asian markets closed mostly lower on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index falling 2.08% and China’s Shanghai Composite Index falling 0.56%. India’s S&P BSE Sensex, meanwhile, climbed 1.1%.
The Domestic Supply Price Index in Singapore fell 2.2% year-over-year in October compared to a revised 0.5% decline in the earlier month.
Economics
The US economy grew an annualized 5.2% in the third quarter, compared to 4.9% in the preliminary estimate, and higher than market estimates of 5%.
Corporate profits in the U.S. jumped by 4.1% from the prior quarter to $2.709 trillion during the third quarter.
The U.S. trade deficit in goods increased to $89.8 billion in October versus a revised $86.8 billion in the prior month.
Wholesale inventories in the U.S. declined by 0.2% month-over-month in October, compared to a revised 0.1% increase in the previous month.
The EIA said crude oil inventories in the U.S. increased by 1.609 million barrels in the week ending Nov. 24, compared to a 8.701 million increase in the prior period, and versus market estimates of a 0.933 million decline.
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