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Market Inches Up as UniFirst Disappoints on Earnings Miss

MarketDash Editorial Team
1 day ago
U.S. markets edged modestly higher Wednesday morning with healthcare leading gains while materials lagged. UniFirst shares tumbled after missing earnings expectations despite beating on revenue, while takeover buzz sent Ventyx soaring.

U.S. markets started Wednesday's session on a positive note, though the gains were nothing to write home about. The Dow Jones inched up 0.05% to 49,485.07, while the NASDAQ showed a bit more enthusiasm with a 0.20% climb to 23,594.64. The S&P 500 split the difference, rising 0.12% to 6,952.97.

Sector Movers

Healthcare stocks were feeling good about life, jumping 1.4% to lead the session. On the other end of the spectrum, materials stocks had a rougher morning, slipping 1% as the sector's worst performer.

UniFirst Stumbles on Mixed Results

UniFirst Corp (UNF) had a rough start to the day, with shares falling around 4% after the company delivered a classic mixed-bag quarter. The uniform rental and workplace supplies company posted adjusted earnings of $1.97 per share, falling short of the $2.06 analyst consensus. The revenue picture looked better though, with quarterly sales hitting $621.318 million compared to expectations of $615.253 million. Apparently beating on the top line wasn't enough to offset the bottom-line miss.

Notable Gainers

Innovative Eyewear Inc (LUCY) had an absolute monster morning, rocketing 57% to $1.86. The catalyst? Preliminary fourth-quarter sales of about $1 million, representing a 45% year-over-year increase.

Ventyx Biosciences Inc (VTYX) surged 34% to $13.47 after The Wall Street Journal reported that Eli Lilly (LLY) is in advanced acquisition talks. The Indianapolis-based pharma giant is reportedly looking at a price tag of more than $1 billion for the deal.

Captivision Inc (CAPT) shares jumped 34% to $0.50 following news that the company secured an extension to regain Nasdaq compliance. Sometimes just staying listed is enough to get the market excited.

Notable Decliners

Cohen & Company Inc (COHN) gave back some of Tuesday's gains, dropping 16% to $25.54 after climbing 12% in the previous session.

Curis Inc (CRIS) fell 21% to $0.79 after announcing a private placement that could bring in up to $80.8 million in gross proceeds. The market wasn't thrilled about the dilution.

Ascent Solar Technologies, Inc. (ASTI) declined 18% to $4.32 without any obvious catalyst.

Commodities and Global Markets

The commodity complex had a tough day. Oil slipped 0.7% to $56.72, while gold dropped 0.9% to $4,455.40. Silver got hammered, falling 5.6% to $76.540, and copper declined 2.1% to $5.9365.

European markets were all over the map. The eurozone's STOXX 600 edged down 0.1%, Spain's IBEX 35 fell 0.2%, and London's FTSE 100 dropped 0.7%. Meanwhile, Germany's DAX bucked the trend with a 0.8% gain, and France's CAC 40 rose 0.1%.

Asian markets closed mostly in the red. Japan's Nikkei 225 fell 1.06%, Hong Kong's Hang Seng Index declined 0.94%, and India's BSE Sensex slipped 0.12%. China's Shanghai Composite managed a tiny 0.05% gain.

Economic Data

On the economic front, U.S. mortgage applications rose 0.3% from the previous week during the period ending January 2nd, showing modest activity in the housing market.

Back to Stock Market News

Market Inches Up as UniFirst Disappoints on Earnings Miss

MarketDash Editorial Team
1 day ago
U.S. markets edged modestly higher Wednesday morning with healthcare leading gains while materials lagged. UniFirst shares tumbled after missing earnings expectations despite beating on revenue, while takeover buzz sent Ventyx soaring.

U.S. markets started Wednesday's session on a positive note, though the gains were nothing to write home about. The Dow Jones inched up 0.05% to 49,485.07, while the NASDAQ showed a bit more enthusiasm with a 0.20% climb to 23,594.64. The S&P 500 split the difference, rising 0.12% to 6,952.97.

Sector Movers

Healthcare stocks were feeling good about life, jumping 1.4% to lead the session. On the other end of the spectrum, materials stocks had a rougher morning, slipping 1% as the sector's worst performer.

UniFirst Stumbles on Mixed Results

UniFirst Corp (UNF) had a rough start to the day, with shares falling around 4% after the company delivered a classic mixed-bag quarter. The uniform rental and workplace supplies company posted adjusted earnings of $1.97 per share, falling short of the $2.06 analyst consensus. The revenue picture looked better though, with quarterly sales hitting $621.318 million compared to expectations of $615.253 million. Apparently beating on the top line wasn't enough to offset the bottom-line miss.

Notable Gainers

Innovative Eyewear Inc (LUCY) had an absolute monster morning, rocketing 57% to $1.86. The catalyst? Preliminary fourth-quarter sales of about $1 million, representing a 45% year-over-year increase.

Ventyx Biosciences Inc (VTYX) surged 34% to $13.47 after The Wall Street Journal reported that Eli Lilly (LLY) is in advanced acquisition talks. The Indianapolis-based pharma giant is reportedly looking at a price tag of more than $1 billion for the deal.

Captivision Inc (CAPT) shares jumped 34% to $0.50 following news that the company secured an extension to regain Nasdaq compliance. Sometimes just staying listed is enough to get the market excited.

Notable Decliners

Cohen & Company Inc (COHN) gave back some of Tuesday's gains, dropping 16% to $25.54 after climbing 12% in the previous session.

Curis Inc (CRIS) fell 21% to $0.79 after announcing a private placement that could bring in up to $80.8 million in gross proceeds. The market wasn't thrilled about the dilution.

Ascent Solar Technologies, Inc. (ASTI) declined 18% to $4.32 without any obvious catalyst.

Commodities and Global Markets

The commodity complex had a tough day. Oil slipped 0.7% to $56.72, while gold dropped 0.9% to $4,455.40. Silver got hammered, falling 5.6% to $76.540, and copper declined 2.1% to $5.9365.

European markets were all over the map. The eurozone's STOXX 600 edged down 0.1%, Spain's IBEX 35 fell 0.2%, and London's FTSE 100 dropped 0.7%. Meanwhile, Germany's DAX bucked the trend with a 0.8% gain, and France's CAC 40 rose 0.1%.

Asian markets closed mostly in the red. Japan's Nikkei 225 fell 1.06%, Hong Kong's Hang Seng Index declined 0.94%, and India's BSE Sensex slipped 0.12%. China's Shanghai Composite managed a tiny 0.05% gain.

Economic Data

On the economic front, U.S. mortgage applications rose 0.3% from the previous week during the period ending January 2nd, showing modest activity in the housing market.