AVITA Medical Cuts Revenue Forecast, Joins iQIYI, Trip.com And Other Big Stocks Moving Lower In Tuesday's Pre-Market Session
Portfolio Pulse from Lisa Levin
AVITA Medical, Inc. (NASDAQ:RCEL) lowered its FY23 revenue forecast, causing its shares to drop 10.9% in pre-market trading. The company adjusted its revenue guidance from $51 million-$53 million to $49.5 million-$50.5 million. Other stocks experiencing pre-market losses include Sibanye Stillwater Limited (NYSE:SBSW), MorphoSys AG (NASDAQ:MOR), reAlpha Tech Corp. (NASDAQ:AIRE), Vertex Energy, Inc. (NASDAQ:VTNR), iQIYI, Inc. (NASDAQ:IQ), Burford Capital Limited (NYSE:BUR), and Trip.com Group Limited (NASDAQ:TCOM). U.S. stock futures were mostly lower, with Dow Jones futures down about 50 points.
November 21, 2023 | 10:38 am
News sentiment analysis
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NEGATIVE IMPACT
reAlpha Tech Corp. fell 8.2% in pre-market trading following a 23% decline on Monday and a recent prospectus filing for a common units offering.
Continued declines and dilutive events like unit offerings can lead to negative short-term price action.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
Burford Capital Limited fell 3.4% in pre-market trading.
A moderate pre-market decline suggests some negative sentiment, but without further context, the impact is less clear.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
iQIYI, Inc. shares declined 4.4% in pre-market trading following third-quarter results.
Earnings reports are critical events for stocks, and negative reactions to them can lead to short-term price declines.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 85
NEGATIVE IMPACT
MorphoSys AG shares fell 23.4% in pre-market trading after announcing Phase 3 study results of pelabresib in myelofibrosis.
Clinical trial results can have a significant impact on biotech stocks. The pre-market drop suggests the market may have had higher expectations.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
NEGATIVE IMPACT
AVITA Medical cut its FY23 revenue guidance, leading to a 10.9% drop in its share price in pre-market trading.
A reduction in revenue guidance is typically seen as a negative indicator of a company's future performance and often results in a decrease in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Sibanye Stillwater Limited shares dropped 24.2% in pre-market trading.
A substantial pre-market drop in share price indicates negative investor sentiment and is likely to impact the stock negatively in the short term.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Trip.com Group Limited fell 3.2% in pre-market trading after reporting third-quarter results.
Earnings reports can significantly influence stock prices. Negative pre-market movement could reflect investor disappointment with the results.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 85
NEGATIVE IMPACT
Vertex Energy, Inc. shares fell 4.7% in pre-market trading.
Pre-market declines often indicate a negative opening, but without specific news, the impact may be less certain.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70