US Stocks Edge Lower; EchoStar Shares Tumble After Q2 Results

Author: Avi Kapoor | August 09, 2024 12:29pm

U.S. stocks traded lower midway through trading, with the Dow Jones falling around 0.1% on Friday.

The Dow traded down 0.12% to 39,399.04 while the NASDAQ fell 0.20% to 16,626.36. The S&P 500 also fell, dropping, 0.02% to 5,318.02.

Leading and Lagging Sectors

Health care shares climbed by 0.3% on Friday.

In trading on Friday, communication services shares fell 0.6%.

Top Headline

Shares of EchoStar Corporation (NASDAQ:SATS) dipped around 16% on Friday after the company reported worse-than-expected second-quarter financial results..

The company reported a second-quarter loss per share of 76 cents, which missed the street view of 17 cents loss. Quarterly revenues of $3.953 billion missed the analyst consensus of $3.983 billion.

Equities Trading UP
                       

• FSD Pharma Inc. (NASDAQ:HUGE) shares shot up 227% to $0.2995.
• Shares of Iteris, Inc. (NASDAQ:ITI) got a boost, surging 63% to $6.98 after the company announced it will be acquired by Almaviva for $335 million.
• Hyzon Motors Inc. (NASDAQ:HYZN) shares were also up, gaining 36% to $0.1167. Hyzon will host a conference call to discuss its second quarter earnings results on Tuesday, Aug. 13.

Equities Trading DOWN

• AN2 Therapeutics, Inc. (NASDAQ:ANTX) shares dropped 60% to $1.05 after the company announced that it will discontinue its EBO-301 study following topline results from its Phase 2 part of the study in treatment-refractory patients with MAC lung disease.
• Shares of Vicinity Motor Corp. (NASDAQ:VEV) were down 56% to $0.1335. Vicinity Motor will release financial results for the second quarter, after the closing bell on Wednesday, Aug. 14.
• Meta Materials Inc. (NASDAQ:MMAT) was down, falling 50% to $1.0340 after the company disclosed in an SEC filing that it ceased operations and filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 in the US Bankruptcy Court.

Commodities

In commodity news, oil traded up 0.6% to $76.61 while gold traded up 0.3% at $2,470.40.

Silver traded down 0.5% to $27.48 on Friday, while copper rose 0.9% to $3.9930.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.57%, Germany's DAX rose 0.24% and France's CAC 40 rose 0.31%. Spain's IBEX 35 Index rose 0.76%, while London's FTSE 100 rose 0.28%.

Asia Pacific Markets

Asian markets closed mixed on Friday, with Japan's Nikkei 225 gaining 0.56%, Hong Kong's Hang Seng Index gaining 1.17%, China's Shanghai Composite Index falling 0.27% and S&P BSE Sensex gaining 1.04%.

Economics

The Baker Hughes rig count report for the latest week will be released today.

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Posted In: ANTX HUGE HYZN ITI MMAT SATS VEV