US Stocks Mixed; ScanSource Reports Weak Q4 Results

Author: Avi Kapoor | August 27, 2024 09:39am

U.S. stocks traded mixed this morning, with the Dow Jones index gaining over 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.16% to 41,240.52 while the NASDAQ fell 0.42% to 17,651.68. The S&P 500 also fell, dropping, 0.22% to 5,604.73.

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Leading and Lagging Sectors

Health care shares climbed by 0.2% on Tuesday.

In trading on Tuesday, information technology shares fell by 0.6%.

Top Headline

ScanSource, Inc. (NASDAQ:SCSC) reported worse-than-expected fourth-quarter financial results.

ScanSource reported quarterly earnings of 80 cents per share which missed the analyst consensus estimate of 93 cents per share. The company reported quarterly sales of $746.113 million which missed the analyst consensus estimate of $843.143 million.

ScanSource said it sees FY25 revenues of $3.1 billion to $3.5 billion, versus estimates of $3.47 billion.

Equities Trading UP
                       

• Ensysce Biosciences, Inc. (NASDAQ:ENSC) shares shot up 66% to $0.7176 after the company received a $14 million multi-year grant from the NIH for the continued development of its PF614-MPAR, an abuse-deterrent opioid with overdose protection.
• Shares of Addex Therapeutics Ltd (NASDAQ:ADXN) got a boost, surging 64% to $12.25 after the company and Indivior selected clinical candidates from their GABAB positive allosteric modulator research collaboration. The company is eligible for up to $330 million on achievement of milestones and royalties.
• VOXX International Corporation (NASDAQ:VOXX) shares were also up, gaining 50% to $4.25 after announcing strategic alternatives process to maximize valuation.

Equities Trading DOWN

• Altisource Asset Management Corporation (NASDAQ:AAMC) shares dropped 47% to $1.25 after the company announced intention to voluntarily delist and deregister its common stock from the NYSE American LLC.
• Shares of COSCIENS Biopharma Inc. (NASDAQ:CSCI) were down 35% to $3.80 after the company announced results from Phase 3 DETECT-trial of AEZS-130-P02.
• Lixte Biotechnology Holdings, Inc. (NASDAQ:LIXT) was down, falling 15% to $1.75.

Commodities

In commodity news, oil traded down 1% to $76.67 while gold traded down 0.4% at $2,545.10.

Silver traded down 0.3% to $29.92 on Tuesday, while copper rose 0.3% to $4.2915.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX rose 0.4% and France's CAC 40 fell 0.2%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.2%.

German economy contracted by 0.1% quarter-over-quarter in the second quarter, following a 0.2% growth in the first quarter. The GfK Consumer Climate Indicator for Germany fell to a reading of -22.0 heading into September compared to a revised -18.6 in the prior period.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 gaining 0.47%, Hong Kong's Hang Seng Index gaining 0.43%, China's Shanghai Composite Index falling 0.24% and India's BSE Sensex rising 0.02%.

Hong Kong’s trade deficit narrowed to $21.8 billion in July versus a $30 billion gap in the year-ago month, as exports increased more than imports.

Economics

• The S&P CoreLogic Case-Shiller home price index climbed by 6.5% year-over-year in June compared to a revised 6.9% rise in the prior month.
• The FHFA house price index fell 0.1% in June, compared to market expectations for a 0.2% gain.

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Posted In: AAMC ADXN CSCI ENSC LIXT SCSC VOXX