US Stocks Mixed; Best Buy Posts Downbeat Earnings - Alector (NASDAQ:ALEC), Best Buy Co (NYSE:BBY)

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 200 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.47% to 44,528.35 while the NASDAQ rose 0.48% to 19,149.12. The S&P 500 also rose, gaining, 0.22% to 6,000.53.

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Leading and Lagging Sectors

Information technology shares jumped by 0.7% on Tuesday.

In trading on Tuesday, materials shares fell by 0.8%.

Top Headline

Best Buy Co., Inc (NYSE:BBY) reported weaker-than-expected earnings for its fiscal 2025 third-quarter.

The company posted adjusted EPS of $1.26, missing the consensus of $1.29. Enterprise comparable sales fell 2.9%. Quarterly sales decreased to $9.45 billion from $9.76 billion a year ago, missing the analyst consensus of $9.63 billion.

Best Buy trimmed its fiscal year 2025 revenue outlook from $41.3 billion – $41.9 billion to $41.1 billion – $41.5 billion compared to the consensus of $41.59 billion.

The company revised the adjusted EPS outlook from $6.10 – $6.35 to $6.10 – $6.25, compared to the consensus of $6.25. Comparable sales are expected to decline between 3.5% and 2.5%, compared to prior guidance for a decline between 3.0% and 1.5%.

Equities Trading UP

Poseida Therapeutics, Inc. (NASDAQ:PSTX) shares shot up 225% to $9.28 after the company announced it will be acquired by Roche in a $1.5 billion deal, with stockholders receiving up to $13 per share in cash.
Shares of T Stamp Inc. (NASDAQ:IDAI) got a boost, surging 121% to $0.3984.
Primega Group Holdings Limited (NASDAQ:PGHL) shares were also up, gaining 92% to $20.25.

Equities Trading DOWN

Alector, Inc. (NASDAQ:ALEC) shares dropped 36% to $2.53 after the company announced that the INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in individuals with early Alzheimer’s disease failed to meet its primary endpoint.
Shares of Quantum Corporation (NASDAQ:QMCO) were down 26% to $16.16.
Citius Pharmaceuticals, Inc. (NASDAQ:CTXR) was down, falling 18% to $2.7513.

Commodities

In commodity news, oil traded up 0.6% to $69.33 while gold traded up 0.5% at $2,630.60.

Silver traded up 1% to $30.535 on Tuesday, while copper rose 1.2% to $4.1490.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 slipped 0.1%, Germany's DAX fell 0.2% and France's CAC 40 slipped 0.1%. Spain's IBEX 35 Index fell 0.5%, while London's FTSE 100 fell 0.1%.

Asia Pacific Markets

Asian markets closed mostly lower on Tuesday, with Japan's Nikkei 225 falling 0.87%, Hong Kong's Hang Seng Index gaining 0.04%, China's Shanghai Composite Index falling 0.12% and India's BSE Sensex falling 0.13%.

Hong Kong’s trade deficit widened to $31 billion in October from $25.8 billion in the year-ago month.

Economics

The FHFA house price index rose by 0.7% from the previous month for September.
The S&P CoreLogic Case-Shiller home price index rose 4.6% year-over-year in September versus a 5.2% increase in August.
U.S. building permits declined by 0.4% to an annual rate of 1.419 million in October.

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