Nasdaq Rises 50 Points; Dollar General Shares Slide
Portfolio Pulse from Lisa Levin
US stocks traded higher with the Nasdaq Composite gaining around 50 points. Consumer discretionary shares jumped by 0.7%. Acer Therapeutics Inc. (ACER) shares shot up 164% after Zevra Therapeutics announced it will acquire the company. 1847 Holdings LLC (EFSH) shares got a boost, shooting 44% after successful restructuring of promissory notes. Canopy Growth Corporation (CGC) shares were up, gaining 27% after the HHS called for moving marijuana to a lower-risk drug category. Lands' End, Inc. (LE) shares dropped 24% after reporting worse-than-expected Q2 results. Dollar General Corporation (DG) shares were down 14% after reporting Q2 FY23 sales growth of 3.9% YoY, missing the analyst consensus. Duluth Holdings Inc. (DLTH) shares fell 13% after reporting a YoY decrease in Q2 EPS results.
August 31, 2023 | 4:02 pm
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POSITIVE IMPACT
Acer Therapeutics Inc. shares shot up 164% after Zevra Therapeutics announced it will acquire the company.
The acquisition news has led to a significant increase in the stock price of Acer Therapeutics Inc.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Canopy Growth Corporation shares were up, gaining 27% after the HHS called for moving marijuana to a lower-risk drug category.
The HHS's decision to move marijuana to a lower-risk drug category has led to a significant increase in the stock price of Canopy Growth Corporation.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
1847 Holdings LLC shares got a boost, shooting 44% after successful restructuring of promissory notes.
The successful restructuring of promissory notes has led to a significant increase in the stock price of 1847 Holdings LLC.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Dollar General Corporation shares were down 14% after reporting second-quarter FY23 sales growth of 3.9% year-on-year, missing the analyst consensus.
The missed analyst consensus on second-quarter FY23 sales growth has led to a significant decrease in the stock price of Dollar General Corporation.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Duluth Holdings Inc. shares fell 13% after reporting a year-over-year decrease in second-quarter EPS results.
The year-over-year decrease in second-quarter EPS results has led to a significant decrease in the stock price of Duluth Holdings Inc.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Lands' End, Inc. shares dropped 24% after the company reported worse-than-expected second-quarter results.
The worse-than-expected second-quarter results have led to a significant decrease in the stock price of Lands' End, Inc.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100