Top Movers
By Bill Bullington
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The pre-market trading session on May 6, 2024, saw U.S. stock futures climbing, buoyed by investor optimism following encouraging jobs data. This positive sentiment has fueled hopes that the Federal Reserve might lean towards a rate cut within the year. S&P 500, Nasdaq 100, and Dow Jones Industrial Average futures all experienced a 0.4% rise, reflecting a broader market confidence that also nudged the MSCI World index up by 0.2%.
In the technology sector, Apple (AAPL) shares saw a 1.2% decline after a notable rally in the previous sessions, influenced by Berkshire Hathaway's announcement of reducing its stake in the tech giant. Meanwhile, the healthcare sector presented a varied picture. BioCryst (BCRX) shares surged 11% after the company raised the lower end of its revenue guidance for Orladeyo sales, surpassing average analyst expectations. Conversely, EyePoint Pharmaceuticals (EYPT) faced a significant setback, with shares plummeting up to 42% due to a mid-stage study of its diabetes-related eye complication therapy failing to meet its primary goal. GlycoMimetics (GLYC) also experienced a dramatic 77% drop after disappointing trial results, and Krystal Biotech (KRYS) shares declined over 18% following earnings that fell short of expectations.
Luminar Technologies (LAZR) announced a 20% reduction in its workforce and plans to sub-lease parts of its facilities, leading to a 17% drop in its pre-market share price. On a more positive note, Paramount (PARA) shares increased by 4.5% amid news of a potential $26 billion acquisition offer from Apollo and Sony.
In the industrial and consumer goods sectors, United States Steel (X) enjoyed a 2% rise in its shares after an upgrade from Morgan Stanley, citing the potential for "transformational" investments. However, TreeHouse (THC) reported a slight 0.2% decrease in share price following an earnings report that missed expectations, with management citing downtime at its broth facility as a contributing factor. Victoria’s Secret (VSCO) shares dropped 5% after a downgrade from Morgan Stanley, which anticipated a potential profit miss and a cut in the full-year outlook.
Finance GPT
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