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US Stocks Mixed; Trimble Issues Weak Outlook – Beamr Imaging (NASDAQ:BMR), AN2 Therapeutics (NASDAQ:ANTX) Market Volatility: US Stocks Ballet of Gains and Losses

U.S. stocks performed a morning ballet of gains and losses on Monday, with the Dow Jones index falling approximately 20 points.

At the market’s opening, the Dow traded down 0.05% to 38,651.80 while the NASDAQ rose 0.09% to 16,004.39. The S&P 500 also rose, gaining 0.01% to 5,026.74.

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Leading and Lagging Sectors

Energy shares climbed by 0.8% on Monday.

Contrarily, health care shares took a tumble, falling by 0.3% in Monday’s trading.

Trimble Inc’s Disappointing Outlook

Trimble Inc reported optimistic earnings for its fourth quarter but provoked disappointment among investors by issuing a weak forecast for the first quarter.

Trimble reported a fourth-quarter FY23 revenue growth of 9% to $932.40 million, surpassing the consensus of $909.53 million, with revenue growing by 3% year over year on an organic basis. The adjusted EPS of $0.63 also bested the consensus of $0.59.

However, Trimble’s projected fiscal 2024 revenue of $3.57 billion to $3.67 billion fell short of the consensus of $3.84 billion. The company also anticipated adjusted EPS of $2.60 to $2.80, against the Street view of $2.72.

Trimble’s outlook for first-quarter revenue of $905 million to $935 million (consensus $977.07 million) and adjusted EPS of 57 cents to 62 cents (consensus 68 cents) was also disappointing.

Equities Exult and Plunge

Beamr Imaging Ltd. BMR experienced a whopping 234% surge, reaching $7.05, after the company announced it will present its joint research relating to automated video modernization with NVIDIA at the ACM Mile-High-Video 2024 conference.

Millennium Group International Holdings Limited MGIH also soared, with shares surging 154% to $2.62 after YC 1926 (BVI) Limited disclosed an 88.89% stake in the company in a 13G filing on Friday.

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DIH Holdings US, Inc. DHAI found favor with investors, gaining 66% to $2.14, as DIH Holding US secured $1.5 million in private placement financing from OrbiMed.

AN2 Therapeutics, Inc. ANTX shares, however, took a nosedive, dropping 73% to $5.35 after the company announced it will voluntarily pause enrollment in the Phase 3 part of the Phase 2/3 pivotal clinical trial evaluating epetraborole in treatment-refractory MAC lung disease.

WiSA Technologies, Inc. WISA also experienced a substantial decline, with shares plummeting 39% to $0.0482, as the company priced 153,840,000 unit offering for gross proceeds of $10 million.

MedAvail Holdings, Inc. MDVL was also down, falling 36% to $2.04.

Commodities Collide

In commodity news, oil traded down 0.2% to $76.69, while gold traded down 0.5% at $2,028.60.

Silver traded up 0.1% to $22.62 on Monday, while copper rose 0.3% to $3.6925.

Global Market Performance

European shares demonstrated strength today, with the eurozone’s STOXX 600 rising by 0.4%. London’s FTSE 100 also rose by 0.1%, and Spain’s IBEX 35 Index saw a 0.7% increase. The German DAX rose by 0.3%, and the French CAC 40 by 0.4%, while Italy’s FTSE MIB Index gained 0.30%.

The BNP Paribas Real Estate Construction PMI in Ireland inched higher to 45.9 in January from December’s reading of 45.1.

Asia Pacific markets, however, closed lower on Monday, with India’s S&P BSE Sensex falling 0.60% and Australia’s S&P/ASX 200 slipping by 0.39%.

Upcoming Economic Indicators

The U.S. Treasury statement for January will be released at 2:00 p.m. ET.

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