Dow Gains 100 Points; US Wholesale Inventories Fall In July
Portfolio Pulse from Lisa Levin
US stocks traded higher with the Dow Jones gaining around 100 points. Wholesale inventories in the U.S. declined by 0.2% from a month ago in July. Biocept, Inc. (BIOC), Smith & Wesson Brands, Inc. (SWBI), and Lantronix, Inc. (LTRX) saw their shares rise after positive news. Meanwhile, Grom Social Enterprises, Inc. (GROM), Rent the Runway, Inc. (RENT), and Arqit Quantum Inc. (ARQQ) shares dropped due to negative news.
September 08, 2023 | 4:02 pm
News sentiment analysis
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NEGATIVE IMPACT
Arqit Quantum Inc. shares fell 31% after the company reported a $16.2 million registered direct offering.
The registered direct offering could dilute existing shares, which is likely to deter investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Grom Social Enterprises, Inc. shares dropped 47% after the company reported pricing of $3.0 million public offering.
The pricing of the public offering could dilute existing shares, which is likely to deter investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Rent the Runway, Inc. shares were down 28% after the company reported downbeat second-quarter sales and issued weak third-quarter forecast.
The poor sales results and weak forecast indicate that Rent the Runway is underperforming, which is likely to deter investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Biocept, Inc. shares rose 77% after the company announced a non-exclusive licensing agreement for CNSide with Plus Therapeutics.
The licensing agreement is a positive development for Biocept, which could lead to increased revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Lantronix, Inc. shares rose 22% following better-than-expected quarterly sales.
The better-than-expected sales results indicate strong performance, which is likely to attract investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Smith & Wesson Brands, Inc. shares rose 13% after the company reported a second-quarter earnings beat and issued strong guidance.
The strong earnings report and guidance indicate that Smith & Wesson is performing well, which is likely to attract investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100