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U.S. stocks traded mixed this morning, with the Dow Jones index falling over 50 points on Wednesday.
Following the market opening Wednesday, the Dow traded down 0.17% to 41,536.53 while the NASDAQ rose 0.14% to 17,653.56. The S&P 500 also fell, dropping, 0.01% to 5,634.39.
Check This Out: How To Earn $500 A Month From Darden Restaurants Stock Ahead Of Q1 Earnings
Leading and Lagging Sectors
Energy shares jumped by 0.3% on Wednesday.
In trading on Wednesday, health care shares fell by 0.2%.
Top Headline
General Mills, Inc. reported better-than-expected earnings for its first quarter on Wednesday.
The company reported first-quarter adjusted earnings per share of $1.07 (down 2%), beating the street view of $1.06. Quarterly revenues of $4.85 billion outpaced the analyst consensus estimate of $4.801 billion.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded down 0.7% to $70.70 while gold traded up 0.4% at $2,603.60.
Silver traded up 0.1% to $30.98 on Wednesday, while copper rose 0.6% to $4.2965.
Euro zone
European shares were higher today. The eurozone's STOXX 600 rose 0.40%, Germany's DAX rose 0.50% and France's CAC 40 gained 0.51%. Spain's IBEX 35 Index rose 1.06%, while London's FTSE 100 rose 0.38%.
Annual inflation rate in the Eurozone fell to 2.2% in August, recording the lowest level since July 2021, compared to 2.6% in the prior month. Construction output in the Eurozone fell by 2.2% year-over-year in July compared to a revised 1.3% decline in the previous month.
Annual inflation rate in the UK came in unchanged at 2.2% in August, in line with estimates, while producer prices increased 0.2% year-over-year in August.
Asia Pacific Markets
Asian markets closed mostly higher on Wednesday, with Japan's Nikkei 225 gaining 0.49%, China's Shanghai Composite Index gaining 0.49% and India's BSE Sensex falling 0.16%.
Japanese trade deficit shrank to JPY 695.30 billion in August from JPY 940.10 billion in the year-earlier month, and versus market expectations of a JPY 1,380 billion gap.
Economics
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Consumer stocks were edging higher pre-bell Wednesday as the Consumer Staples Select Sector SPDR Fund advanced by 0.1% and the Consumer Discretionary Select Sector SPDR Fund was up 0.2% recently.
General Mills shares declined by almost 3% after the company reported lower fiscal Q1 adjusted earnings and net sales.
Mondee Holdings shares were up about 2% after the company said it got a $15 million letter of credit from Morgan Stanley , which was a condition to extensions to its term loan and preferred equity.
Arko plans to sell its convenience store operations in a deal potentially valued at about $2 billion as a shift away from expansion due to slowing sales, Reuters reported, citing sources. Arko shares were up over 1% premarket.
US equity futures posted narrow gains pre-bell Wednesday ahead of the Federal Reserve's interest rate decision.
The Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all up around 0.1%.
Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.8% at $73.08 per barrel and US West Texas Intermediate crude down 0.9% at $69.34 per barrel.
US housing starts, released at 8:30 am ET, rose to a 1.356 million annualized rate in August from 1.237 million in the preceding month, ahead of estimates compiled by Bloomberg for a smaller rise to 1.32 million. Meanwhile, permits jumped to 1.475 million from 1.406 million previously, compared with estimates for 1.41 million.
The Federal Open Market Committee is scheduled to release a policy statement at 2 pm ET.
In other world markets, Japan's Nikkei closed 0.5% higher, China's Shanghai Composite ended 0.5% higher, while the Hong Kong market was closed for holiday. UK's FTSE 100 fell 0.6%, and Germany's DAX index slipped 0.05% in Europe's early afternoon session.
In equities, Intuitive Machines shares rose 53% after the company said late Tuesday it was awarded a Near Space Network contract valued up to $4.82 billion from NASA. Applied Therapeutics shares were up 40% after the company said that the US Food and Drug Administration no longer requires an advisory committee meeting with respect to the company's ongoing new drug application for a treatment candidate for Classic Galactosemia.
On the losing side, Cibus shares retreated nearly 19% after the company announced a planned public offering of class A common shares.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.1% and the actively traded Invesco QQQ Trust was 0.2% higher in Wednesday's premarket activity, as investors weighed the size of the Federal Reserve's potential interest rate cut later in the day.
US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.
US mortgage applications rose 14.2% for the week ended Sept. 13, driven by declining mortgage rates, with refinancing up 24% and new home applications rising 5%, according to Mortgage Bankers Association data released Wednesday. The average rate for 30-year fixed mortgages dropped to 6.15%, the lowest since September 2022.
The housing starts and permits data for August will be released at 8:30 am ET. This month's Atlanta Fed Business Inflation Expectations report releases at 10 am ET, followed by the weekly domestic petroleum inventories report at 10:30 am ET.
The US Federal Reserve is slated to announce its rate decision at 2 pm ET, with Chair Jerome Powell to hold a press conference at 2:30 pm ET.
In premarket action, bitcoin was down by 0.1% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 0.4% lower.
Power Play:
Industrial
Industrial Select Sector SPDR Fund was 0.3% higher while the Vanguard Industrials Index Fund and the iShares US Industrials ETF were inactive.
