Planet Image International 1H EPS 8c >YIBO

Shares of Bank of Marin Bancorp fell sharply during Monday's session after the company reported worse-than-expected quarterly earnings.

Bank of Marin reported quarterly earnings of 6 cents per share which missed the analyst consensus estimate of 18 cents per share. The company reported quarterly sales of $22.47 million which missed the analyst consensus estimate of $23.39 million, according to data from Benzinga Pro.

Bank of Marin Bancorp shares dipped 10.8% to $19.92 on Monday.

Here are some other stocks moving in today’s mid-day session.

Gainers

• 2U, Inc. shares climbed 128% to $2.8535.
• Lipella Pharmaceuticals Inc. shares climbed 117.8% to $0.9039 after the company announced it commenced its Phase 2a trial for LP-310 in Oral Lichen Planus.
• Planet Image International Limited gained 61.6% to $4.75 after jumping around 56% on Friday.
• NLS Pharmaceutics AG jumped 38% to $0.2644 after the company announced a merger in which Kadimastem will become a wholly owned subsidiary of NLS.
• Tivic Health Systems, Inc. shares gained 37.8% to $0.6232 after gaining 11% on Friday.
• NIP Group Inc. N gained 34.4% to $12.25.
• Nisun International Enterprise Development Group Co., Ltd jumped 26.8% to $14.76.
• Renalytix Plc jumped 24.2% to $0.4366.
• Meta Data Limited rose 23.5% to $2.9860.
• Venus Concept Inc. jumped 22.5% to $0.7936 after the company received a medical device license from Health Canada to market its Venus Bliss MAX system.
• Nuwellis, Inc. gained 21.3% to $2.8862. Roth MKM analyst Jonathan Aschoff initiated coverage on Nuwellis with a Buy rating and announced a price target of $17.
• Longeveron Inc. shares gained 19.8% to $4.1246 after the company disclosed study results from CLEAR MIND Phase 2a clinical trial of Lomecel-B in mild Alzheimer’s disease.
• BurgerFi International, Inc. gained 19.3% to $0.5021. BurgerFi shares jumped 97% on Friday after the company announced it reached a legal settlement agreement with Lion Point Capital. The company agreed to pay $1,350,000 and issue Lion Point 300,000 of preferred stock.
• Oil States International, Inc. climbed 18.8% to $5.63 after the company reported better-than-expected second-quarter financial results.
• PolyPid Ltd. rose 18.4% to $4.19.
• Cepton, Inc. jumped 18.4% to $2.9950 after the company announced it will be acquired by Koito for $3.17 per share in cash.
• CommScope Holding Company, Inc. rose 17.2% to $2.25 after reporting preliminary second quarter results.
• Serve Robotics Inc. gained 16.1% to $15.35.
• ON Semiconductor Corporation jumped 13.7% to $79.76 after the company reported better-than-expected second quarter financial results.
• Koninklijke Philips N.V. rose 13.1% to $29.14 after the company reported better-than-expected second quarter earnings.
• Primega Group Holdings Limited P gained 9.5% to $5.09.
• ZIM Integrated Shipping Services Ltd. rose 8.5% to $18.48. ZIM Integrated Shipping Services will release its second quarter financial results on Monday, Aug. 19.
• Anavex Life Sciences Corp. gained 6.4% to $7.18. Anavex Life Sciences presented comprehensive results from the Phase IIb/III study showing that blarcamesine, once daily orally, significantly slowed clinical decline in people with early Alzheimer’s disease.
• Tesla, Inc. gained 5.6% to $232.15. Morgan Stanley analyst Adam Jonas reiterated Tesla with an Overweight and maintained a $310 price target.

