Dow Down 100 Points; US Manufacturing PMI Falls In December
Portfolio Pulse from Avi Kapoor
U.S. stocks opened lower with the Dow Jones falling over 100 points. The S&P Global manufacturing PMI was revised down to 47.9 in December from a preliminary 48.2 and November's 49.4, indicating contraction. Energy shares rose by 1.1%, while information technology shares fell by 1.8%. Longboard Pharmaceuticals (LBPH) surged 198% on positive study data, while Anavex Life Sciences (AVXL) dropped 32% after an update on its Rett Syndrome program. LumiraDx (LMDX) fell 34% after agreeing to sell its technology platform to Roche. Oil and gold prices saw slight increases.
January 02, 2024 | 2:53 pm
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POSITIVE IMPACT
Longboard Pharmaceuticals shares surged 198% after announcing positive topline data from the PACIFIC Study for bexicaserin.
Positive clinical study results typically lead to a surge in stock prices as they indicate potential for future revenue and market approval.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Anavex Life Sciences shares dropped 32% following an update on its Rett Syndrome program.
Updates on drug development programs that do not meet investor expectations can lead to significant stock price declines.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
LumiraDx shares fell 34% after agreeing to sell its point-of-care technology platform to Roche.
The sale of a significant part of the business can be viewed negatively if investors believe it diminishes the company's future growth potential.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 100