The S&P 500 fell around 1.5% on Monday, with stocks lacking a single underlying driver. Even though the market as a whole was weak, many stocks went up, like Veru (NASDAQ:VERU), which soared after its quarterly report.
On the other hand, EHang Holdings (EH) kept going up as the company built on the excitement caused by its most recent earnings report. United Airlines (UAL) increased as a result of an analyst upgrade.
On the other hand, Snowflake (SNOW) had a big drop in the middle of the day, which continued to erase a gain seen the week before after its earnings report.
Gainers
Following the company’s Q4 release, Veru (VERU) increased intraday, climbing by roughly 5%. The advancement was brought on by hope for the company’s experimental COVID therapy.
The company’s sales for Q4 decreased 36% from the same quarter the previous year. Sabizabulin is a COVID drug that is currently being looked at in the US and other markets, but the company said it still plans to sell the treatment.
The earnings-driven gains that EHang Holdings (EH) made at the end of the previous week were increased. The price of shares in a company that makes unmanned aerial vehicles went up by almost 30% during trading. This was on top of a 20% rise on Friday. The stock is expected to go up for the seventh time in the last eight trading days.
EH announced a non-GAAP loss of $0.86 per share for the third quarter on Friday, with revenue down 40% from the same period last year. Even so, investors focused on the company’s long-term potential, so shares went up as a result of the results. Even though COVID-19’s return to China hurt the market and put pressure on performance in the third quarter, CEO Huazhi Hu said, “We made a lot of progress in type certification and other areas that will fuel our long-term growth.”
During lunchtime trading, United Airlines’ (UAL) stock went up by about 2% because Morgan Stanley gave it a better rating. The company boosted the airline’s rating from “equal weight” to “overweight,” citing a global recovery and a new contract with its pilots.
Decliners
Even though the forecast for Q4 was not good, Snowflake (SNOW) went up on Wall Street last Thursday after its quarterly results were released. Still, the stock has been going in a different direction for the last few trading sessions. At lunchtime on Monday, it fell by almost 8%.
The day after it presented its quarterly report, SNOW increased by roughly 8%. The stock, however, reduced its gains on Friday with an almost 3% loss. The stock dropped more than $12 during Monday’s trade, reaching roughly $137.50 at 12:45 p.m. ET. Prior to its results announcement on Wednesday, it had closed below that level.
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Author Jowi Kwasu 
