Crude Oil Rises Over 2%; US Composite PMI Falls In July
Portfolio Pulse from Lisa Levin
US stocks traded higher with the S&P 500 gaining around 0.5%. Energy shares climbed by 2% while health care shares fell by 0.2%. Tupperware Brands Corporation (TUP), AMC Entertainment Holdings (AMC), and Applied Digital Corporation (APLD) saw significant gains. AppHarvest (APPH), Kodiak Sciences Inc. (KOD), and 22nd Century Group (XXII) experienced significant losses. The S&P Global composite PMI fell to 52.0 in July from 53.2 the prior month.
July 24, 2023 | 4:43 pm
News sentiment analysis
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POSITIVE IMPACT
AMC Entertainment Holdings shares shot up 28% after a Delaware judge denied the company from converting its AMC preferred equity units into common stock.
The court ruling in favor of AMC has led to a surge in its stock price. This positive sentiment is likely to continue driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Applied Digital Corporation shares were up 17% after the company reported better-than-expected fourth-quarter adjusted EPS results and issued FY24 revenue guidance above estimates.
The positive Q4 results and FY24 guidance have led to a surge in APLD's stock price. This positive sentiment is likely to continue driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Tupperware Brands Corporation shares shot up 66% amid retail investor interest.
The sharp rise in TUP shares is due to increased retail investor interest, which is likely to continue driving the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
AppHarvest shares dropped 70% after the company announced Chapter 11 filing to support a financial and operational transition.
The Chapter 11 filing by APPH has led to a sharp drop in its stock price. This negative sentiment is likely to continue driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Kodiak Sciences Inc. shares were down 50% after the company released topline results from three Phase 3 studies of tarcocimab tedromer for neovascular age-related macular degeneration and diabetic macular edema.
The release of Phase 3 study results has led to a sharp drop in KOD's stock price. This negative sentiment is likely to continue driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
22nd Century Group shares fell 38% after the company named interim CEO and implemented a $15 million cost reduction initiative.
The company changes and cost reduction initiative have led to a drop in XXII's stock price. This negative sentiment is likely to continue driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100