Intuitive Machines shares were up more than 49% before the opening bell after the company said late Tuesday that the US National Aeronautics and Space Administration has awarded the firm a Near Space Network contract with a maximum potential value of $4.82 billion.
Winners and Losers:
Health Care
The Health Care Select Sector SPDR Fund was flat. The Vanguard Health Care Index Fund , the iShares US Healthcare ETF , and the iShares Biotechnology ETF were inactive.
MannKind shares were up 2.1% premarket after the company said it received clearance from Japan's Pharmaceuticals and Medical Devices Agency to begin the phase 3 trial of its Clofazimine Inhalation Suspension treatment for lung disease.
Consumer
The Consumer Staples Select Sector SPDR Fund was flat, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund gained 0.1%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was up 0.1%.
General Mills was down 1.4% pre-bell after the company reported lower fiscal Q1 adjusted earnings and net sales.
Energy
The iShares US Energy ETF was up nearly 1.5%, while the Energy Select Sector SPDR Fund was down by 0.3%.
Crown LNG Holdings shares were 1% higher before Wednesday's opening bell. The company said it received a Nasdaq notification for failing to meet the minimum bid price requirement for continued listing, with its shares closing below $1 for 30 consecutive business days.
Technology
Technology Select Sector SPDR Fund was flat, and the iShares US Technology ETF was 0.9% higher, while the iShares Expanded Tech Sector ETF was up 0.5%. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF rose by 0.1%.
Clarivate was up 1% in recent Wednesday premarket activity after the company said it had launched a generative AI-powered academic research tool dubbed Primo Research Assistant.
Financial
Financial Select Sector SPDR Fund gained 0.1%. Direxion Daily Financial Bull 3X Shares was up 0.4%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was 0.1% lower.
Commodities
Front-month US West Texas Intermediate crude oil retreated 0.9% to $70.57 per barrel on the New York Mercantile Exchange. Natural gas was up nearly 1% at $2.35 per 1 million British Thermal Units. United States Oil Fund fell by 1%, while the United States Natural Gas Fund advanced by 1.1%.
Gold futures for December were up 0.5% at $2,606.20 an ounce on the Comex, while silver futures slipped 0.1% at $31.02 an ounce. SPDR Gold Shares gained 0.4%, and iShares Silver Trust was 0.1% lower.
SAN DIEGO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Cibus, Inc. (Nasdaq: CBUS) (the “Company” or “Cibus”), a leading agricultural biotechnology company that uses proprietary gene editing technologies to develop plant traits (or specific genetic characteristics) in seeds, today announced the pricing of an underwritten public offering of 3,000,000 shares of its Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) at a public offering price of $4.00 per share. The Company has granted the underwriters a 45-day option to purchase an additional 450,000 shares of Class A Common Stock to cover over-allotments, if any. All shares of Class A Common Stock to be sold in the offering are to be sold by the Company.
The gross proceeds of the offering will be approximately $12.0 million before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The offering is expected to close on September 19, 2024, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering to fund further development of new and improvement of existing seed traits, Trait Machine operations, and for working capital and general corporate purposes.
Roth Capital Partners and A.G.P./Alliance Global Partners are acting as joint book-running managers for the offering.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-273062), including a base prospectus, previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on October 27, 2023. A prospectus supplement describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, (800) 678-9147, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, by telephone at (212) 624-2060, or by email at prospectus@allianceg.com, or by accessing the SEC’s website, www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Cibus
Cibus is a leading independent plant trait company that develops and licenses plant traits to seed companies for royalties. Cibus is not a seed company, but rather a technology company that uses its proprietary gene editing technology to develop and commercialize plant traits at a fraction of the time and cost of conventional breeding. Cibus’ strategy is focused on commercializing productivity traits for the world’s major row crops with large acreage such as: canola, rice, soybean, corn and wheat. The Company targets traits that help manage farmers’ seed productivity and sustainability challenges such as weeds, disease, and insects. The United Nations estimates that the impacts from these challenges cost the global economy approximately $300 billion annually. Cibus has a current portfolio of six traits, three of which are in commercial development and four of which are multi-crop traits associated with weed management and disease, including Sclerotinia resistance and a new weed management trait which are in advanced greenhouse and field trial stages.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking words such as "estimates," "expects," "intends," "may," "will," or the negative of these terms and other similar terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding the anticipated closing of the offering and the expected use of the proceeds from the offering. Completion of the offering is subject to numerous factors, many of which are beyond Cibus’ control, including, without limitation, market conditions, failure to satisfy customary closing conditions and the risk factors and other matters set forth in the prospectus supplement and accompanying prospectus included in the registration statement and the documents incorporated by reference therein. You are cautioned not to place undue reliance on any forward-looking statements made by Cibus’ management, which are based only on information currently available to it when, and speak only as of the date, such statement is made. Cibus does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by law.
CIBUS CONTACTS:
INVESTOR RELATIONSKaren Troeberktroeber@cibus.com858-450-2636
Jeff Sonnek – ICRjeff.sonnek@icrinc.com
MEDIA RELATIONSmedia@cibus.com(619) 849-6009
Colin Sanfordcolin@bioscribe.com203-918-4347
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