Nasdaq Edges Lower; ISM Manufacturing PMI Drops In June
Portfolio Pulse from Lisa Levin
U.S. stocks traded mixed with the Nasdaq Composite trading lower. The ISM manufacturing PMI in the U.S. declined to 46 in June from 46.9 in the prior month. Ensysce Biosciences, PolyMet Mining Corp., and Canopy Growth Corporation saw their shares rise, while Atento S.A., Tattooed Chef, Inc., and 22nd Century Group, Inc. saw their shares fall.
July 03, 2023 | 4:15 pm
News sentiment analysis
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POSITIVE IMPACT
Canopy Growth Corporation shares rose 45% after the company announced it completed all conversions pursuant to the $100 million convertible debentures and provided an update to its balance sheet actions taken to date.
The completion of all conversions and the update on balance sheet actions are positive developments for Canopy Growth Corporation. This could attract more investors and drive the stock price up in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Ensysce Biosciences shares rose 16% after HC Wainwright & Co. initiated coverage with a Buy rating and a price target of $9.
The positive coverage initiation by HC Wainwright & Co. is a strong endorsement for Ensysce Biosciences, which could attract more investors and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of PolyMet Mining Corp. rose 150% after the company announced Glencore made a non-binding proposal to acquire the company for $2.11 per share.
The acquisition proposal by Glencore is a significant development for PolyMet Mining Corp. This news could attract more investors and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Atento S.A. shares dropped 52% as the company entered into a restructuring support agreement with certain key financial stakeholders.
The restructuring support agreement indicates financial difficulties for Atento S.A. This could deter investors and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Shares of Tattooed Chef, Inc. were down 45% after the company announced it intends to file for voluntary Chapter 11 Bankruptcy protection.
The announcement of the intention to file for Chapter 11 Bankruptcy protection is a clear indication of financial distress for Tattooed Chef, Inc. This will likely deter investors and drive the stock price down in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
22nd Century Group, Inc. shares fell 23% after the company announced a 1-for-15 reverse stock split.
The announcement of a 1-for-15 reverse stock split is typically a strategy used by companies to boost their share price. However, it can also indicate financial difficulties, which could deter investors and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100