XLO - Crude Oil Surges Over 2%; MSC Industrial Shares Fall After Q2 Results | Benzinga
U.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite falling around 15 points on Thursday.
The Dow traded up 0.06% to 39,785.29 while the NASDAQ fell 0.13% to 16,383.85. The S&P 500 also rose, gaining, 0.10% to 5,253.70.
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Leading and Lagging Sectors
Energy shares jumped by 1.1% on Thursday.
In trading on Thursday, communication services shares fell by 0.2%.
Top Headline
Shares of MSC Industrial Direct Co., Inc. (NYSE: MSM) fell over 2% during Thursday’s session after the company reported mixed second-quarter results.
MSC Industrial Direct reported second-quarter FY24 net sales decline of 2.7% Y/Y to $935.3 million, missing the consensus of $946.5 million. Adjusted EPS of $1.18, down 18.6%, beating the consensus of $1.16.
MSC Industrial reiterated the outlook for FY24 ADS growth of 0%-5%, adjusted operating margin of 12% – 12.8%, and an operating cash flow conversion of more than 125%.
Equities Trading UP
Avalo Therapeutics, Inc. (NASDAQ: AVTX) shares shot up 384% to $22.98 after the company announced it acquired a Phase 2-ready anti-IL-1β mAb, which it refers to as AVTX-009, through the acquisition of privately held AlmataBio. The company also announced a private placement financing of up to $185 million.