US stocks traded lower towards the end of trade, with the Dow Jones down around 150 points on Wednesday.
The Dow fell 0.53% to 30,362.09, while the NASDAQ fell 1.04% to 10,660.20. The S&P 500 was also down 0.85% to 3,688.28.
Also check this out: The Dow rises over 300 points when market volatility decreases
Leading and lagging sectors
Energy stocks rose 2.2% on Wednesday. lead the sector was power out KLX Energy Services Holdings, Inc. KLXE and Oil States International, Inc. OIS.
Real estate stocks fell 2.9% in Wednesday’s trading.
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Procter & Gamble Co PG reported better than expected Q1 results.
The company reported Q1 FY23 revenue grew 1% year over year to $20.61 billion, beating the consensus of $20.44 billion. Adjusted EPS of $1.57 beat the consensus of $1.56.
P&G kept its guidance for FY23 organic sales growth at 3% to 5% compared to 2022. by 2%) compared to the previous year.
Stock trading UP
- RedHill Biopharma Ltd. RDHL Shares rose 40% to $0.65 after the company announced that its oral broad-acting antiviral drug opaganib had been granted a new patent to treat COVID-19.
- shares of HV Bancorp, Inc. HVBC got a boost and shot up 29% to $25.85. Citizens Financial Services and HV Bancorp have signed a $67.4 million definitive merger agreement.
- Scopus BioPharma Inc. SCPS Shares were also higher, gaining 51% to $0.3699 after the company announced the completion of its recapitalization on Tuesday.
Stocks are trading down
- Olaplex Holdings, Inc. OLPX Shares fell 51% to $4.8250 after the company released sales guidance for Q3 and FY22 below analyst estimates.
- shares of Generac Holdings Inc. GNRC declined 25% to $111.03 after the company reported preliminary Q3 EPS results are lower year-on-year. The company also lowered its guidance for FY22 net sales growth and net profit margin.
- Sientra, Inc.
