Dow Dips Over 100 Points; Analog Devices Posts Upbeat Earnings

U.S. stocks traded lower this morning, with the Dow Jones index falling over 100 points on Wednesday.

Following the market opening Wednesday, the Dow traded down 0.31% to 38,443.33 while the NASDAQ fell 0.58% to 15,540.19. The S&P 500 also fell, dropping, 0.28% to 4,961.55.

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Leading and Lagging Sectors

Consumer discretionary shares rose by 0.8% on Wednesday.

In trading on Wednesday, information technology shares fell by 1%.

Top Headline

Analog Devices, Inc. ADI posted upbeat first-quarter earnings, but issued a weak forecast for the current quarter.

Analog Devices posted adjusted earnings of $1.73 per share, beating market estimates of $1.71 per share. The company’s quarterly sales came in at $2.51 billion versus expectations of $2.50 billion.

Analog Devices said it sees second-quarter adjusted EPS of $1.16 to $1.36 versus estimates of $1.57. The company expects revenue of $2 billion to $2.2 billion versus expectations of $2.36 billion.

Equities Trading UP

Greenbrook TMS Inc. GBNH shares shot up 136% to $0.4650. Greenbrook TMS raised $2.5 million in debt financing.

Shares of Ventyx Biosciences, Inc. VTYX got a boost, surging 100% to $5.98. Traders circulated unconfirmed analyst comments suggesting co might be the next big weight loss drug citing a new publication showing NLRP3 has significant weight loss similar to GLP-1.

Motus GI Holdings, Inc. MOTS shares were also up, gaining 88% to $1.2288 after the company was granted U.S. Patent #11904085 for 'Systems And Methods For Cleaning A Colon.'

Equities Trading DOWN

Palo Alto Networks, Inc. PANW shares dropped 26% to $271.52 after the company issued third-quarter adjusted EPS and total revenue guidance below estimates.

Shares of U Power Limited UCAR were down 27% to $0.0743.
U Power received Nasdaq delisting notification and intends to appeal.

Community Health Systems, Inc. CYH was down, falling 28% to $2.9186 after the company reported fourth-quarter financial results.

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Commodities

In commodity news, oil traded up 0.4% to $77.34 while gold traded up 0.1% at $2,040.80.

Silver traded down 0.3% to $23.065 on Wednesday while copper rose 1% to $3.9050.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.8% while Spain’s IBEX 35 Index rose 0.5% The German DAX gained 0.4% French CAC 40 rose 0.1% while Italy’s FTSE MIB Index rose 0.9%.

The Confederation of British Industry survey's total order book balance climbed by 10 points to a reading of -20 in February.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 falling 0.26%, Hong Kong’s Hang Seng Index rising 1.57%, China’s Shanghai Composite Index gaining 0.97% and India’s S&P BSE Sensex falling 0.59%.

Japanese trade deficit narrowed to JPY 1,758.311 billion in January from JPY 3,506.43 billion in the year-ago month. Exports from Japan surged by 11.9% year-over-year, while imports to Japan dipped 9.6% year-over-year.

Economics

U.S. mortgage applications fell by 10.6% on the week ending Feb. 16, 2024.

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