Dow Surges Over 300 Points; Bath & Body Works Posts Upbeat Earnings

Author: Avi Kapoor | November 25, 2024 10:47am

U.S. stocks traded higher this morning, with the Dow Jones index gaining by more than 300 points on Monday.

Following the market opening Monday, the Dow traded up 0.79% to 44,644.55 while the NASDAQ rose 0.69% to 19,134.73. The S&P 500 also rose, gaining, 0.60% to 6,004.86.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.6% on Monday.

In trading on Monday, energy shares rose by just 0.3%.

Top Headline

Bath & Body Works, Inc. (NYSE:BBWI) reported better-than-expected third-quarter results and raised its 2024 outlook.

BBWI's third-quarter adjusted earnings per share of 49 cents, beating the analyst consensus of 47 cents. Quarterly sales of $1.610 billion, a growth of 3.1% year-over-year, above the street view of $1.579 billion.

The company raised fiscal 2024 guidance and now expects net sales to decline 2.5% – 1.7% (prior view: decline of 4% – 2%), including a 100-basis-point headwind from the 53rd week in 2023. Adjusted earnings per share are projected at $3.15 – $3.28 (prior view $3.06 – $3.26) versus the $3.18 consensus.

Equities Trading UP
                       

• QMMM Holdings Limited (NASDAQ:QMMM) shares shot up 115% to $1.61.
• Shares of Quantum Corporation (NASDAQ:QMCO) got a boost, surging 52% to $13.83 after jumping 127% on Friday.
• Rigetti Computing, Inc. (NASDAQ:RGTI) shares were also up, gaining 54% to $2.6867 after the company completed a $100 million at-the-market equity offering, with plans to use the proceeds for working capital, capital expenditures, and advancements in superconducting quantum computing technology.

Equities Trading DOWN

• Cassava Sciences, Inc. (NASDAQ:SAVA) shares dropped 85% to $3.9801 after the company announced Simufilam did not show a significant reduction in cognitive or functional decline versus placebo in patients with mild-to-moderate Alzheimer’s disease in the ReThink-ALZ Phase 3 study.
• Shares of Oncternal Therapeutics, Inc. (NASDAQ:ONCT) were down 33% to $0.7620 after the company announced that NASDAQ plans to delist its stock.
• CareMax, Inc. (NASDAQ:CMAX) was down, falling 29% to $0.51 after the company announced restructuring amidst its bankruptcy and delisting challenges.

Commodities

In commodity news, oil traded down 1.9% to $69.91 while gold traded down 2.5% at $2,645.60.

Silver traded down 2.8% to $30.46 on Monday, while copper rose 0.8% to $4.1190.

Euro zone

European shares were mostly higher today. The eurozone's STOXX 600 slipped 0.1%, Germany's DAX gained 0.5% and France's CAC 40 rose 0.1%. Spain's IBEX 35 Index rose 0.8%, while London's FTSE 100 gained 0.3%.

The Ifo Business Climate indicator for Germany fell to 85.7 in November compared to 86.5 in October and down from market expectations of 86. Producer prices in Spain fell by 3.9% year-over-year in October.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Japan's Nikkei 225 gaining 1.30%, Hong Kong's Hang Seng Index falling 0.41%, China's Shanghai Composite Index falling 0.11% and India's BSE Sensex gaining 1.25%.

Economics

The Chicago Fed National Activity Index fell to -0.40 in October compared to -0.27 in the previous month and versus market estimates of -0.20.

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Posted In: BBWI CMAX ONCT QMCO QMMM RGTI SAVA