Losers

• Cognition Therapeutics, Inc. fell 34% to $1.5650 after the company reported Phase 2 results for Alzheimer’s drug.
• vTv Therapeutics Inc. shares dipped 31.4% to $14.55 after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program.
• CERo Therapeutics Holdings, Inc. shares fell 28.6% to $0.1830 after gaining 6% on Friday.
• Centuri Holdings, Inc. fell 26.4% to $14.90 following downbeat quarterly results.
• Ventyx Biosciences, Inc. dipped 24.4% to $2.23. The company released results from the Phase 2 trial of allosteric TYK2 inhibitor VTX958 in participants with moderately to severely active Crohn's disease, a type of inflammatory bowel disease that irritates and causes swelling in digestive tract.
• LuxUrban Hotels Inc. shares fell 19.6% to $0.1536 after the company priced its $1.74 million public offering of 11,573,333 common shares at 15 cents per share.
• NuScale Power Corporation declined 18.5% to $8.84.
• Ocean Power Technologies, Inc. fell 17.5% to $0.2544.
• Treasure Global Inc. shares fell 17% to $1.5243.
• Integra Resources Corp. fell 16.6% to $0.8999. Integra Resources and Florida Canyon Gold entered into a definitive arrangement agreement, whereby Integra has agreed to acquire all of the issued and outstanding shares of FCGI pursuant to a court-approved plan of arrangement.
• Phio Pharmaceuticals Corp. fell 16.6% to $3.3616. Phio Pharmaceuticals recently announced exercise of warrants for $3.1 million gross proceeds.
• Integra LifeSciences Holdings Corporation dipped 13.9% to $27.05 after the company lowered its FY24 guidance below estimates.
• NANO Nuclear Energy Inc. fell 12.8% to $14.01.
• Coursera, Inc. fell 10.5% to $9.60.
• Sunnova Energy International Inc. declined 10% to $7.24. Truist Securities analyst Jordan Levy maintained Sunnova Energy Intl with a Buy and raised the price target from $9 to $10.
• Mesoblast Limited fell 7.4% to $6.85. Mesoblast, last week, announced that the FDA accepted its Biologics License Application resubmission for Ryoncil in the treatment of children with steroid-refractory acute graft versus host disease.
• Arm Holdings plc fell 6.3% to $139.61 after HSBC downgraded the stock from Hold to Reduce.
• Tandem Diabetes Care, Inc. fell 6.3% to $37.53.

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U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 1% on Monday.

Following the market opening Monday, the Dow traded up 0.06% to 40,612.10 while the NASDAQ rose 1% to 17,529.39. The S&P 500 also rose, gaining, 0.50% to 5,486.56.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 1.1% on Monday.

In trading on Monday, energy shares fell by 0.9%.

Top Headline

McDonald’s Corp posted worse-than-expected second-quarter financial results.

McDonald’s reported a second-quarter FY24 sales decline of 0.12% year-on-year to $6.490 billion, missing the analyst consensus of $6.608 billion. Adjusted EPS of $2.97 missed the analyst consensus estimate of $3.07.

Global comparable sales decreased 1.0%, while U.S. comparable sales slipped 0.7%.

Equities Trading UP

• Lipella Pharmaceuticals Inc. shares shot up 183% to $1.1741 after the company announced it commenced its Phase 2a trial for LP-310 in Oral Lichen Planus.
• Shares of Planet Image International Limited got a boost, surging 81% to $5.33 after jumping around 56% on Friday.
• 2U, Inc. shares were also up, gaining 65% to $2.06.

Equities Trading DOWN

• vTv Therapeutics Inc. shares dropped 39% to $13.00 after the company announced the FDA has placed a clinical hold on the cadisegliatin clinical program.
• Shares of Cognition Therapeutics, Inc. were down 37% to $1.49 after the company reported Phase 2 results for Alzheimer’s drug.
• CERo Therapeutics Holdings, Inc. was down, falling 32% to $0.1742 after gaining 6% on Friday.

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Commodities

In commodity news, oil traded up 0.1% to $77.18 while gold traded up 0.4% at $2,389.90.

Silver traded up 0.2% to $28.075 on Monday, while copper fell 1.1% to $4.0775.

Euro zone

European shares were mixed today. The eurozone's STOXX 600 gained 1%, Germany's DAX fell 0.2% and France's CAC 40 fell 0.8%. Spain's IBEX 35 Index fell 0.2%, while London's FTSE 100 rose 0.5%.

UK's net consumer credit increased by £1.2 billion over a month during June, a decline from the £1.5 billion gain recorded in May.

Asia Pacific Markets

Asian markets closed higher on Monday, with Japan's Nikkei 225 surging 2.13%, Hong Kong's Hang Seng Index gaining 1.28%, China's Shanghai Composite Index gaining 0.03% and India's S&P BSE Sensex rising 0.03%.

Singapore's Domestic Supply Price Index increased by 4.3% year-over-year in June, accelerating from a revised 2.7% gain in the prior month. Producer prices in Malaysia increased to 1.6% year-over-year for June. Profits earned by Chinese industrial firms climbed by 3.5% year-over-year to CNY 3,511.03 billion during the first six months of 2024.

Economics

The Dallas Fed Manufacturing index will be released today.

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