US equities saw scattered results on Tuesday, with the Dow sinking while the other two major indices rose. The Nasdaq rose throughout the session before ending the day up 0.25% (19.78 points). The S&P 500 spent most of the day in the red although it did climb into the green at the very end of the session, basically flat (+0.05 points). The Dow stayed in the negative the entire day and remained fairly constant and by the time the market closed, it was down 0.30% (79.29 points).
On the emerging side of the trading world, biotech firms Atossa Genetics (ATOS) closed out the session down 1.11% and San Diego based biopharmaceutical company Fate Therapeutics (FATE) closed at $18.41 up 4.84% and not too far off from its all-time high of $19.11/share after announcing the first patient treated with FT500 successfully completed an initial safety assessment. The patient received three once-weekly doses of FT500, and the treatment cycle was well-tolerated with no dose-limiting toxicities or serious adverse events reported during the initial 28-day observation period. The universal, off-the-shelf natural killer (NK) cell product candidate is the first-ever cell therapy derived from an induced pluripotent stem cell (iPSC) administered to a patient in the U.S.
Overall the index was dragged down today by some very significant losses on the part of Walgreens (WBA). The company released its quarterly earnings report today, and investors were not impressed. It’s earnings per share were 8 cents short of what Wall Street had estimated while sales were on track with what analysts had predicted. Also disappointing was the full-year guidance that is expecting earnings to remain flat instead of the 7-12% that economists had been predicting. The company ended the day down 12.81%.
CEO Stefano Pessina said, “The market challenges and macro trends we have been discussing for some time accelerated, resulting in the most difficult quarterly we have had since the formation of Walgreens Boots Alliance.”
The markets also did not receive any help from the car industry that rolled forward a fairly week report for U.S. sales for March and the first quarter from Major automakers. Reid Bigland the FCA’s U.S. head of sales, stated, “The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators … we are confident that new vehicle sales demand will strengthen going forward.”
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