Nasdaq Down Over 100 Points; Abbott Laboratories Earnings Beat Views
U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite falling more than 100 points on Thursday.
The Dow traded down 1.08% to 40,752.05 while the NASDAQ fell 0.80% to 17,853.34. The S&P 500 also fell, dropping, 0.75% to 5,546.48.
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Leading and Lagging Sectors
Energy shares jumped by 1.1% on Thursday.
In trading on Thursday, health care shares fell by 1.6%.
Top Headline
Abbott Laboratories (NYSE:ABT) reported better-than-expected earnings for its second quarter on Thursday.
The company posted sales of $10.38 billion, up 4%, almost in line with the consensus of $10.37 billion. Abbott's adjusted diluted earnings per share was $1.14, beating the analyst estimates of $1.10.
Abbott said it projects full-year 2024 GAAP EPS of $3.30-$3.40 versus prior guidance of $3.25-$3.40, primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. The company forecasts adjusted EPS of $4.61-$4.71 versus the prior guidance of $4.55-$4.70 and consensus of $4.63.
Equities Trading UP
- CommScope Holding Company, Inc. (NASDAQ:COMM) shares shot up 9% to $1.87. Amphenol announced plans to acquire mobile networks businesses from CommScope.
- Shares of Silo Pharma, Inc. (NASDAQ:SILO) got a boost, surging 60% to $3.60. Silo Pharma said it has entered into a Device and CMC Development Master Plan with Resyca BV, a medical technology provider.
- Chuy’s Holdings, Inc. (NASDAQ:CHUY) shares were also up, gaining 48% to $37.33 after Darden Restaurants announced it will acquire the company.
Equities Trading DOWN
- Agenus Inc. (NASDAQ:AGEN) shares dropped 56% to $7.85 after the company announced the FDA discouraged an accelerated approval pathway at the end-of-Phase 2 meeting.
- Shares of Leslie’s, Inc. (NASDAQ:LESL) were down 32% to $2.7850 after the company reported preliminary financial results for the third quarter and cut its full-year guidance. Multiple analysts also lowered price targets on the stock Thursday morning.
- Torrid Holdings Inc. (NYSE:CURV) was down, falling 16% to $7.24 after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and maintained its $5 price target.
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Commodities
In commodity news, oil traded up 0.5% to $83.23 while gold traded down 0.1% at $2,458.60.
Silver traded down 0.5% to $30.225 on Thursday, while copper fell 2.9% to $4.2815.
Euro zone
European shares closed mixed today. The eurozone's STOXX 600 fell 0.16%, Germany's DAX fell 0.45% and France's CAC 40 rose 0.21%. Spain's IBEX 35 Index rose 0.38%, while London's FTSE 100 rose 0.21%.
Construction output in the Eurozone fell 2.4% year-over-year in May compared to a revised 1.5% decline in the prior month. Passenger car registrations in the European Union climbed 4.3% year-over-year to 1.1 million units in June.
Regular pay in the U.K., excluding bonus payment, rose 5.7% year-over-year to GBP 643/week during the three months to May, while the unemployment rate came in unchanged at 4.4% from March to May.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 dipping 2.36%, Hong Kong's Hang Seng Index gaining 0.22%, China's Shanghai Composite Index gaining 0.48% and India's S&P BSE Sensex climbing 0.78%.
Hong Kong’s unemployment rate came in unchanged at 3% during the three months ending June. Japan reported a trade surplus of JPY 224.04 billion in June, compared to market views for a deficit of JPY 240 billion.
Economics
- U.S. initial jobless claims increased by 10,000 to 243,000 in the week ending July 13, compared to market estimates of 230,000.
- The Philadelphia Fed Manufacturing Index rose to 13.9 in July, recording the strongest level in three months, versus 1.3 in June.
- The EIA said U.S. natural gas stocks rose by 10 billion cubic feet in the week ended July 12, compared to market estimates of a 28 billion cubic feet gain.
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