Dow Gains Over 50 Points; Neogen Posts Downbeat Earnings

Benzinga04-09

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.20% to 38,972.32 while the NASDAQ rose 0.40% to 16,319.23. The S&P 500 also rose, gaining, 0.32% to 5,219.29.

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Leading and Lagging Sectors

Communication services shares jumped by 0.8% on Tuesday.

In trading on Tuesday, financial shares rose by just 0.1%.

Top Headline

Neogen Corporation (NASDAQ:NEOG) reported worse than expected third-quarter earnings and cut 2024 guidance.

Neogen posted adjusted earnings of 12 cents per share, missing market expectations of 14 cents per share. The company’s quarterly sales came in at $228.812 million versus estimates of $230.011 million.

Equities Trading UP

Laser Photonics Corporation (NASDAQ:LASE) shares shot up 174% to $3.9250 after the company announced it secured an order for its LaserTower COMPACT marking and engraving system from L3Harris Technologies.

Shares of Acrivon Therapeutics, Inc. (NASDAQ:ACRV) got a boost, surging 54% to $9.11. The company announced a $130 million private placement financing.

MediaCo Holding Inc. (NASDAQ:MDIA) shares were also up, gaining 40% to $4.22.

Equities Trading DOWN

Vincerx Pharma, Inc. (NASDAQ:VINC) shares dropped 68% to $1.5092 after the company presented preliminary Phase 1 data for VIP236 and updates on pipeline progress at the AACR Annual Meeting 2024.

Shares of Eco Wave Power Global AB (NASDAQ:WAVE) were down 30% to $2.96. Eco Wave Power Global shares jumped 219% on Monday after the company announced that it was selected by an

HUB Cyber Security Ltd. (NASDAQ:HUBC) was down, falling 18% to $1.10.

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Commodities

In commodity news, oil traded down 0.1% to $86.35 while gold traded up 0.9% at $2,371.40.

Silver traded up 1.1% to $28.125 on Tuesday, while copper rose 0.6% to $4.30.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index fell 0.2% The German DAX fell 0.7% French CAC 40 fell 0.5% while Italy’s FTSE MIB Index fell 0.5%.

French trade deficit shrank to €5.2 billion in February 2024 versus a revised €7.2 billion gap in the prior month. Retail sales in the UK gained 3.2% from a year ago in March.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan’s Nikkei 225 gaining 1.08%, Hong Kong’s Hang Seng Index gaining 0.57%, China’s Shanghai Composite gaining 0.05% and India’s S&P BSE Sensex falling 0.08%.

Foreign exchange reserves in Hong Kong fell to $423.6 billion in March from $425.2 billion in the prior month. Japanese machine tool orders fell 8.5% year-over-year to JPY 135,647 million in March compared to a 8% decline in the prior month, while consumer confidence index in Japan rose to 39.5 in March versus a revised reading of 39.0 in the prior month.

Economics

The NFIB Small Business Optimism Index declined for a third straight month to a reading of 88.5 in March, compared to market estimates of 90.2.

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