Nasdaq Surges 100 Points; Thor Industries Earnings Top Views

Author: Avi Kapoor | September 24, 2024 11:42am

U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 100 points on Tuesday.

The Dow traded up 0.07% to 42,156.22 while the NASDAQ rose 0.56% to 18,075.07. The S&P 500 also rose, gaining, 0.21% to 5,730.61.

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Leading and Lagging Sectors

Materials shares jumped by 1.2% on Tuesday.

In trading on Tuesday, financials shares fell by 0.6%.

Top Headline

Thor Industries, Inc. (NYSE:THO) reported better-than-exp earnings for its fourth quarter on Tuesday.

The company reported fourth-quarter earnings per share of $1.68, beating the street view of $1.43. Quarterly sales of $2.534 billion (down 7.4%) outpaced the analyst consensus of $2.471 billion.

Thor Industries said it anticipates fiscal year 2025 sales between $9.0 billion and $9.8 billion, compared to the $10.49 billion estimate, and expects EPS to range from $4.00 to $5.00, below the estimated $6.65.

Equities Trading UP

Maison Solutions Inc. (NASDAQ:MSS) shares shot up 106% to $1.5199 after the company reported a year-over-year increase in first-quarter sales results.
Shares of Seelos Therapeutics, Inc. (NASDAQ:SEEL) got a boost, surging 170% to $0.5130 after the company announced it signed a material transfer agreement to supply SLS-002 for the Department of Defense’s military and veterans adaptive platform clinical trial for PTSD.
Wave Life Sciences Ltd (NASDAQ:WVE) shares were also up, gaining 37% to $7.33 after the company announced interim data from its ongoing Phase 2 FORWARD-53 study of WVE-N531 for Duchenne muscular dystrophy.

Equities Trading DOWN

BioVie Inc. (NASDAQ:BIVI) shares dropped 53% to $1.31 after the company announced it raised $3 million through a secondary offering of 1.96 million shares at $1.53 per share.
Shares of Laser Photonics Corporation (NASDAQ:LASE) were down 14% to $16.10. Laser Photonics appointed Robert Hoffman as its new Outside Sales Director.
Light & Wonder, Inc. (NASDAQ:LNW) was down, falling 17% to $93.96 after Susquehanna lowered its price target on the stock from $92 to $90.

Commodities

In commodity news, oil traded up 2% to $71.80 while gold traded up 0.3% at $2,660.00.

Silver traded up 0.9% to $31.355 on Tuesday, while copper rose 3% to $4.4795.

Euro zone

European shares were higher today. The eurozone's STOXX 600 rose 0.58%, Germany's DAX gained 0.63% and France's CAC 40 gained 1.31%. Spain's IBEX 35 Index fell 0.01%, while London's FTSE 100 rose 0.16%.

The Ifo Business Climate indicator for Germany fell to 85.4 in September versus 86.6 in the previous month.

Asia Pacific Markets

Asian markets closed higher on Tuesday, with Japan's Nikkei 225 gaining 0.57%, Hong Kong's Hang Seng Index jumping 4.13%, China's Shanghai Composite Index gaining 4.15% and India's BSE Sensex gaining 0.02%.

The au Jibun Bank Flash Japan composite PMI declined to 52.5 in September compared to a final reading of 52.9 in August.

Economics

The S&P CoreLogic Case-Shiller home price index in increased by 5.9% year-over-year in July compared to a 6.5% rise in the previous month.
The FHFA house prices index rose 0.1% in July, compared to market estimates of a 0.2% increase.

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