Streetbeat News

Earnings

EDBL

INVO

LGVN

OTRK

PLCE

SAGE

U.S. stocks traded lower, with the Dow Jones falling 0.32%, NASDAQ down 1.16%, and the S&P 500 dropping 0.74%. Utilities shares rose by 0.7%, while information technology shares fell by 0.9%. INVO Bioscience, Edible Garden AG, and The Children's Place saw significant gains, whereas Longeveron, Sage Therapeutics, and Ontrak experienced notable declines. Crude oil inventories increased, and oil prices fell by 1.5%.

Portfolio Pulse from Avi Kapoor

April 17, 2024 | 4:44 pm

SAGE

Sage Therapeutics Inc (NASDAQ:SAGE) reported disappointing results from its Phase 2 PRECEDENT study of dalzanemdor (SAGE-718) in mild cognitive impairment in Parkinson's Disease, failing to meet its primary endpoint. The drug was well-tolerated with no new safety issues, but due to the lack of significant efficacy, the company will not continue its development for Parkinson's Disease. However, Sage Therapeutics plans to proceed with dalzanemdor's Phase 2 clinical development for other conditions, with key milestones expected in 2024. Following the news, SAGE shares dropped 23.80% to $11.91.

Portfolio Pulse from Vandana Singh

April 17, 2024 | 4:41 pm

NKLA

Nikola Corporation's (NASDAQ:NKLA) stock has declined over 33% in the past five days following allegations of fraudulent conduct by its management and certain directors by M&M Residual. The company is expected to report Q1 financial results on May 7, with anticipated losses of 10 cents per share and revenue of $14.235 million. The stock's current price is below its 200-day moving average, indicating a bearish signal according to some investors.

Portfolio Pulse from Erica Kollmann

April 17, 2024 | 4:32 pm

MAMO

VFS

ZAPP

In Wednesday's intraday session, 12 consumer discretionary stocks saw significant movements. Notably, Massimo (MAMO) surged 19.4% after announcing Q4 earnings, while Zapp Electric Vehicles (ZAPP) plummeted 35.7%. Other gainers include Kidpik (PIK), Children's Place (PLCE), EZGO Technologies (EZGO), WW International (WW), and ATA Creativity Glb (AACG). Losers comprised Kaival Brands Innovations (KAVL), VinFast Auto (VFS), Mullen Automotive (MULN), Fossil Group's Senior Notes (FOSLL), and Educational Development (EDUC).

Portfolio Pulse from Benzinga Insights

April 17, 2024 | 4:31 pm

Blackstone (NYSE:BX) has seen a surge in options activity, with a bullish sentiment from the majority of trades. Analysis of options history revealed 38 trades, with 60% bullish and 39% bearish. The trades include 29 puts and 9 calls, indicating a price target range of $95.0 to $160.0. The largest options trades include both bullish and bearish sentiments, with strike prices ranging from $125.00 to $140.00. Blackstone, the world's largest alternative-asset manager, has $1.040 trillion in assets under management. The stock price is currently $122.6, with an upcoming earnings report.

Portfolio Pulse from Benzinga Insights

April 17, 2024 | 4:31 pm

DARE

INVO

VNDA

Healthcare stocks experienced significant movements in Wednesday's intraday session. INVO Bioscience led the gainers with a 275% increase following its Q4 earnings report, while Dare Bioscience topped the losers, dropping 40.7%. Other notable movers included Vanda Pharma, Galera Therapeutics, and SINTX Techs on the gainers' side, and Longeveron, Sage Therapeutics, and China SXT Pharmaceuticals among the losers.

Portfolio Pulse from Benzinga Insights

April 17, 2024 | 4:31 pm

BEEM

ISUN

RYDE

UAL

In Wednesday's intraday session, notable movements were observed in the industrials stocks sector. Ryde Group (RYDE) led the gainers with a 73.9% increase, while iSun (ISUN) experienced the largest drop among the losers, declining by 23.8%. Other significant movements included CEA Industries (CEAD) and Beam Global (BEEM) with substantial gains, and SolarMax Technology (SMXT) and Greenland Technologies (GTEC) with notable losses. Earnings reports released around this period appear to have influenced stock performances, with companies like Beam Global, Agrify, United Airlines Holdings, iSun, and Greenland Technologies releasing their quarterly results.

Portfolio Pulse from Benzinga Insights

April 17, 2024 | 4:31 pm

UAL

United Airlines Holdings Inc (NASDAQ:UAL) reported impressive Q1 earnings, surpassing expectations with a revenue of $12.5 billion and an adjusted loss of 15 cents per share, against estimates of a 57 cents loss. The stock rose about 12% following the announcement. United Airlines also adjusted its future aircraft orders, converting some Boeing Co (NYSE:BA) Max 10 orders to Max 9 and leasing new Airbus A321neos. Despite positive earnings, technical indicators suggest a bearish trend for UAL's stock, with key moving averages and indicators like MACD and RSI signaling potential sell-off conditions.

Portfolio Pulse from Surbhi Jain

April 17, 2024 | 4:26 pm

EDBL

Edible Garden AG Incorporated (NASDAQ:EDBL) shares surged after reporting a significant year-over-year increase in preliminary first-quarter revenues, with produce revenues up 40% and cut herb revenue increasing over 200%. The company attributes this growth to investments in equipment and infrastructure, expanded retail distribution, and a focus on becoming a vertically integrated herb supplier. The stock experienced heavy trading volume and was halted multiple times for volatility, with over 7 million shares traded compared to a 100-day average of less than 48,000 shares.

Portfolio Pulse from Erica Kollmann

April 17, 2024 | 4:25 pm

IBKR

Interactive Brokers' stock price increased following the announcement of their Q1 results, which exceeded expectations, and the decision to raise their dividend.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 4:21 pm