Closing Bell Movers: Ultragenyx slumps 25% on UX143 recommendation
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Utilities, Tech, and Communication Services were the best performing sectors in the S&P 500 on Wednesday, supported by lower Treasury yields following a decent 10-year bond auction and Fed minutes foreshadowing interest rate cuts later this year. The VIX was below 16 for the first time since February, while the CME FedWatch tool expectations for 3 or more rate cuts by 2025-end rose to 35%, with the base case still at two easings starting in September.
Check out this evening's top movers from around Wall Street, compiled by The Fly.
HIGHER AFTER EARNINGS –
Nurix Therapeutics (NRIX) up 10.2%
Bassett Furniture (BSET) up 3.0%
ALSO HIGHER –
WK Kellogg (KLG) up 54.9% after WSJ report of takeover talks by Ferrero
PTC Inc. (PTC) up 17.7% just before close on Bloomberg report of potential Autodesk (ADSK) tieup
Personalis (PSNL) up 7.5% after expansion of Tempus AI strategic collaboration
Costco Wholesale Corporation (COST) up 1.1% after June sales data
DOWN AFTER EARNINGS –
Methode Electronics (MEI) down 14.0%
AXT Inc (AXTI) down 9.5% after below-consensus Q2 pre-announcement
ALSO LOWER –
Ultragenyx Pharmaceutical (RARE) down 26.8%, Mereo BioPharma (MREO) down 35.7% after DMC recommendation to continue Orbit study evaluating UX143 in pediatric and young adult patients
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