US Stocks Mixed; Trimble Issues Weak Outlook

Benzinga
2024-02-12

U.S. stocks traded mixed this morning, with the Dow Jones index falling around 20 points on Monday.

Following the market opening Monday, the Dow traded down 0.05% to 38,651.80 while the NASDAQ rose 0.09% to 16,004.39. The S&P 500 also rose, gaining, 0.01% to 5,026.74.

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Leading and Lagging Sectors

Energy shares rose by 0.8% on Monday.

In trading on Monday, health care shares fell by 0.3%.

Top Headline

Trimble Inc (NASDAQ:TRMB) reported upbeat earnings for its fourth quarter, but issued weak forecast for the first quarter.

Trimble reported a fourth-quarter FY23 revenue growth of 9% to $932.40 million, beating the consensus of $909.53 million. Revenue grew by 3% Y/Y on an organic basis. The adjusted EPS of $0.63 beat the consensus of $0.59.

Trimble said it anticipates fiscal 2024 revenue of $3.57 billion – $3.67 billion, below the consensus of $3.84 billion. It also expects adjusted EPS of $2.60 – $2.80 against the Street view of $2.72.

Trimble expects first-quarter revenue of $905 million – $935 million (consensus $977.07 million) and adjusted EPS of 57 cents – 62 cents (consensus 68 cents).

Equities Trading UP

Beamr Imaging Ltd. (NASDAQ:BMR) shares shot up 234% to $7.05 after the company announced it will present its joint research relating to automated video modernization with NVIDIA at the ACM Mile-High-Video 2024 conference.

Shares of Millennium Group International Holdings Limited (NASDAQ:MGIH) got a boost, surging 154% to $2.62 after YC 1926 (BVI) Limited reported an 88.89% stake in the company in a 13G filing on Friday.

DIH Holdings US, Inc. (NASDAQ:DHAI) shares were also up, gaining 66% to $2.14. DIH Holding US secured $1.5 million in private placement financing from OrbiMed.

Equities Trading DOWN

AN2 Therapeutics, Inc. (NASDAQ:ANTX) shares dropped 73% to $5.35 after the company announced it will voluntarily pause enrollment in the Phase 3 part of the Phase 2/3 pivotal clinical trial evaluating epetraborole in treatment-refractory MAC lung disease.

Shares of WiSA Technologies, Inc. (NASDAQ:WISA) were down 39% to $0.0482. WiSA Technologies priced 153,840,000 unit offering for gross proceeds of $10 million.

MedAvail Holdings, Inc. (NASDAQ:MDVL) was down, falling 36% to $2.04.

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Commodities

In commodity news, oil traded down 0.2% to $76.69 while gold traded down 0.5% at $2,028.60.

Silver traded up 0.1% to $22.62 on Monday while copper rose 0.3% to $3.6925.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 rose 0.4%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.7% The German DAX rose 0.3% French CAC 40 rose 0.4% while Italy’s FTSE MIB Index gained 0.30%.

The BNP Paribas Real Estate Construction PMI in Ireland edged higher to 45.9 in January from December’s reading of 45.1.

Asia Pacific Markets

Asia Pacific markets closed lower on Monday, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 falling 0.39%.

Economics

The U.S. Treasury statement for January will be released at 2:00 p.m. ET.

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