Dow Tumbles Over 100 Points; Acer Therapeutics Shares Spike Higher
Portfolio Pulse from Lisa Levin
The Dow Jones fell by over 100 points, while NASDAQ rose slightly. Dollar General Corp reported lower than expected Q2 FY23 sales and lowered its FY23 net sales growth outlook, causing its shares to drop by 13%. Acer Therapeutics shares spiked by 93% after Zevra Therapeutics announced it will acquire the company. Shares of Satixfy Communications and Canopy Growth Corporation also rose significantly. Lands' End and Duluth Holdings shares dropped due to poor Q2 results and weak guidance.
August 31, 2023 | 7:07 pm
News sentiment analysis
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NEGATIVE IMPACT
Dollar General reported lower than expected Q2 FY23 sales and lowered its FY23 net sales growth outlook, causing its shares to drop by 13%.
The company's lower than expected sales and reduced outlook are likely to negatively impact investor confidence and share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Duluth Holdings shares fell after the company reported a year-over-year decrease in second-quarter EPS results and reiterated FY23 EPS guidance below estimates. Additionally, CFO Dave Loretta announced his decision to step down effective September 15.
The company's poor Q2 results, weak guidance, and CFO resignation are likely to negatively impact investor confidence and share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Lands' End shares dropped after the company reported worse-than-expected second-quarter results and issued weak guidance.
The company's poor Q2 results and weak guidance are likely to negatively impact investor confidence and share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Acer Therapeutics shares spiked by 93% after Zevra Therapeutics announced it will acquire the company.
The acquisition announcement by Zevra Therapeutics is a positive development for Acer, leading to a significant increase in its share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Canopy Growth Corporation shares rose after the HHS called for moving marijuana to a lower-risk drug category.
The HHS's call for reclassification of marijuana is a positive development for Canopy Growth, leading to an increase in its share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shares of Satixfy Communications rose significantly after it inked a deal with MDA Ltd. to sell its digital payload division.
The deal with MDA Ltd. is a positive development for Satixfy Communications, leading to an increase in its share price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80