Gold Moves Higher; Coca-Cola Increases FY24 Forecast

Author: Avi Kapoor | July 23, 2024 02:32pm

U.S. stocks traded slightly higher toward the end of trading, with the Dow Jones gaining by more than 50 points on Tuesday.

The Dow traded up 0.17% to 40,483.92 while the NASDAQ rose 0.20% to 18,043.64. The S&P 500 also rose, gaining, 0.14% to 5,572.07.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 0.5% on Tuesday.

In trading on Tuesday, energy shares fell by 1.4%.

Top Headline

Coca-Cola Company (NYSE:KO) reported better-than-expected second-quarter results and raised its guidance.

The company reported second-quarter FY24 sales growth of 3% year-on-year to $12.4 billion, beating the analyst consensus estimate of $11.753 billion. Adjusted EPS of 84 cents beat the consensus estimate of 81 cents.

Coca-Cola raised its FY24 organic revenue growth outlook from 8% – 9% to 9% – 10%. KO raised comparable currency neutral EPS growth outlook from 11% – 13% to 13% – 15%.

Equities Trading UP
                       

• Azitra, Inc. (NYSE:AZTR) shares shot up 326% to $6.91 after the company announced that the U.S. Patent and Trademark Office granted it U.S. Patent No. 12,036,248 for the treatment of atopic dermatitis.
• Shares of Adial Pharmaceuticals, Inc. (NASDAQ:ADIL) got a boost, surging 39% to $1.47 after the company announced it advanced into the second cohort and commenced dosing for the Pharmacokinetics Study of AD04 for alcohol use disorder.
• Frequency Electronics, Inc. (NASDAQ:FEIM) shares were also up, gaining 33% to $13.48 following fourth-quarter earnings. Also, the company declared a $1.00 special cash dividend.

Equities Trading DOWN

• Jaguar Health, Inc. (NASDAQ:JAGX) shares dropped 57% to $1.84 after the company announced its phase 3 OnTarget trial results for Crofelemer did not meet its primary endpoint.
• Shares of TransCode Therapeutics, Inc. (NASDAQ:RNAZ) were down 62% to $0.30 after the company priced $3 million public offering of 10 million common shares at $0.30 per share.
• Cellectar Biosciences, Inc. (NASDAQ:CLRB) was down, falling 19% to $2.4502. The company announced results from its CLOVER WaM pivotal study evaluating iopofosine I 131.

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Commodities

In commodity news, oil traded down 1.6% to $77.12 while gold traded up 0.5% at $2,407.20.

Silver traded down 0.1% to $29.305 on Tuesday, while copper fell 0.9% to $4.1605.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 climbed 0.13%, Germany's DAX gained 0.82% and France's CAC 40 fell 0.31%. Spain's IBEX 35 Index rose 0.62%, while London's FTSE 100 fell 0.38%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.01%, Hong Kong's Hang Seng Index falling 0.94%, China's Shanghai Composite Index declining 1.65% and India's S&P BSE Sensex declining 0.09%.

The annual inflation rate in Hong Kong rose to 1.5% in June from 1.2% in the prior month. The People’s Bank of China slashed one-year loan prime rate by 10bps to 3.35%.

Economics

• The composite manufacturing index in the US Fifth District fell to -17 in July compared to a reading of -10 in June.
• Existing home sales declined by 5.4% from the prior month to an annualized rate of 3.89 million units for June.

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Posted In: ADIL AZTR CLRB FEIM JAGX KO RNAZ