Dow Jumps Around 200 Points; US Core PCE Inflation Slows In October
Portfolio Pulse from Lisa Levin
U.S. stocks traded mostly higher with the Dow Jones gaining around 200 points. Energy shares rose by 1.5%, while consumer discretionary shares fell by 0.4%. Core PCE inflation in the U.S. was flat month-over-month in October, with annual core PCE inflation easing to 3.5% from 3.7%. Minim Inc (MINM) shares surged 877% after a previous day's gain. ImmunoGen, Inc. (IMGN) shares rose 82% following news of its acquisition by AbbVie. Vivos Therapeutics (VVOS) shares dropped 32% despite recent FDA clearance, and RedHill Biopharma (RDHL) fell 29% after a previous day's gain.
November 30, 2023 | 2:42 pm
News sentiment analysis
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NEGATIVE IMPACT
POET Technologies Inc. shares dropped 30% to $0.78 after announcing a $1.4 million underwritten public offering of common shares and warrants.
Public offerings often lead to stock price declines due to potential dilution of existing shares, which seems to be the case with POET Technologies Inc.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
RedHill Biopharma shares decreased by 29% to $2.05 after a 26% gain the previous day, despite recent FDA exclusivity for its drug, Talicia.
RedHill Biopharma's stock price drop could be a result of market correction or profit-taking following the recent gain, despite the positive FDA exclusivity news.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Vivos Therapeutics shares fell 32% to $28.29 despite the company receiving FDA 510(k) clearance for its sleep apnea treatment.
Despite positive regulatory news, Vivos Therapeutics' stock price declined significantly, which could be due to profit-taking after a previous surge or other market factors.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
AgriFORCE Growing Systems Ltd. shares were not discussed in terms of price movement, but the company was mentioned in the context of equities trading up.
Without specific information on the stock's performance, it's difficult to assess the short-term impact on AgriFORCE Growing Systems Ltd.
CONFIDENCE 50
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
ImmunoGen, Inc. shares increased by 82% to $29.16 after AbbVie announced it will acquire the company for $31.26 per share in cash.
The acquisition announcement typically leads to a sharp increase in the stock price of the company being acquired, as seen with ImmunoGen, Inc.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Minim Inc shares skyrocketed 877% to $8.99 following a 13% gain the previous day.
The massive surge in Minim Inc's stock price is likely due to a significant positive event or market sentiment, which could continue to drive short-term momentum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100