Dow Jumps Over 100 Points; Oracle Posts Mixed Q2 Results
U.S. stocks turned higher midway through trading, with the Dow Jones index gaining more than 100 points on Tuesday.
The Dow traded up 0.35% to 36,533.63 while the NASDAQ rose 0.16% to 14,455.15 The S&P 500 also rose, gaining, 0.10% to 4,627.04
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Leading and Lagging Sectors
Industrials shares rose by 0.3% on Tuesday.
In trading on Tuesday, energy shares fell by 1%.
Top Headline
Oracle Corporation (NYSE:ORCL) reported upbeat earnings for its second quarter, while sales missed estimates.
Oracle reported quarterly adjusted earnings of $1.34 per share, topping the Street's estimate of $1.32. Revenue of $12.94 billion fell short of the analyst consensus estimate of $13.05 billion.
Equities Trading UP
Aditxt, Inc. (NASDAQ:ADTX) shares shot up 78% to $6.76. Aditxt agreed to acquire Evofem Biosciences in consideration of the issuance of a combination of common stock and preferred stock and the assumption of certain senior indebtedness, having an aggregate amount of approximately $100 million.
Shares of C4 Therapeutics, Inc. (NASDAQ:CCCC) got a boost, surging 93% to $2.28. C4 Therapeutics entered into an exclusive license and collaboration agreement with Merck & Co to develop degrader-antibody conjugates (DACs), an emerging modality designed to selectively target and neutralize disease-causing proteins in cancer cells.
Icosavax, Inc. (NASDAQ:ICVX) shares were also up, gaining 48% to $15.51. AstraZeneca agreed to acquire Icosavax at $15.00 per share in cash at closing, plus a non-tradable contingent value right to receive up to $5.00 in cash, payable upon achievement of specified regulatory and net sales milestones.
Equities Trading DOWN
Achieve Life Sciences, Inc. (NASDAQ:ACHV) shares dropped 40% to $3.2697. Achieve Life Sciences said NDA Filing timing may be delayed to address FDA feedback on drug product candidate, Cytisinicline. Oppenheimer maintained Achieve Life Sciences with an Outperform and lowered the price target from $21 to $18.
Shares of Harbor Custom Development, Inc. (NASDAQ:HCDI) were down 26% to $0.5015. Harbor Custom Development voluntarily filed for protection under Chapter 11 Bankruptcy.
Green Giant Inc. (NASDAQ:GGE) was down, falling 40% to $0.0913 as the company announced pricing of public offering.
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Commodities
In commodity news, oil traded down 2.5% to $69.52 while gold traded up 0.2% at $1,998.50.
Silver traded up 0.3% to $23.13 on Tuesday while copper rose 0.1% to $3.7850.
Euro zone
European shares were mixed today. The eurozone’s STOXX 600 fell 0.21%, London’s FTSE 100 rose 0.02% while Spain’s IBEX 35 Index fell 0.63% The German DAX rose 0.01% French CAC 40 rose 0.06%, while Italy’s FTSE MIB Index fell 0.07%.
The ZEW Indicator of Economic Sentiment for the Eurozone surged by 9.2 points to 23 in December, recording the strongest reading in ten months, while German ZEW Indicator of Economic Sentiment rose to 12.8 in December from 9.8 in November.
The number of job vacancies in the UK fell to 949,000 from September to November, while regular pay, excluding bonus payment in the UK, rose 7.3% year-over-year to GBP 620/week in the three months to October.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 0.16%, Hong Kong’s Hang Seng Index gaining 1.07% and China’s Shanghai Composite Index gaining 0.40%. India’s S&P BSE Sensex, meanwhile, fell 0.54%.
Producer prices in Japan increased 0.3% year-over-year in November following a revised 0.9% rise in October.
Economics
The NFIB Small Business Optimism Index declined for a fourth straight month to a reading of 90.6 in November.
The annual inflation rate in the U.S. eased to 3.1% in November, recording the lowest reading in five months, compared to 3.2% in October.
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