Polestar (PSNY) +45.18% the Swedish-based company backed by Volvo and China’s Geely, reported its first gross profit as a public company since completing its SPAC merger earlier this year. Though Polestar did miss on the top line, sales were up for the quarter versus last year, and it was a nice $4 million gross profit for the quarter. The company was able to trim its operating loss for Q3 by one-third compared to last year as well.
Doximity, Inc (DOCS) the med-tech industry online platform for medical professionals skyrocketed more than 32.7% after the company reported better-than-expected quarterly results. Doximity also announced a new share repurchase program. Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers. It primarily serves pharmaceutical manufacturers and healthcare systems.
Shares of energy company Algonquin Power & Utilities (NYSE: AQN) fell as much as 19.5% in trading on after the company reported third-quarter 2022 financial results. Management said that higher interest payments and a reduction in tax subsidies were the reason for the shortfall. Energy companies will be dealing with rising rates over the next year as debt costs adjust and some have to refinance some of their old debt. That will likely put pressure on margins, no matter what part of the energy market you're in. Algonquin's management also said they're also getting closer to closing the Kentucky Power acquisition, which will bring a regulated utility to the mix.
The medical products stocks joined the healthcare stocks in a sell-off this week with medical device manufacture Shockwave (SWAV) dropped 8.8%. ShockWave Medical Inc a medical device company, engages in developing and commercializing intravascular lithotripsy technology for the treatment of calcified plaque in patients with peripheral vascular, coronary vascular, and heart valve diseases worldwide.
WHAT ELSE HAPPENED?
The major stock market indexes all closed positive to finish out the trading day, and near the highs of the day. Investors rotated out of health care and staples stocks for more growth plays.
The S&P 500 rose while the Nasdaq was the strongest performer. The Dow Jones Industrial Average fared the worst, edging out a small gain.
The Russell 2000 small-cap index also finished up.
The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF (QQQ) climbed. Crude oil added 2.9% to per barrel.
The Energy Select Sector SPDR ETF (XLE) edged up. Natural gas plunged 4.6% and is below $6 per million British thermal units.
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