S&P 500 Tops 6,000; Rumble Shares Slide After Q3 Results

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining more than 150 points on Wednesday.

The Dow traded up 0.44% to 44,103.23 while the NASDAQ rose 0.11% to 19,302.79. The S&P 500 also rose, gaining, 0.28% to 6,000.98.

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Leading and Lagging Sectors

Real estate shares surged by 1% on Wednesday.

In trading on Wednesday, communication services shares fell by 0.7%.

Top Headline

CyberArk Software Ltd reported better-than-expected earnings for its third quarter.

The company posted fiscal third-quarter 2024 revenue growth of 26% year-on-year to $240.1 million, beating the analyst consensus estimate of $234.0 million. The information security company posted an adjusted EPS of 94 cents, which beat the analyst consensus estimate of 46 cents.

Equities Trading UP

• Microvast Holdings, Inc. shares shot up 370% to $0.8500 after the company reported better-than-expected third-quarter financial results.
• Shares of BTC Digital Ltd. got a boost, surging 70% to $17.89 after the company announced an agreement with Recte Technologies and Asia Investment Fund to host 1,100 bitcoin mining machines in the US.
• Kaixin Holdings shares were also up, gaining 104% to $5.94 after the company announced it received a Nasdaq letter indicating it has regained compliance with the minimum bid price requirement.

Equities Trading DOWN

• Syros Pharmaceuticals, Inc. shares dropped 86% to $0.3799 after the company announced its SELECT-MDS-1 Phase 3 trial of tamibarotene did not meet its primary endpoint and has discontinued the study.
• Shares of GlucoTrack, Inc. were down 74% to $0.4000 after the company announced a $10 million public offering of 7.2 million shares with attached warrants.
• Wag! Group Co. was down, falling 68% to $0.2127 after the company reported worse-than-expected third-quarter financial results and cut its FY24 revenue outlook.

Commodities

In commodity news, oil traded down 1.1% to $67.36 while gold traded down 0.1% at $2,604.10.

Silver traded up 0.1% to $30.775 on Wednesday, while copper fell 1.2% to $4.0865.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.51%, Germany's DAX fell 0.82% and France's CAC 40 fell 0.69%. Spain's IBEX 35 Index fell 0.38%, while London's FTSE 100 fell 0.27%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 1.66%, Hong Kong's Hang Seng Index falling 0.12%, China's Shanghai Composite Index gaining 0.51% and India's BSE Sensex falling 1.25%.

Economics

• U.S. mortgage applications rose 0.5% from the previous week in the week ending Nov. 8.
• U.S. annual inflation rate rose to 2.6% in October from 2.4% in the previous month, and in-line with market estimates. The CPI rose 0.2% month-over-month in October.

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Syros Pharmaceuticals Inc revealed on Tuesday that the SELECT-MDS-1 Phase 3 trial of tamibarotene did not meet its primary endpoint of complete response rate.

The trial assessed tamibarotene in combination with azacitidine in newly diagnosed higher-risk myelodysplastic syndrome (HR-MDS) patients with RARA gene overexpression.

Myelodysplastic syndrome is a rare blood cancer that occurs when the DNA in bone marrow stem cells is damaged, preventing them from producing healthy blood cells.

In the first 190 enrolled patients, the complete response rate by intent-to-treat (ITT) in the tamibarotene/azacitidine treatment arm was 23.8% compared to 18.8% in the placebo/azacitidine control arm and was not statistically significant (p-value = 0.2084).

Bristol Myers Squibb & Co markets azacitidine as Vidaza.

In the safety analysis of all enrolled patients (n=245), tamibarotene combined with azacitidine (n=160) appeared to be generally well-tolerated, with an adverse event profile similar to that seen in earlier Syros-sponsored studies.

Syros also reported, as previously disclosed in its filings with the U.S. Securities and Exchange Commission (SEC), the failure of the SELECT-MDS-1 trial to achieve its primary endpoint constitutes an event of default under its secured loan facility with Oxford Finance.

“We are deeply disappointed by this outcome, particularly for the HR-MDS patients who are seeking a new treatment option for this challenging disease,” said Conley Chee, CEO of Syros. “We plan to stop the study, review the clinical data more thoroughly and evaluate the next steps.”

In August, Syros Pharmaceuticals discontinued enrollment in the SELECT-AML-1 Phase 2 trial, which evaluated a triplet regimen of tamibarotene in combination with venetoclax and azacitidine compared to a doublet regimen of venetoclax and azacitidine in newly diagnosed, unfit patients with acute myeloid leukemia (AML) and RARA gene overexpression.

The company said the probability of the SELECT-AML-1 study’s success in demonstrating superiority in the final analysis of 80 randomized patients was considered low.

SYRS Price Action: SYRS stock is down 86.43% at 37 cents at last check Wednesday.

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Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Microvast Holdings Inc shares are soaring Wednesday morning on the heels of the company’s third-quarter financial results. Here’s what you need to know.

What To Know: Microvast reported third-quarter revenue of $101.4 million, beating analyst estimates of $99.7 million, according to Benzinga Pro. The company reported third-quarter adjusted earnings of 5 cents per share, beating analyst estimates for a loss of 7 cents per share.

Total revenue was up 26.6% on a year-over-year basis. Gross margin increased to 33.2% in the quarter, up from 22.3% in the prior year’s quarter. The company reported $28.6 million of adjusted EBITDA in the quarter.

Microvast ended the quarter with $115 million in cash, cash equivalents, restricted cash and short-term investments.

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What’s Next: Microvast expects fourth-quarter revenue to be in the range of $90 million to $95 million. The company is targeting revenue growth of 15% to 18% for full-year 2024.

Microvast said it’s working on bolstering its revenue streams through continued strategic partnerships and improving products to support the global energy transformation. The company is also focused on sustaining profitability through regional efficiency improvements and leveraging established business segments to improve liquidity and financial strength.

MVST Price Action: Microvast shares were up 370% at 85 cents at the time of publication Wednesday, per Benzinga Pro.

Photo: courtesy of Microvast.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.