Why Merck Shares Are Trading Lower By 10%? Here Are Other Stocks Moving In Tuesday's Mid-Day Session
Portfolio Pulse from Avi Kapoor
Merck & Co., Inc. (NYSE:MRK) shares fell 10% after the company reported second-quarter financial results and cut its FY24 adjusted EPS guidance below estimates. Despite beating revenue and EPS estimates, the guidance cut led to a sharp decline. Other stocks such as Imunon, Inc. (NASDAQ:IMNN) and JetBlue Airways Corporation (NASDAQ:JBLU) saw significant gains due to positive news, while QXO, Inc. (NASDAQ:QXO) and VBI Vaccines Inc. (NASDAQ:VBIV) experienced substantial losses.
July 30, 2024 | 5:53 pm
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NEGATIVE IMPACT
Merck shares fell 10% after the company reported second-quarter financial results and cut its FY24 adjusted EPS guidance below estimates. Despite beating revenue and EPS estimates, the guidance cut led to a sharp decline.
Merck's stock price dropped significantly due to the company's lowered FY24 EPS guidance, which overshadowed the positive earnings and revenue beats. This indicates investor concern over future profitability.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
QXO, Inc. shares fell 80.8% due to the registration of two private placements with the SEC, unlocking millions of shares and increasing selling pressure.
The registration of private placements with the SEC has led to a significant increase in the number of shares available for sale, causing a sharp decline in QXO's stock price due to increased selling pressure.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
VBI Vaccines Inc. shares declined 64.8% after being granted protection under Canada’s CCAA and receiving approval for a DIP loan.
The company's financial distress, indicated by the need for CCAA protection and a DIP loan, has led to a significant decline in its stock price as investors react to the increased financial risk.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Imunon, Inc. shares jumped 147.8% after announcing positive topline results from its Phase 2 OVATION 2 study with IMNN-001, showing an 11.1-month improvement in median overall survival.
The significant improvement in median overall survival reported in the Phase 2 study is a major positive development for Imunon, leading to a substantial increase in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80
POSITIVE IMPACT
JetBlue Airways Corporation shares rose 20.6% after reporting better-than-expected second-quarter financial results.
JetBlue's better-than-expected financial results for the second quarter have positively impacted investor sentiment, leading to a significant rise in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70