Nasdaq Down Over 1%; Autoliv Raises FY23 Sales Outlook
Portfolio Pulse from Lisa Levin
US stocks traded lower with the Nasdaq Composite falling over 150 points. Autoliv Inc (NYSE:ALV) shares gained more than 7% after the company increased its annual sales forecast. Knight-Swift Transportation Holdings Inc. (NYSE:KNX), Lipella Pharmaceuticals Inc. (NASDAQ:LIPO), and American Well Corporation (NYSE:AMWL) shares also rose. SolarEdge Technologies, Inc. (NASDAQ:SEDG), Adial Pharmaceuticals, Inc. (NASDAQ:ADIL), and Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) shares fell.
October 20, 2023 | 6:42 pm
News sentiment analysis
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NEGATIVE IMPACT
Shares of Adial Pharmaceuticals, Inc. were down 22% after the company announced a $4 million private placement priced at-the-market under Nasdaq rules.
The company's announcement of a $4 million private placement priced at-the-market under Nasdaq rules is a negative signal to investors, which likely led to the decrease in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Arcutis Biotherapeutics, Inc. was down, falling 18% to $2.49. Arcutis Biotherapeutics priced $100 million public offering of 32.5 million common shares at $2.50 per share.
The company's pricing of a $100 million public offering of 32.5 million common shares at $2.50 per share is a negative signal to investors, which likely led to the decrease in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SolarEdge Technologies, Inc. shares dropped 27% after the company issued preliminary third-quarter revenue results below estimates and lowered its non-GAAP gross margin guidance.
The company's lower-than-expected preliminary third-quarter revenue results and lowered non-GAAP gross margin guidance are negative signals to investors, which likely led to the decrease in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Autoliv Inc shares gained more than 7% after the company increased its annual sales forecast.
The company's increased annual sales forecast is a positive signal to investors, which likely led to the increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
American Well Corporation shares were also up, gaining 14% to $1.08. American Well and Leidos Holdings have recently won a next-generation contract to provide a hybrid care technology platform designed to power the 'Digital First' transformation of the U.S. Military Health System (MHS).
The company's recent contract win is a positive development, which likely led to the increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Knight-Swift Transportation Holdings Inc. shares shot up 10% after the company reported better-than-expected third-quarter financial results.
The company's better-than-expected third-quarter financial results likely led to the increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Shares of Lipella Pharmaceuticals Inc. got a boost, shooting 45% to $2.2447. Lipella Pharmaceuticals announced FDA clearance of IND for LP-310 for oral lichen planus.
The FDA clearance of IND for LP-310 for oral lichen planus is a positive development for the company, which likely led to the increase in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100