Crude Oil Up 1%; M&T Bank Posts Upbeat Q2 Results
Portfolio Pulse from Lisa Levin
U.S. stocks traded higher with the Nasdaq Composite gaining around 0.5%. M&T Bank Corporation reported better-than-expected Q2 results with a revenue of $2.60 billion, beating the consensus of $2.39 billion. Harrow Health, Panbela Therapeutics, and Carvana Co. saw their shares rise after various positive announcements. However, Sono Group, Amarin Corporation, and Aqua Metals saw their shares drop due to negative news.
July 19, 2023 | 4:18 pm
News sentiment analysis
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POSITIVE IMPACT
Carvana Co. shares were up after the company reported better-than-expected Q2 sales and guided positive adj. EBITDA for the third quarter.
Positive earnings reports and future guidance typically lead to an increase in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Harrow Health shares rose after the company acquired US & Canadian rights to certain eye disease products and announced a $60 million equity offering.
Acquisitions and equity offerings can lead to increased investor confidence and a rise in stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
M&T Bank Corporation reported better-than-expected Q2 results, beating the consensus.
Positive earnings reports typically lead to an increase in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Panbela Therapeutics got a boost after the company divested certain assets in its eflornithine pediatric neuroblastoma program to US WorldMeds for $9.5 million.
Asset divestiture can lead to a rise in stock price due to increased liquidity.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Shares of Amarin Corporation were down after the company initiated an organizational restructuring program and issued lower interim second-quarter revenues.
Organizational restructuring and lower revenues can lead to a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Aqua Metals was down after pricing a $17.4 million public offering of 15.82 million shares of common stock at a price of $1.10 per share.
Public offerings can lead to a decrease in stock price due to dilution of shares.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Sono Group shares dropped after the company received a notice of delisting from the Nasdaq.
Receiving a delisting notice is a negative event that can lead to a decrease in stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100