US Stocks Edge Higher; ON Semiconductor Earnings Beat Expectations
Portfolio Pulse from Lisa Levin
U.S. stocks traded slightly higher with the Dow Jones gaining around 20 points. ON Semiconductor Corporation (NASDAQ:ON) reported upbeat Q2 results, beating market expectations. Yellow Corporation (NASDAQ:YELL) shares shot up 97% after reportedly terminating its operations. Shares of FOXO Technologies Inc. (NYSE:FOXO) and Fifth Wall Acquisition Corp. III (NASDAQ:FWAC) also rose significantly. However, shares of Unique Fabricating, Inc. (NASDAQ:UFAB), Alset Capital Acquisition Corp. (NASDAQ:ACAX), and Silicom Ltd. (NASDAQ:SILC) fell.
July 31, 2023 | 2:31 pm
News sentiment analysis
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POSITIVE IMPACT
Shares of FOXO Technologies Inc. got a boost, shooting 87% up.
The significant rise in FOXO Technologies' shares indicates positive market sentiment towards the company, which could continue to drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Fifth Wall Acquisition Corp. III shares were also up, gaining 55%.
The rise in Fifth Wall Acquisition Corp. III shares suggests positive market sentiment, which could continue to push the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ON Semiconductor reported better than expected Q2 results.
ON Semiconductor's better than expected earnings report is likely to boost investor confidence and drive the stock price up.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Yellow Corporation shares shot up 97% after reportedly terminating its operations.
The termination of operations by Yellow Corporation, despite being a negative event, seems to have been received positively by the market, leading to a surge in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Shares of Alset Capital Acquisition Corp. were down 19%.
The drop in Alset Capital Acquisition Corp. shares suggests negative market sentiment, which could continue to push the stock price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Silicom Ltd. was down, falling 24% following Q2 results.
The fall in Silicom Ltd. shares following its Q2 results suggests that the market reacted negatively to the company's earnings report, which could continue to drive the stock price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Unique Fabricating, Inc. shares dropped 30%.
The significant drop in Unique Fabricating, Inc. shares indicates negative market sentiment, which could continue to drive the stock price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100