Crude Oil Gains Over 2%; Eli Lilly Cuts 2024 Forecast - Eli Lilly (NYSE:LLY)

U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining around 0.1% on Wednesday.

The Dow traded up 0.07% to 42,262.68 while the NASDAQ fell 0.05% to 18,703.09. The S&P 500 also fell, dropping, 0.03% to 5,831.09.

Check This Out: Top 3 Tech And Telecom Stocks Which Could Rescue Your Portfolio For October

Leading and Lagging Sectors

Communication services shares rose by 1.8% on Wednesday.

In trading on Wednesday, information technology shares fell by 0.9%.

Top Headline

On Wednesday, Eli Lilly and Co (NYSE:LLY) posted worse-than-expected third-quarter earnings and lowered 2024 guidance.

The U.S. pharma giant reported third-quarter revenue of $11.44 billion, up 20% year over year, but it missed the consensus of $12.10 billion. The company reported an adjusted EPS of $1.18, compared to $0.10 from a year ago and missing the consensus of $1.45.

Eli Lilly said it sees fiscal year 2024 sales of $45.4 billion—$46 billion, compared to prior guidance of $45.4 billion—$46.6 billion and consensus of $46.24 billion. Eli Lilly lowered its 2024 adjusted EPS guidance to $13.02-$13.52 versus prior guidance of $16.10-$16.60 and consensus of $13.47, driven by the acquired IPR&D charges incurred in Q3.

Equities Trading UP

Tharimmune, Inc. (NASDAQ:THAR) shares shot up 79% to $3.61 after the company announced it received EMA feedback on its TH104 clinical program. The design and main features of the proposed Phase 2 study were deemed acceptable and general guidance was also provided for a future Phase 3 study.
Shares of Omnicell, Inc. (NASDAQ:OMCL) got a boost, surging 31% to $52.47 after the company reported better-than-expected third-quarter financial results and raised its FY24 guidance above estimates.
Reddit, Inc. (NYSE:RDDT) shares were also up, gaining 44% to $117.36 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter revenue guidance above estimates.

Equities Trading DOWN

SRIVARU Holding Limited (NASDAQ:SVMH) shares dropped 55% to $0.0304 after the company announced it upsized its $6.8 million public offering.

TCS

Applied DNA Sciences, Inc. (NASDAQ:APDN) was down, falling 39% to $0.1938 after the company announced the pricing of a registered direct offering of 20,312,500 shares at $0.32 per share. The company also announced a concurrent private placement.

Commodities

In commodity news, oil traded up 2.3% to $68.75 while gold traded up 0.7% at $2,799.70.

Silver traded down 1% to $34.095 on Wednesday, while copper rose 0.1% to $4.3640.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 dipped 1.25%, Germany's DAX fell 1.13% and France's CAC 40 slipped 1.10%. Spain's IBEX 35 Index fell 0.68%, while London's FTSE 100 fell 0.73%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 gaining 0.96%, Hong Kong's Hang Seng Index dipping 1.55%, China's Shanghai Composite Index falling 0.61% and India's BSE Sensex falling 0.53%.

Economics

Pending home sales in the U.S. surged by 7.4% from the previous month in September, compared to a 0.6% gain in August.
The U.S. economy grew by an annualized 2.8% in the third quarter, from 3% in the second quarter.
Private businesses in the U.S. hired 233K workers to their payrolls in October compared to a revised 159K gain in September.
Crude oil inventories in the U.S. declined by 0.515 million barrels in the week ended October 25, compared to a 5.474 million gain in the prior week and versus market estimates of a 2.3 million gain.

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