Nasdaq Edges Higher; Applied Digital Shares Jump
Portfolio Pulse from Lisa Levin
U.S. stocks traded higher with the Dow Jones gaining around 175 points. Energy shares climbed by 1.7% while utilities shares fell by 0.5%. Tupperware Brands Corporation (TUP), AMC Entertainment Holdings, Inc. (AMC), and Applied Digital Corporation (APLD) saw significant gains. AppHarvest, Inc. (APPH), Kodiak Sciences Inc. (KOD), and 22nd Century Group, Inc. (XXII) experienced significant losses.
July 24, 2023 | 7:47 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
AMC Entertainment Holdings, Inc. shares shot up 34% after a Delaware judge denied the company from converting its AMC preferred equity units into common stock.
The court ruling prevents dilution of AMC's common stock, which is positive news for current shareholders and likely to drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Applied Digital Corporation shares were up 13% after the company reported better-than-expected fourth-quarter adjusted EPS results and issued FY24 revenue guidance above estimates.
The positive financial results and future guidance reported by Applied Digital Corporation are likely to continue driving the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Tupperware Brands Corporation shares shot up 61% amid retail investor interest.
The surge 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, Inc. shares dropped 72% after the company announced Chapter 11 filing to support a financial and operational transition.
The Chapter 11 filing by AppHarvest indicates financial distress, which is likely to continue driving the stock price down in the short term.
CONFIDENCE 95
IMPORTANCE 95
RELEVANCE 100
NEGATIVE IMPACT
Kodiak Sciences Inc. shares were down 46% 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 disappointing results from Kodiak Sciences' Phase 3 studies are likely to continue driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
22nd Century Group, Inc. was down, falling 39% after the company named interim CEO and implemented a $15 million cost reduction initiative.
The interim CEO appointment and cost reduction initiative indicate potential instability at 22nd Century Group, which is likely to continue driving the stock price down in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100