Market Falls: Dow Gains 300 Points After String of Losses
•The Dow gained more than 300 points today, with the focus on Thursday’s CPI data.
•Five stocks experienced losses – Sage Therapeutics Inc., Yellow Corp., Quantum-Si Inc., and ESGL Holdings Ltd.
•ESGL recently announced the successful closing of their business combination with Genesis Unicorn Capital Corp.
Market Summary
WISCONSIN (CoinChapter.com) — Following a string of losses, the Dow gained more than 300 points today. This week’s attention is on Thursday’s CPI data, which will be critical in determining whether the Fed raises rates again this year.
Sage Therapeutics Inc.
Shares of Sage Therapeutics (NASDAQ: SAGE) plunged by over 50% on Monday, following the FDA’s approval of its oral drug, Zuranolone, solely for postpartum depression and not major depressive disorder, which represents a larger potential market. Despite this, shares of Biogen, which co-developed the treatment with Sage, experienced a moderate increase. The FDA’s decision marked Zuranolone as the inaugural oral treatment for postpartum depression – a condition affecting approximately 1 in 8 women during or after pregnancy, significantly impacting their normal functioning. Both companies have also sought approval for other undisclosed applications.
Yellow Corp.
Yellow Corp. (NASDAQ: YELL), a 99-year-old trucking company, has filed for bankruptcy after shutting down operations due to insurmountable debt, including a government loan and conflicts with the Teamsters union. The Nashville-based company has faced years of financial struggles as it tried to manage the debt acquired from various mergers and a $700 million federal Covid-19 relief loan. Yellow’s bankruptcy filing comes after the company ceased operations on July 30 and laid off 30,000 employees. The company expressed deep regret in announcing its closure after nearly a century in business.
Quantum-Si Inc.
Quantum-Si Inc.(NASDAQ: QSI) has released its Q2 2023 financial results , reporting a net loss of $25.6 million While this represents a significant loss, it is an improvement compared to Q2 2022 when the net loss was reported at $32.4 million In terms of adjusted EBITDA ,the company recorded negative $22 .9 million in Q 2 2023 showing progress from negative $25 .8 million in same quarter previous year .
ESGL Holdings Ltd.
Environmental Solutions Group Holdings Limited( NASDAQ : ESGL ) recently announced successful closing of their business combination with Genesis Unicorn Capital Corp.( NASDAQ : GENQ ). This was approved by Genesis stockholders on July 13th 2020 .
