Nasdaq Gains 1%; US Budget Deficit Widens In May
Portfolio Pulse from Lisa Levin
The Nasdaq Composite gained 1% on Monday, while the US budget deficit widened to $240 billion in May. Consumer discretionary shares jumped by 1.4%, with Vroom and Allego as top gainers. Energy shares fell by 1.4%. Asset Entities, Chinook Therapeutics, and Marker Therapeutics saw significant gains, while Forza X1, Nasdaq Inc., and Oncorus experienced declines.
June 12, 2023 | 6:54 pm
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Forza X1, Inc. (NASDAQ:FRZA) shares dropped 46% after the company reported pricing of $8 million public offering of 5,334,000 shares of common stock at a price of $1.50 per share.
Forza X1's stock price dropped significantly after the announcement of the public offering, which could lead to increased selling pressure and short-term losses for the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Nasdaq, Inc. (NASDAQ:NDAQ) shares were down 11% after the company announced the acquisition of Adenza for $10.5 billion in cash and stock.
Nasdaq's stock price declined after the announcement of the Adenza acquisition, which could lead to increased selling pressure and short-term losses for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Oncorus, Inc. (NASDAQ:ONCR) shares fell 21% after the company's board unanimously approved dissolution and liquidation of the company pursuant to a plan of liquidation and dissolution.
Oncorus' stock price fell significantly after the announcement of the company's dissolution and liquidation, which could lead to increased selling pressure and short-term losses for the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Allego N.V. (NYSE:ALLG) shares increased by 23% as consumer discretionary shares jumped by 1.4% on Monday.
Allego's stock price increased by 23% as it was one of the top gainers in the consumer discretionary sector, which saw a 1.4% increase on Monday. This positive momentum could lead to short-term gains for the stock.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
Asset Entities Inc. (NASDAQ:ASST) shares shot up 87% after the company announced the development of an AI bot as part of its AE360DDM suite of services on Discord.
Asset Entities' stock price increased significantly after the announcement of the AI bot development, which could lead to increased interest and short-term gains for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Chinook Therapeutics, Inc. (NASDAQ:KDNY) shares rose 59% after Novartis agreed to acquire the company for $40 per share in cash.
Chinook Therapeutics' stock price rose significantly after the announcement of the acquisition by Novartis, which could lead to increased interest and short-term gains for the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Marker Therapeutics, Inc. (NASDAQ:MRKR) shares gained 17% after it reported the first patient was treated in the company's Phase 1 APOLLO trial of MT-601 for lymphoma patients.
Marker Therapeutics' stock price increased after the announcement of the first patient treated in the Phase 1 APOLLO trial, which could lead to increased interest and short-term gains for the stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Vroom, Inc. (NASDAQ:VRM) shares rose 18% as consumer discretionary shares jumped by 1.4% on Monday.
Vroom's stock price rose 18% as it was one of the top gainers in the consumer discretionary sector, which saw a 1.4% increase on Monday. This positive momentum could lead to short-term gains for the stock.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80