Dow Tumbles Over 300 Points; US Jobless Claims Increase More Than Projected
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Dow Jones dropping over 300 points due to an increase in jobless claims. Stocks that saw significant changes include Caribou Biosciences, Genius Sports Limited, Sweetgreen, Allarity Therapeutics, VBI Vaccines, and ASLAN Pharmaceuticals. The US jobless claims increased by 12,000 from the previous week to 248,000, higher than the market estimates of 245,000.
July 06, 2023 | 1:52 pm
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NEGATIVE IMPACT
Allarity Therapeutics shares dropped 54% after the company priced its public offering of 2.44 million shares and warrants to purchase up to 2.44 million shares at combined price of $4.50.
The pricing of the public offering could lead to dilution of existing shares, which is likely to drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
ASLAN Pharmaceuticals was down, falling 22% after the company said the eblasakimab 400mg Q4W dosing arm did not meet the primary or secondary endpoints with statistical significance.
The failure to meet the primary or secondary endpoints for the eblasakimab 400mg Q4W dosing arm is a negative development for ASLAN Pharmaceuticals, which could lead to a decrease in investor confidence and drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Shares of VBI Vaccines were down 52% after the company reported pricing of $18 million public offering and $3 million concurrent registered direct offering.
The pricing of the public and direct offerings could lead to dilution of existing shares, which is likely to drive the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Caribou Biosciences shares shot up 56% after the company announced a $25 million equity investment from Pfizer.
The significant equity investment from Pfizer is a strong vote of confidence in Caribou Biosciences, which is likely to attract more investors and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Genius Sports Limited got a boost, shooting 13% after the company agreed to a multi-year extension of the National Football League partnership.
The extension of the partnership with the NFL is a positive development for Genius Sports, which could lead to increased revenues and profitability in the future, thus driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Sweetgreen shares were up, gaining 12% after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $9 to $17.
The upgrade from B of A Securities is a positive signal to the market, which could attract more investors and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100