Dow Drops 150 Points; US Factory Orders Increase 0.3% In May
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Dow Jones dropping over 150 points. US factory orders rose 0.3% month-over-month for May, below market expectations of 0.8% growth. Shares of C4 Therapeutics, GameSquare Holdings, and BioXcel Therapeutics rose significantly, while Longevity Market Assets, Amneal Pharmaceuticals, and AXT, Inc. saw a drop in their share prices.
July 05, 2023 | 2:22 pm
News sentiment analysis
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NEGATIVE IMPACT
Shares of Longevity Market Assets dropped 21% after starting trading on the Nasdaq.
The drop in Longevity Market Assets' share price could be due to market adjustments after the company started trading on the Nasdaq.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shares of Amneal Pharmaceuticals were down 16% after the company received FDA complete response letter for its IPX203 new drug application for Parkinson's disease.
The FDA's complete response letter for Amneal Pharmaceuticals' new drug application is likely a negative development for the company, which could have led to the drop in its share price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shares of AXT, Inc. fell 14% after the company announced its subsidiary in China expects to seek permits to export gallium and germanium substrate products.
The announcement about seeking export permits by AXT's subsidiary in China could be perceived as a negative development by the market, leading to the drop in its share price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
POSITIVE IMPACT
BioXcel Therapeutics shares rose 13%.
The article does not provide specific reasons for the rise in BioXcel Therapeutics' share price. However, the increase suggests positive market sentiment towards the company.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
C4 Therapeutics shares rose 19% after the FDA cleared its investigational new drug application for CFT8919.
The FDA clearance for C4 Therapeutics' new drug application is a positive development for the company, which is likely to have led to the increase in its share price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shares of GameSquare Holdings rose 19% after Dairy MAX and Gaming Community Network, a GameSquare Holdings' company, announced the 'Level Unlocked Tournament.'
The announcement of the 'Level Unlocked Tournament' by a GameSquare Holdings' company is a positive development, which is likely to have contributed to the rise in its share price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80