Stocks closed sharply lower Thursday. The better-than expected economic news raised fears about the future interest rates, ahead of Thursday’s last day of trading. The Nasdaq dropped more than 2%, while the S&P 500 slipped 1.5%.
Micron’s most recent earnings report also caused a drop in sentiment. This led to selling in semiconductor stocks with notable drops for big names like Lam Research.LRCX), Applied Materials (AMAT), Nvidia (NASDAQ:NVDAAdvanced Micro Devices (AMDMonolithic Power Systems (MPWR).
Tesla is under constant pressure following Thursday’s slideTSLAAlso, ). Elon Musk’s battered EV maker again fell to levels not seen for over two years, setting a 52-week record. AMC Entertainment (Also)AMCFollowing a capital raise announcement and a series on balance sheet adjustments, the company sold the shares.
Alvotech was able to show positive signs of regulatory progress in the development of a generic Humira form.ALVOTo achieve a double-digit percentage increase, please use ).
Sector in Focus
Wall Street was in retreat Thursday due to the weakness of semiconductor stocks. A disappointing forecast, and a job announcement from MicronConcerns about the demand for the overall industry.
Lam Research (LRCX) was among the sector’s standout decliners, dropping by almost 9%. Applied Materials (AMATNvidia (NVDAEach fell more than 7% while Advanced Micro Devices was up by 7%AMDMonolithic Power Systems (MPWRBoth ) posted losses exceeding 5%
Standing out Gainer
Alvotech (ALVOAfter receiving a, ) saw an increase in buyer interest. regulatory action dateRequest for a patent application related to the generic version of Humira, the blockbuster drug. The news brought 17% increase in stock.
The product, AVT02, was described by the company as an interchangeable high-concentration biosimilar to AbbVie (ABBVHumira, a treatment that treats inflammatory conditions such as rheumatoidarthritis, is available.
ALVO reported that the U.S. Food and Drug Administration reviewed ALVO’s application to AVT02. The firm stated that approval was required for a satisfactory outcome in order to schedule a facility reinspection for Q1 2023.
The FDA will likely make a decision about the application in the long-term by April 13, 2023.
ALVO closed Thursday trading at $9.74. This was a $1.44 gain. Stocks are up approximately 61% in the past month, as a result of the advance.
Standing out Decliner
AMC Entertainment (AMCAfter the announcement by the company, a) fell 7% series of financial transactionsThis includes raising additional funds and reducing its overall debt load.
The movie theater announced that it would raise $110M equity and exchange some debt for equity. The company announced that it will hold an extraordinary shareholder meeting to determine whether its APE units should be converted into common stock or reverse-split its stock at a 1-10 ratio.
AMC plunged during the session. It reached an intraday 52 week low of $4.11 before it recovered a significant portion of its earlier drop. The stock closed at $4.91 after falling more than 20% during its initial trading. This represents a 39 cent decline compared to the previous close.
AMC was able avoid a new low closing price due to the late recovery. The stock was at $4.89 as of Oct. 19.
A New Low Notable
Tesla’s recent downdraftTSLA() continued on Thursday with shares of Elon Musk’s EV maker falling another 9%. Stock fell to a 52-week high again.
To close at $125.35, shares lost $12.22 The stock dropped $12.22 to finish at $125.35.
The stock has lost 20% over the last week and is now at levels not seen since September 2020. TSLA also closed lower in 12 of its 14 previous sessions.
To see more about the day’s top winners and losers, go to Seeking Alpha’s On The Move section.
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