Nvidia: calm before the storm
There’s a calm before storm ahead of today’s hotly-anticipated quarterly financials, albeit Nvidia (NASDAQ:NVDA) stock is up US$9.17 or 2% changing hands at US$465.75.
Expectations are set exceptionally high in the market, after May’s outperformance rocketed Nvidia into the ‘trillion dollar club’, volatility will likely ensue later today as the numbers drop.
iTeos Therapeutics soars on Roche data blunder
Today’s rapid rise in iTeos (NASDAQ:ITOS) stock was far from conventional, with the cancer drug discovery firm propelled 27% higher, to US$14.98, after clinical rival Roche accidentally divulged trial data which appeared to provide significant encouragement for a new potential treatment area.
The Swiss drugmaker’s data came from an interim analysis of a Phase 3 study evaluating ‘anti-TIGIT’ immunotherapy for the potential treatment of lung cancer.
Roche cautioned that the interim results were “not mature”, the study is ongoing, and remains ‘blinded’.
Arcus Biosciences follows higher
Like iTeos, Arcus (NYSE:RCUS) is developing anti-TIGIT drug candidates and its shares also surged some 22% on Wednesday, to trade at US$23.04 each.
Opioid manufacturer heads for Chapt’ 11, again
Mallinckrodt PLC (NYSE:MNK) said it plans to initiate voluntary prepackaged Chapter 11 bankruptcy proceedings in the US in a matter of days to give it room to restructure its debt and reduce the amount it owes to opioid victims.
Its shares fell 18% to $0.48 shortly before midday in New York, taking their year-to-date loss to 94%.
AMC stock keeps falling as APE nears end
AMC Entertainment Holdings (NYSE:AMC) shares plummeted, down another 21% to US$2.00, ahead of the cinema chain’s conversion of its AMC Preferred Equity (APE) units into common stock. Tomorrow is the last day APE trades, ahead of the dilutive event.
Manchester United takeover reports spark rally
Manchester United Plc (NYSE:MANU) stock was up 6% in Wednesday’s trade in New York, adding US$1.32 to change hands at US$23.13 which values the English football club at US$3.7 billion.
It comes amid the latest round of speculative reports in the UK tabloid media, suggesting a ‘6 billion’ bid from Qatar banker Sheikh Jassim had ‘won’ the protracted takeover process that’s been underway for nine months. It is not the first time reports have suggested an end to the ordeal was afoot.
Nike kicked lower by Foot Locker
Nike Inc (NYSE:NKE) stock price was dented, down more than 3% today, after Foot Locker’s shock profit warning earlier today.
Following similar struggles at Dick’s Sporting Goods, the retail earnings season evidently bodes ill for the sneakers and apparel brand.
At US$98.30, Nike stock is down US$3.16 or 3.11% for the session.
Early movers
Foot Locker, Inc. (NYSE:FL) lost about a third of its value after reporting a fall in sales, reduced guidance for 2023 and pause its dividend. Read more
There are more post-pandemic woes for out-of-favor Peloton which fell 24%, to US$5.34, after its latest disappointing set of financials. Read more
Abercrombie & Fitch (NYSE:ANF) was a rare bright light in retail on Wednesday, with its stock up 23% to US$50.50, as its latest quarter exceeded expectations and triggered an upgrade to guidance for the rest of the year. Read more
Bath & Body Works Inc (NYSE:BBWI) investors washed off the early negativity, with the stock rallying to reverse a 12% premarket decline that followed initially disappointing quarterly financials. Read more