Crude Oil Down 1%; Zynerba Pharmaceuticals Shares Spike Higher
Portfolio Pulse from Lisa Levin
U.S. stocks traded mixed with the Nasdaq Composite gaining around 90 points. Monday.com Ltd reported better-than-expected earnings for its second quarter and raised 2023 revenue guidance. Zynerba Pharmaceuticals shares shot up 280% after Harmony Biosciences announced it will acquire the company for $200 million. Shares of Taysha Gene Therapies and Hanryu Holdings also rose significantly. BioXcel Therapeutics shares dropped 42% after the company reported second-quarter results and announced plans to reduce over 50% of jobs. Shares of Hawaiian Electric Industries were down 38% after Wells Fargo maintained an Underweight rating on the stock and lowered its price target. AMC Entertainment was down, falling 34% after the company received court approval for its revised stock conversion plan.

August 14, 2023 | 6:52 pm
News sentiment analysis
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NEGATIVE IMPACT
AMC Entertainment was down, falling 34% after the company received court approval for its revised stock conversion plan.
News of a stock conversion plan, especially if it potentially dilutes existing shares, can lead to a negative impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
BioXcel Therapeutics shares dropped 42% after the company reported second-quarter results and announced plans to reduce over 50% of jobs.
Negative earnings reports and job cuts typically lead to a negative impact on the company's stock price.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Shares of Hawaiian Electric Industries were down 38% after Wells Fargo maintained an Underweight rating on the stock and lowered its price target.
Negative analyst ratings and lowered price targets usually lead to a negative impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Monday.com reported better-than-expected earnings for its second quarter and raised 2023 revenue guidance.
Positive earnings reports and raised future guidance typically lead to a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Zynerba Pharmaceuticals shares shot up 280% after Harmony Biosciences announced it will acquire the company for $200 million.
Acquisition news, especially at a premium, usually leads to a positive impact on the stock price of the company being acquired.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100