Nasdaq Down Over 200 Points; AT&T Posts Upbeat Earnings

U.S. stocks traded lower midway through trading, with the Nasdaq Composite dropping more than 200 points on Wednesday.

The Dow traded down 1.10% to 33,364.09 while the NASDAQ fell 1.92% to 11,116.96. The S&P 500 also fell, dropping, 1.38% to 3,961.34.

Check This Out:

Leading and Lagging Sectors

• Real estate shares fell by just 0.5% on Wednesday. Meanwhile, top gainers in the sector included Franklin Street Properties Corp. FSP, up 2%, and Franklin Street Properties Corp. IRS, up 1%.
• In trading on Wednesday, information technology shares tumbled by 2.2%.

Top Headline

AT&T Inc T reported better-than-expected Q4 earnings.

AT&T reported fourth-quarter FY22 operating revenues of $31.34 billion, up 0.8% year-over-year, marginally missing the consensus of $31.39 billion. Adjusted EPS of $0.61 beat the consensus of $0.57.

AT&T expects adjusted FY23 EPS of $2.35 - $2.45, below the consensus of $2.56.

Equities Trading UP

• Ensysce Biosciences, Inc. ENSC shares shot up 89% to $1.2800 after the company reported initiation of final stage of opioid overdose protection Phase 1 study.
• Shares of eHealth, Inc. EHTH got a boost, shooting 36% to $7.35 after the company raised its preliminary FY22 revenue guidance.
• Sonoma Pharmaceuticals, Inc. SNOA shares were also up, gaining 77% to $2.1190 after the company announced that Microcyn Rx products have received a Distribution and Price Agreement for distribution by the Defense Logistics Agency.

Equities Trading DOWN

• Precigen, Inc. PGEN shares tumbled 27% to $1.6002 after the company reported pricing of $75.0 million public offering of common stock.
• Shares of Grom Social Enterprises, Inc. GROM were down 29% to $2.2652 after the company reported pricing of $3.0 million private placement priced at-the-market per Nasdaq rules.
• Extreme Networks, Inc. EXTR was down, falling 21% to $15.30. Extreme Networks posted upbeat Q2 results and also announced that CFO Rmi Thomas will leave the company.

Also Check This Out: