Nasdaq Rises Over 1%; Hostess Brands Shares Spike Higher
Portfolio Pulse from Lisa Levin
U.S. stocks traded higher with the Nasdaq Composite gaining over 1%. JM Smucker announced an acquisition of Hostess Brands for $5.60 billion in cash & stock. Hostess Brands shares spiked 19% following the announcement. Other notable movements include Crinetics Pharmaceuticals shares shooting up 64% after positive Phase 3 study results, Avantax shares gaining 29% after agreeing to be acquired by Cetera Holdings, and SigmaTron International shares dropping 50% after releasing Q1 earnings.
September 11, 2023 | 6:31 pm
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POSITIVE IMPACT
Avantax shares gained 29% after the company agreed to be acquired by Cetera Holdings.
The acquisition agreement with Cetera Holdings is a significant event for Avantax, leading to a substantial increase in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Crinetics Pharmaceuticals shares shot up 64% after the company's once-daily oral paltusotine achieved the primary and secondary endpoints in the Phase 3 PATHFNDR-1 study in acromegaly.
Positive results from a Phase 3 study is a significant milestone for Crinetics Pharmaceuticals, leading to a sharp increase in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
JM Smucker announced an acquisition of Hostess Brands, which is expected to be completed by April 30, 2024.
The acquisition announcement is a significant event that could potentially boost JM Smucker's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Hostess Brands shares spiked 19% after JM Smucker announced it will acquire the company.
The acquisition by JM Smucker is a major event for Hostess Brands, leading to a significant increase in its stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Granite Ridge Resources shares fell 17% after launching a secondary public offering of 7.1 million shares by selling stockholders.
The launch of a secondary public offering led to a significant drop in Granite Ridge Resources' stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
SigmaTron International shares dropped 50% after the company released first-quarter earnings.
The release of first-quarter earnings led to a significant drop in SigmaTron International's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Shares of Tenon Medical were down 38% after the company announced a proposed public offering of common stock.
The announcement of a proposed public offering of common stock led to a significant drop in Tenon Medical's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100