Nasdaq Down 1%; Dollar Tree To Sell Family Dollar Business For $1 Billion

U.S. stocks traded mixed this morning, with the Nasdaq Composite falling around 1% on Wednesday.

Following the market opening Wednesday, the Dow traded up 0.35% to 42,736.91 while the NASDAQ fell 0.99% to 18,091.36. The S&P 500 also fell, dropping, 0.32% to 5,758.14.

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Leading and Lagging Sectors

Energy shares jumped by 1.4% on Wednesday.

In trading on Wednesday, information technology shares fell by 1.2%.

Top Headline

Dollar Tree Inc DLTR posted better-than-expected fourth-quarter FY24 earnings.

The company reported fourth-quarter sales of $8.26 billion, beating the analyst consensus estimate of $8.24 billion. Adjusted EPS of $2.29 also beat the consensus estimate of $2.19.

Dollar Tree reached an agreement today, under which Brigade Capital Management, LP (Brigade) and Macellum Capital Management, LLC (Macellum) will partner to acquire the company’s Family Dollar business segment for $1.007 billion.

Equities Trading UP
                       

• Petros Pharmaceuticals, Inc. PTPI shares shot up 120% to $0.1280.
• Shares of OSR Holdings, Inc. OSRHgot a boost, surging 116% to $3.4602 after its subsidiary, Vaximm AG, announced Phase 2a trial results for VXM01 and Avelumab combination therapy in glioblastoma, demonstrating safety and tolerability.
• VivoPower International PLC VVPR shares were also up, gaining 97% to $4.4611. The company is in advanced bilateral negotiations on all-cash takeover offer at enterprise value of $120 million.

Equities Trading DOWN

• Acrivon Therapeutics, Inc ACRV shares dropped 35% to $3.50. HC Wainwright & Co. analyst Emily Bodnar maintained Acrivon Therapeutics with a Buy and lowered the price target from $22 to $19.
• Shares of Intchains Group Limited ICG were down 29% to $2.95 after the company announced entry into agreement for registered direct offering of its ADSs and warrants.
• Aclarion, Inc. ACON was down, falling 30% to $0.5205 after the company announced a 1-for-27 reverse stock split.

Commodities

In commodity news, oil traded up 1.3% to $69.90 while gold traded down 0.1% at $3,023.90.

Silver traded up 0.1% to $34.20 on Wednesday, while copper rose 1.4% to $5.2825.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 dipping 0.7%, Germany’s DAX 40 fell 1% and France’s CAC 40 dipped 1%. Spain’s IBEX 35 Index fell 0.3%, while London’s FTSE 100 gained 0.1%.

Asia Pacific Markets

Asian markets closed mixed on Wednesday, with Japan’s Nikkei 225 gaining 0.65%, China’s Shanghai Composite Index falling 0.04%, Hong Kong’s Hang Seng Index rising 0.60% and India’s BSE Sensex falling 0.93%.

Economics

• U.S. new orders for manufactured durable goods rose 0.9% month-over-month to $289.3 billion in February.
• U.S. mortgage applications declined by 2% in the week ending March 21, compared to a 6.2% fall in the previous period.

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