US Stocks Turn Lower; Nasdaq Down Over 1%
Portfolio Pulse from Lisa Levin
US stocks turned lower with the Dow Jones falling more than 200 points and NASDAQ falling 1.35%. Initial jobless claims fell by 10,000 to 230,000. TDCX Inc., Guess?, Inc., and Backblaze, Inc. saw their shares rise following positive Q2 earnings and raised revenue outlooks. Orbital Infrastructure Group, Inc., Societal CDMO, Inc., and Petco Health and Wellness Company, Inc. saw their shares drop due to bankruptcy filings, public offering pricing, and Q2 results respectively.
August 24, 2023 | 4:03 pm
News sentiment analysis
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NEGATIVE IMPACT
Orbital Infrastructure Group, Inc. shares dropped 34% after the company filed for Chapter 11 bankruptcy.
Orbital Infrastructure Group, Inc.'s Chapter 11 bankruptcy filing has led to a significant decrease in its share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Societal CDMO, Inc. shares were down 33% after the company announced pricing of its $8.3 million public offering of common stock.
Societal CDMO, Inc.'s announcement of its public offering pricing has led to a significant decrease in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Petco Health and Wellness Company, Inc. shares fell 23% after the company reported Q2 results and initiated a cost action plan.
Petco Health and Wellness Company, Inc.'s Q2 results and cost action plan have led to a decrease in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Backblaze, Inc. shares rose 16% as the company raised its FY23 revenue outlook.
Backblaze, Inc.'s raised FY23 revenue outlook has led to an increase in its share price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
Guess?, Inc. shares rose 27% after better-than-expected Q2 results and above-consensus FY24 EPS guidance.
Better-than-expected Q2 results and positive FY24 EPS guidance have led to a significant increase in Guess?, Inc.'s share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TDCX shares rose 28% following positive Q2 earnings.
Positive Q2 earnings have led to a significant increase in TDCX's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100