Dow Tumbles Over 100 Points; Constellation Brands Raises Profit Forecast
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Dow Jones index falling over 100 points. Constellation Brands Inc (STZ) reported better-than-expected Q2 earnings and raised its FY24 EPS outlook. Orchard Therapeutics (ORTX) shares rose after agreeing to be acquired by Kyowa Kirin. Lamb Weston Holdings (LW) and SP Plus Corporation (SP) shares also rose after positive financial results and acquisition news respectively. Cambium Networks Corporation (CMBM), Rivian Automotive (RIVN), and MaxCyte (MXCT) shares fell due to disappointing financial forecasts.
October 05, 2023 | 4:10 pm
News sentiment analysis
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POSITIVE IMPACT
Lamb Weston Holdings shares rose after reporting better-than-expected Q1 financial results.
Positive financial results typically lead to a rise in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Orchard Therapeutics shares rose after agreeing to be acquired by Kyowa Kirin.
Acquisition news often leads to a rise in the stock price of the company being acquired.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SP Plus Corporation shares rose after Metropolis Technologies announced it will acquire the company.
Acquisition news often leads to a rise in the stock price of the company being acquired.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Constellation Brands reported better-than-expected Q2 earnings and raised its FY24 EPS outlook.
Positive earnings reports and raised future outlooks typically lead to a rise in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Cambium Networks Corporation shares fell after the company announced disappointing Q3 revenue forecasts.
Negative financial forecasts typically lead to a fall in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
MaxCyte shares fell after the company reported disappointing Q3 revenue forecasts.
Negative financial forecasts typically lead to a fall in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Rivian Automotive shares fell after the company announced a proposed green convertible senior notes offering and disappointing Q3 revenue estimates.
Negative financial news and dilutive actions like note offerings typically lead to a fall in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100