Benzinga - by Lisa Levin, Benzinga Editor.
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining over 200 points on Tuesday.
The Dow traded up 0.67% to 33,155.68 while the NASDAQ rose 0.78% to 13,120.31. The S&P 500 also rose, gaining, 0.72% to 4,247.52.
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Leading and Lagging Sectors
Utilities shares rose by 2.6% on Tuesday.
In trading on Tuesday, energy shares fell by 1%.
Top Headline
The Coca-Cola Company (NYSE: KO) reported better-than-expected third-quarter financial results and raised full-year guidance.
Coca-Cola reported third-quarter FY23 sales growth of 8% year-on-year to $11.95 billion, beating the analyst consensus estimate of $11.44 billion. Adjusted EPS of $0.74 beat the analyst consensus estimate of $0.69.
Coca-Cola raises FY23 organic revenue growth outlook from 8% - 9% to 10% - 11%. The company sees comparable currency neutral EPS growth of 13%-14% (prior 9%-11%).
Equities Trading UP
InMed Pharmaceuticals Inc. (NASDAQ: INM) shares shot up 141% to $1.3999 after the company announced it selected a lead Alzheimer's drug candidate following proof-of-concept study data.
Shares of Agilysys, Inc. (NASDAQ: AGYS) got a boost, shooting 26% to $80.37 after reporting second-quarter results.
LianBio (NASDAQ: LIAN) shares were also up, gaining 136% to $3.2799 after the company announced it entered into an agreement with Bristol Myers Squibb for mavacamten in China and other Asian markets.
Equities Trading DOWN
TrueBlue, Inc. (NYSE: TBI) shares dropped 25% to $10.24 as the company posted weaker-than-expected results for its third quarter.
Shares of TransUnion (NYSE: TRU) were down 24% to $49.29 after the company reported worse-than-expected third-quarter financial results and lowered FY23 guidance.
Markforged Holding Corporation (NYSE: MKFG) was down, falling 28% to $0.7726. Markforged sees preliminary third-quarter revenue of $20 million and projects 2023 revenue of $90 million to $95 million, which is below the low end of prior range.
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Commodities
In commodity news, oil traded down 1.9% to $83.89 while gold traded down 0.1% at $1,987.00.
Silver traded down 0.4% to $23.115 on Tuesday while copper rose 1.4% to $3.6350.
Euro zone
European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.44%, London’s FTSE 100 rose 0.20% while Spain’s IBEX 35 Index fell 0.22% The German DAX rose 0.54% French CAC 40 rose 0.63%, while Italy’s FTSE MIB Index rose 0.05%.
The S&P Global/CIPS UK services PMI fell to 49.2 in October from 49.3 in the prior month, while manufacturing PMI climbed to 45.2 from 44.3. Labor productivity in the UK increased by 0.7% on quarter during the second quarter.
The HCOB Eurozone manufacturing PMI declined to 43 in October from 43.4 in the prior month, while services PMI slipped to 47.8 from 48.7. Germany’s services PMI fell to 48 in October from 50.3 in the prior month, while manufacturing PMI rose to a five-month high level of 40.7 in October. The HCOB France composite PMI climbed to 45.3 in October from September’s reading of 44.1.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 rising 0.20%, Hong Kong’s Hang Seng Index fell 1.05% and China’s Shanghai Composite Index gaining 0.78%.
The au Jibun Bank Japan services PMI fell to 51.1 in October from 53.9 in the prior month, while manufacturing PMI came in unchanged at 48.5 in October.
Economics
The S&P Global manufacturing PMI for the US increased to 50 in October from 49.8 in the prior month and topping market expectations of 49.5.
The S&P Global services PMI rose to 50.9 in October versus 50.1 a month ago.
The manufacturing activity index in the Richmond area fell to a reading of 3 in October versus September’s reading of 5.
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