Market Movements Update
Here’s a look at some companies making significant moves today:
Scholar Rock — This Cambridge, Massachusetts-based biotech firm saw its stock jump by 23% following a positive meeting with the FDA regarding its spinal muscular atrophy treatment, apitegroumab. There were also representatives from Novo Nordisk’s Catalent Indiana during the discussion, who noted that the facility is on track for re-inspection by late 2025.
Strategy — Cryptocurrency stocks dipped about 1%, falling well below earlier lows. Michael Saylor, the CEO, mentioned on CNBC that Bitcoin holders are actively buying up the cryptocurrency at these levels. Bitcoin hit a low of $95,000 this morning.
Figure Technology Solutions — The company’s shares increased by 20% after it reported better-than-expected revenue for the third quarter. They posted earnings of 34 cents per share, excluding certain factors, on revenues of $156.4 million. Analysts were predicting earnings of just 16 cents with revenues of $119.4 million, also excluding certain items.
Whirlpool — The consumer electronics maker’s stock rose 4.8% after David Tepper’s Appaloosa disclosed a major investment in the company, which is now their third-largest holding at over $430 million.
Nu Holdings — Shares increased by more than 4% following strong third-quarter results, showing a net income of $782.7 million on sales of $4.17 billion. Analysts expected revenue of $3.52 billion and profit of $774.8 million.
Vertiv — This data center infrastructure company saw its stock rise by 6% after announcing a 67% increase in its quarterly dividend to 6.25 cents per share.
Topgolf Callaway — Reports suggest the company is in discussions to sell Topgolf for around $1 billion to private equity firm Leonard Green, leading shares to soar 6%.
Cidara Therapeutics — Cidara’s stock surged 103% as Merck confirmed it would acquire the company for nearly $9.2 billion in cash. Meanwhile, Merck’s stock dipped by 1%.
Avadel Pharmaceuticals — Danish company Lundbeck has made a proposal to buy Avadel for $23 per share, surpassing previous offers made to other biotech firms.
Warner Bros. Discovery — The parent company of HBO and CNN gained 3% after news broke that Paramount Skydance, Netflix, and Comcast are preparing bids for the media giant. The initial bid deadline is set for November 20.
Walmart — The retail giant’s shares fell by 1% following the announcement that CEO Doug McMillon will step down effective February 1, with John Furner taking over his role.
Big Tech — Stocks in this sector attempted to bounce back after a sharp decline earlier. Alphabet dropped 0.1%, but it was higher than the lows reached earlier in the day. Stocks like Nvidia, Palantir, and Tesla saw gains, along with Meta.
StubHub — The ticket distribution service reported a significant net loss of $1.33 billion, or $4.27 per share, a sharp drop from last year’s loss of $45.9 million, or 15 cents per share, marking a 19% decline. They criticized a one-time stock-based compensation expense. CEO Eric Baker indicated that there will be no guidance for the current quarter.
