ULBI - S&P 500 Down Over 1%; Merck Increases 2024 Outlook | Benzinga
U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling by around 250 points on Thursday.
The Dow traded down 1.55% to 37,864.79 while the NASDAQ fell 1.60% to 15,460.95. The S&P 500 also fell, dropping, 1.16% to 5,012.94.
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Leading and Lagging Sectors
Energy shares fell by just 0.2% on Thursday.
In trading on Thursday, communication services shares dipped by 5.3%.
Top Headline
Merck & Co., Inc. (NYSE:MRK) reported better-than-expected first-quarter financial results and raised its 2024 guidance.
Merck posted adjusted earnings of $2.07 per share, beating market estimates of $1.88 per share. The company's sales came in at $15.775 billion versus expectations of $15.196 billion.
Equities Trading UP
- Impinj, Inc. (NASDAQ:PI) shares shot up 17% to $141.91 after reporting better-than-expected first-quarter financial results.
- Shares of Ultralife Corporation (NASDAQ:ULBI) got a boost, surging 18% to $10.33 after the company reported better-than-expected quarterly financial results.
- Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) shares were also up, gaining 52% to $2.4550 after HC Wainwright & Co initiated coverage on the stock ...