S&P 500 Gains 1%; Analog Devices Posts Downbeat Results
Portfolio Pulse from Lisa Levin
US stocks traded higher with the S&P 500 gaining 1.08%. Analog Devices (ADI) reported weaker-than-expected Q3 results, with a YoY revenue decline of 1% to $3.08 billion. VCI Global (VCIG) shares rose 129% after announcing a collaboration with Microsoft Azure OpenAI. Apellis Pharmaceuticals (APLS) shares rose 31% after reporting rare events of retinal vasculitis in treatment with SYFOVRE. iTeos Therapeutics (ITOS) shares rose 28% following the release of Roche NSCLC data. Ideanomics (IDEX) shares dropped 27% after announcing a 1-for-125 reverse stock split. Foot Locker (FL) shares fell 30% after reporting a Q2 revenue miss and an 11% rise in inventories. Peloton (PTON) shares fell 24% after reporting mixed Q4 results and a quarterly decline in Connected Fitness subscribers.
August 23, 2023 | 6:25 pm
News sentiment analysis
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NEGATIVE IMPACT
Analog Devices reported weaker-than-expected Q3 results, with a YoY revenue decline of 1% to $3.08 billion.
The weaker-than-expected Q3 results and the revenue decline could negatively impact the stock price of Analog Devices in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Foot Locker shares fell 30% after reporting a Q2 revenue miss and an 11% rise in inventories.
The Q2 revenue miss and the rise in inventories could negatively impact the stock price of Foot Locker in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ideanomics shares dropped 27% after announcing a 1-for-125 reverse stock split.
The announcement of a 1-for-125 reverse stock split could negatively impact the stock price of Ideanomics in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Peloton shares fell 24% after reporting mixed Q4 results and a quarterly decline in Connected Fitness subscribers.
The mixed Q4 results and the decline in Connected Fitness subscribers could negatively impact the stock price of Peloton in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Apellis Pharmaceuticals shares rose 31% after reporting rare events of retinal vasculitis in treatment with SYFOVRE.
The positive news about the rare events of retinal vasculitis in treatment with SYFOVRE could boost the stock price of Apellis Pharmaceuticals in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
iTeos Therapeutics shares rose 28% following the release of Roche NSCLC data.
The release of the positive Roche NSCLC data could drive the stock price of iTeos Therapeutics up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
VCI Global shares rose 129% after announcing a collaboration with Microsoft Azure OpenAI.
The announcement of the collaboration with Microsoft Azure OpenAI is a positive development for VCI Global and could drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100