Dow Dips 450 Points; ConocoPhillips Earnings Top Estimates
Avi Kapoor 12 months ago
EarningsEquitiesNewsEurozoneCommoditiesIntraday UpdateMarketsTrading Ideas
U.S. stocks traded lower midway through trading, with the Dow Jones index falling more than 450 points on Thursday.
The Dow traded down 0.98% to 46,848.97 while the NASDAQ fell 1.82% to 23,073.21. The S&P 500 also fell, dropping, 1.13% to 6,719.65.
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Leading and Lagging Sectors
Energy shares jumped by 0.9% on Thursday.
In trading on Thursday, consumer discretionary stocks fell by 2.4%.
Top Headline
ConocoPhillips (NYSE:COP) reported third-quarter FY25 earnings surpassing the consensus estimate.
The company reported earnings of $1.7 billion, or $1.38 per share, compared with $2.1 billion, or $1.76 per share, in the same quarter last year. Adjusted EPS totaled $1.61, beating the consensus estimate of $1.44.
ConocoPhillips increased its fourth-quarter regular dividend by 8% to $0.84 per share, payable on December 1, 2025, to shareholders of record as of November 17, 2025.
Equities Trading UP
- Golden Entertainment, Inc. (NASDAQ:GDEN) shares shot up 35% to $28.69 after announcing it will be acquired in a $30/share deal by Blake Sartini and VICI Properties.
- Shares of Forge Global Holdings, Inc. (NYSE:FRGE) got a boost, surging 68% to $44.00 after Charles Schwab signed an agreement to acquire the company.
- Stagwell Inc. (NASDAQ:STGW) shares were also up, gaining 20% to $5.75 after the company reported better-than-expected third-quarter financial results and issued FY25 sales guidance above estimates.
Equities Trading DOWN
- American Superconductor Corporation (NASDAQ:AMSC) shares dropped 36% to $38.01 after the company beat second-quarter earnings but missed revenue estimates.
- Shares of ACV Auctions Inc. (NYSE:ACVA) were down 38% to $5.03 after the company cut its full-year sales guidance. Also, B of A Securities downgraded the stock from Buy to Underperform and cut its price target from $16.5 to $6.
- Aspen Aerogels, Inc. (NYSE:ASPN) was down, falling 44% to $4.1850 after the company lowered its full-year earnings and sales guidance.
Commodities
In commodity news, oil traded down 1.1% to $58.96 while gold traded down 0.4% at $3,977.70.
Silver traded down 1.2% to $47.450 on Thursday, while copper fell 0.6% to $4.9580.
Euro zone
European shares were lower today. The eurozone's STOXX 600 fell 0.70%, while Spain's IBEX 35 Index rose 0.12%. London's FTSE 100 fell 0.42%, Germany's DAX 40 declined 1.31% and France's CAC 40 dipped 1.36% during the session.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 surging 1.34%, Hong Kong's Hang Seng gaining 2.12%, China's Shanghai Composite gaining 0.97% and India's BSE Sensex falling 0.18%.
Economics
- U.S.-based employers announced 153,074 job cuts during the month of October, up sharply from 54,064 in the previous month.
- U.S. natural-gas stocks rose by 33 billion cubic feet to 3,915 bcf during the week ended Oct. 31, compared to market estimates of a 34 billion build.
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