Nasdaq Down Over 1%; Wells Fargo Beats Expectations
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Nasdaq Composite falling more than 1%. Wells Fargo reported better-than-expected earnings for Q3, with EPS reaching $1.48, beating the consensus of $1.24 and $0.86 a year ago. The bank reported Q3 revenues of $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion. Sigma Additive Solutions, Comtech Telecommunications, and SunOpta saw their shares rise after positive news. Outset Medical, SMART Global Holdings, and Harmony Biosciences Holdings saw their shares drop after negative news.
October 13, 2023 | 6:50 pm
News sentiment analysis
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NEGATIVE IMPACT
Harmony Biosciences Holdings was down, falling 33% as the company announced topline results from the INTUNE Phase 3 study of pitolisant in patients with idiopathic hypersomnia.
The announcement of topline results from the INTUNE Phase 3 study by Harmony Biosciences has led to a significant decrease in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Outset Medical shares dropped 49% after the company announced preliminary revenue for the third quarter of $30.4 million, below the consensus estimate of $36.03 million.
The announcement of lower-than-expected Q3 revenue by Outset Medical has led to a significant decrease in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
SMART Global Holdings shares were down 44% after the company reported worse-than-expected fourth-quarter financial results and issued a weak forecast for the first quarter.
The worse-than-expected Q4 results and weak Q1 forecast from SMART Global Holdings have led to a significant decrease in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Shares of Comtech Telecommunications got a boost, shooting 28% to $10.44 after posting better-than-expected fourth-quarter results.
The better-than-expected Q4 results from Comtech Telecommunications have led to a significant increase in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Sigma Additive Solutions shares shot up 115% after the company announced the signing of a definitive agreement for the acquisition of NextTrip Holdings.
The announcement of the acquisition of NextTrip Holdings by Sigma Additive Solutions has led to a significant increase in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
SunOpta shares were up, gaining 27% after the company disclosed third-quarter preliminary results, asset sales, and CFO transition details.
The disclosure of Q3 preliminary results, asset sales, and CFO transition by SunOpta has led to a significant increase in the company's stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Wells Fargo reported better-than-expected earnings for Q3, with EPS reaching $1.48, beating the consensus of $1.24 and $0.86 a year ago. The bank reported Q3 revenues of $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion.
The better-than-expected earnings report from Wells Fargo is likely to have a positive impact on its stock in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100