Andreas Balg
During Monday’s session, major market indices traded mixed as investors tried to assess the possibility of the Federal Reserve raising interest rates again next week.
Given specific stocks, Apple (Nasdaq: AAPLShares rose today to an all-time high The Worldwide Developers Conference was to begin.
Meanwhile, Palo Alto Networks (Nasdaq: Pano(Stocks rose on the report that the cybersecurity firm will replace Dish Network)Nasdaq: dish) in the S&P 500, while Amidisys (Nasdaq: AMEDShares rose after receiving a $100/share unwanted deal from Optum.
In other healthcare news, Timber (New York Stock Exchange: TMBR) rose after the Food and Drug Administration (FDA) granted a waiver on the cutaneous carcinogenicity of TMB-001, while Bellerophon Therapeutics (Nasdaq: BLPH) dropped after its main asset failed a Phase 3 study.
Elsewhere, EPAM systems (New York Stock Exchange: EPAM(retracted sharply after its outlook was lowered, while the target (New York Stock Exchange: TGT) sank after lowering the analyzer.
Gainers
Apple (AAPL) stock rose about 1.9% The tech giant is gearing up for the start of its Worldwide Developers Conference. The company is expected to launch a mixed reality headset, marking its first significant leap into the new product category since the Apple Watch was unveiled nine years ago.
Palo Alto Networks (PANW) stock earned 5.6% On news of its joining the S&P 500, replacing Dish Network (DISH), on June 20.
Amedsys stock (AMED) jumped 14% After receiving an all-cash offer of $100 per share from the Optum business of UnitedHealth (OH).
Wood Medicine Stocks (TMBR) rose by more than 40% After the US Food and Drug Administration (FDA) approved a cutaneous carcinogenicity waiver for TMB-001, a topical formulation of isotretinoin. TMB-001 is now being investigated in the ASCEND Phase 3 study for the treatment of subtypes of moderate to severe congenital ichthyosis such as lamellar ichthyosis and X-linked ichthyosis, which affect approximately 80,000 people in the United States.
regressors
Shares of EPAM Systems (EPAM) dropped about 18% After the company lowered its forecast for the second quarter and fiscal year 2023 due to the significant deterioration in the market situation in the near term. For the second quarter, the company expects revenue of $1.16 billion to $1.17 billion, down from a previous forecast of $1.195 billion to $1.205 billion and a consensus of $1.2 billion; Adjusted diluted earnings per share of $2.33 to $2.40, compared to a prior vision of $2.38 to $2.46 and a consensus of $2.41.
Bellerophon Therapeutics (BLPH) stock retreated 85% After the company disclosed that its lead product candidate, INOpulse, failed to meet its primary endpoint in a critical phase 3 study of patients with fibrotic interstitial lung disease (FILD) . In the aftermath of the setback, the company decided that it would no longer pursue the investigation.
target (TGT) stock decreased 3% After KeyBanc Capital Markets downgraded the stock to “sector weight” from “overweight,” citing concerns about a headwind for consumers over the next 18 months. The debt ceiling plan negotiated by Congress, which included a requirement that student loan payments be repaid after Aug. 30, according to analyst Bradley Thomas, is a big factor for Target (TGT). According to Thomas, KeyBanc’s research pointed to significant headwinds from policy change.
To track Wall Street’s biggest gainers and losers throughout the session, head over to our Alpha’s On The Move research section.
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