Biggest stock movers Friday: XENE, NUE, and more
Stock futures edged up early Friday as easing oil prices and growing confidence in the Fed's inflation strategy extend Wall Street's post-decision rally.
Here are some of Friday's biggest stock movers:
Biggest stock gainers
Intapp (INTA) +3% - Shares rose after the company announced a partnership with OpenAI (OPENAI) to make Celeste, its expert AI coworker, available as a plug-in for ChatGPT Enterprise. The integration brings law firms’ proprietary client context, methods, matters, and institutional knowledge into ChatGPT Enterprise, with the plug-in available to eligible Intapp Celeste clients starting on Thursday. Intapp provides software for highly regulated industries, including law, accounting, and investment banking.
Biggest stock losers
Xenon Pharmaceuticals (XENE) -27% - Shares plunged after the company paused enrollment in azetukalner studies for major depressive disorder and bipolar depression following reports of neuropsychiatric adverse events. Xenon said the events are consistent with the drug’s known safety and tolerability profile and mechanism but had not previously been observed in its Phase 2 X-NOVA study in MDD. The company expects the pause to be temporary and is evaluating dosing adjustments to reduce the adverse events, while currently enrolled patients and those in open-label extension studies will continue treatment. The pause does not affect azetukalner studies in focal seizures or primary generalized tonic-clonic seizures, and Xenon has submitted an NDA to the FDA for focal seizures.
Nucor (NUE) -2% and Steel Dynamics (STLD) -2% - Shares slid after both steelmakers issued Q3 earnings guidance below Wall Street expectations. Nucor expects Q3 earnings of $5.55-$5.65/share, below the $5.99 consensus but above $5.04 in Q2, with higher steel selling prices and stable volumes expected to benefit its steel mills and steel products segments, partly offset by higher costs and weaker raw materials results. Steel Dynamics expects Q3 earnings of $5.34-$5.38/share, below the $5.60 consensus but above $3.69 in Q2, as significantly higher steel profitability from metal margin expansion and record shipments is expected to be partly offset by weaker metals recycling results due to lower spreads and shipments.
Here are some of Friday's biggest stock movers:
Biggest stock gainers
Intapp (INTA) +3% - Shares rose after the company announced a partnership with OpenAI (OPENAI) to make Celeste, its expert AI coworker, available as a plug-in for ChatGPT Enterprise. The integration brings law firms’ proprietary client context, methods, matters, and institutional knowledge into ChatGPT Enterprise, with the plug-in available to eligible Intapp Celeste clients starting on Thursday. Intapp provides software for highly regulated industries, including law, accounting, and investment banking.
Biggest stock losers
Xenon Pharmaceuticals (XENE) -27% - Shares plunged after the company paused enrollment in azetukalner studies for major depressive disorder and bipolar depression following reports of neuropsychiatric adverse events. Xenon said the events are consistent with the drug’s known safety and tolerability profile and mechanism but had not previously been observed in its Phase 2 X-NOVA study in MDD. The company expects the pause to be temporary and is evaluating dosing adjustments to reduce the adverse events, while currently enrolled patients and those in open-label extension studies will continue treatment. The pause does not affect azetukalner studies in focal seizures or primary generalized tonic-clonic seizures, and Xenon has submitted an NDA to the FDA for focal seizures.
Nucor (NUE) -2% and Steel Dynamics (STLD) -2% - Shares slid after both steelmakers issued Q3 earnings guidance below Wall Street expectations. Nucor expects Q3 earnings of $5.55-$5.65/share, below the $5.99 consensus but above $5.04 in Q2, with higher steel selling prices and stable volumes expected to benefit its steel mills and steel products segments, partly offset by higher costs and weaker raw materials results. Steel Dynamics expects Q3 earnings of $5.34-$5.38/share, below the $5.60 consensus but above $3.69 in Q2, as significantly higher steel profitability from metal margin expansion and record shipments is expected to be partly offset by weaker metals recycling results due to lower spreads and shipments.