Dow Falls 150 Points; Oracle Posts Downbeat Results

Benzinga12-10

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 150 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.36% to 44,242.81 while the NASDAQ rose 0.43% to 19,820.91. The S&P 500 also fell, dropping, 0.01% to 6,052.43.

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Leading and Lagging SectorsCommunication services shares jumped by 2.3% on Tuesday.

In trading on Tuesday, utilities shares fell by 1.1%.

Top Headline

Oracle Corporation (NYSE:ORCL) posted weaker-than-expected earnings and sales results for its second quarter on Monday.

The company reported second-quarter revenue of $14.06 billion, up 9% year-over-year. The revenue total missed a Street consensus estimate of $14.11 billion.

Equities Trading UP                       

  • Chimerix, Inc. (NASDAQ:CMRX) shares shot up 172% to $2.36 after the company announced it will submit dordaviprone for accelerated approval to the FDA for patients with recurrent H3 K27M-mutant diffuse glioma.
  • Shares of Cumberland Pharmaceuticals Inc. (NASDAQ:CPIX) got a boost, surging 112% to $2.6400 after the company announced the FDA has approved its supplemental new drug application for acetadote.
  • uniQure N.V. (NASDAQ:QURE) shares were also up, gaining 104% to $15.00 after the company announced an agreement with the FDA on key elements of an accelerated pathway for AMT-130.

Equities Trading DOWN

  • CervoMed Inc. (NASDAQ:CRVO) shares dropped 75% to $2.54 after the company announced its Phase 2b trial of Neflamapimod failed to meet its key endpoints for the treatment of dementia.
  • Shares of Biora Therapeutics, Inc. (NASDAQ:BIOR) were down 44% to $0.7499.
  • MEDIROM Healthcare Technologies Inc. (NASDAQ:MRM) was down, falling 41% to $1.65. MEDIROM Healthcare priced its $5 million public offering of 2.86 million American Depositary Shares at $1.75 per ADS.

CommoditiesIn commodity news, oil traded up 0.1% to $68.40 while gold traded up 1% at $2,712.20.

Silver traded up 0.4% to $32.750 on Tuesday, while copper fell 0.6% to $4.2500.

Euro zone

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.2%, Germany's DAX rose 0.2% and France's CAC 40 fell 0.6%. Spain's IBEX 35 Index fell 0.1%, while London's FTSE 100 fell 0.6%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 0.18%, Hong Kong's Hang Seng Index gaining 2.76%, China's Shanghai Composite Index falling 0.05% and India's BSE Sensex falling 0.25%.

Economics

U.S. nonfarm business sector labor productivity increased by 2.2% in the third quarter, in-line with the preliminary reading.    

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