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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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
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