Dow Falls 150 Points; AutoZone Earnings Top Views
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Dow Jones falling more than 150 points. AutoZone Inc reported better-than-expected earnings for its fourth quarter. Rackspace Technology, Avinger, and Elutia Inc shares shot up after positive news. 60 Degrees Pharmaceuticals, Histogen Inc, and Revance Therapeutics shares dropped due to negative developments. The FOMC starts its two-day policy meeting today.
September 19, 2023 | 6:32 pm
News sentiment analysis
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NEGATIVE IMPACT
Histogen Inc shares were down as the company reported board approval of complete liquidation and dissolution.
Liquidation and dissolution of a company have a negative impact on the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Revance Therapeutics shares fell as the company commenced a plan to exit the OPUL payments business.
Exiting a business usually has a negative impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
60 Degrees Pharmaceuticals shares dropped after its subsidiary withdrew its investigational new drug application for ACLR8-LR.
Withdrawal of drug applications usually have a negative impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Avinger shares got a boost after the company announced the commercial launch of its Tigereye ST image-guided CTO crossing device.
Product launches usually have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
AutoZone Inc reported better-than-expected earnings for its fourth quarter.
Better-than-expected earnings generally have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Elutia Inc shares were up after the company announced the sale of its Orthobiologics business unit to Berkeley Biologics LLC.
Business sales usually have a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Rackspace Technology shares shot up after Raymond James upgraded the stock from Market Perform to Outperform and announced a $3.5 price target.
Stock upgrades by analysts usually lead to a positive impact on the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100