Why NetEase Shares Are Trading Lower? Here Are Other Stocks Moving In Friday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
NetEase, Inc. (NASDAQ:NTES) shares fell 4% after reporting worse-than-expected first-quarter revenue. Despite a 7.2% year-on-year revenue growth to $3.72 billion, it missed the analyst consensus estimate of $3.79 billion. However, the company's adjusted EPADS of $1.81 beat the consensus estimate of $1.79. Other stocks moving significantly include Akanda Corp. (NASDAQ:AKAN), OneMedNet Corporation (NASDAQ:ONMD), and Verastem, Inc. (NASDAQ:VSTM).
May 24, 2024 | 5:57 pm
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NEGATIVE IMPACT
NetEase shares fell 4% after the company reported worse-than-expected first-quarter revenue of $3.72 billion, missing the analyst consensus estimate of $3.79 billion. However, the adjusted EPADS of $1.81 beat the consensus estimate of $1.79.
The decline in NetEase's stock price is primarily due to the revenue miss, which overshadowed the slight beat in EPADS. Investors are likely reacting negatively to the revenue shortfall.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Verastem, Inc. shares fell 62.5% to $4.5650 after the company initiated the rolling submission of a NDA to the FDA for accelerated approval of a drug combination for ovarian cancer.
The significant drop in Verastem's stock price is likely due to investor concerns about the NDA submission process and the uncertainty surrounding the FDA's approval.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 60
POSITIVE IMPACT
Akanda Corp. shares surged 101% to $4.81 following a 1-for-40 reverse stock split on its ordinary shares.
The significant increase in Akanda's stock price is due to the reverse stock split, which often leads to a higher share price due to reduced share count.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
OneMedNet Corporation shares gained 75.2% to $2.58 after a 208% jump on Thursday, driven by the company's announcement of a 'five-fold expansion' of its iRWD network and platform.
The sharp rise in OneMedNet's stock price is attributed to the significant expansion of its iRWD network, which is seen as a positive development for the company's growth prospects.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70