Nasdaq Tumbles 100 Points; US Manufacturing PMI Drops In June
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Nasdaq Composite dropping over 100 points on Friday. The S&P Global manufacturing PMI dropped to 46.3 in June from 48.4 in May. TRxADE HEALTH, Conformis, and Smith & Wesson Brands saw their shares rise, while Beyond Air, Virgin Galactic Holdings, and SMX experienced declines.
June 23, 2023 | 4:04 pm
News sentiment analysis
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NEGATIVE IMPACT
SMX shares fell 58% to $0.1895 after the company reported pricing of a $3.2 million public offering of 13,333,333 shares and warrants at a price of $0.24/share.
SMX's announcement of a public offering at a price lower than its current share price has led to a significant decline in its stock value. This news is highly relevant and important for investors, as it directly affects the company's valuation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Virgin Galactic shares dropped 21% to $4.21 after announcing another at-the-market stock offering of $400 million to raise capital, which would be dilutive to shares.
Virgin Galactic's announcement of a dilutive stock offering has led to a 21% decline in its share price. This news is highly relevant and important for investors, as it directly affects the company's valuation and share dilution.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Beyond Air shares dropped 24% to $4.3601 after posting a wider-than-expected fourth-quarter loss.
Beyond Air's larger-than-expected Q4 loss has led to a 24% decline in its share price. This news is highly relevant and important for investors, as it directly affects the company's financial performance and valuation.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Conformis shares rose 90% to $2.2084 after agreeing to be acquired by restor3d for $2.27 per share in cash.
Conformis' acquisition by restor3d at a premium price has led to a significant increase in its share price. This news is highly relevant and important for investors, as it directly affects the company's valuation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TRxADE HEALTH shares rose 14% to $8.30 after Superlatus signed a binding letter of intent to be acquired by the company.
The binding letter of intent for the acquisition of Superlatus by TRxADE HEALTH has led to a 14% increase in MEDS' share price. This news is highly relevant and important for investors, as it directly affects the company's growth prospects.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Smith & Wesson shares gained 16% to $13.04 after reporting a fourth-quarter earnings beat and raising its quarterly dividend.
Smith & Wesson's strong Q4 earnings and increased dividend have led to a 16% increase in its share price. This news is highly relevant and important for investors, as it reflects the company's financial performance and shareholder returns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100