The stock market saw a flurry of activity on Tuesday, with mixed reviews for Apple's (AAPL, Financial) updated Mac computers and a surge in Arista Networks' (ANET, Financial) stock following a successful third quarter. Meanwhile, Sarepta Therapeutics (SRPT, Financial) experienced a significant drop in share price after disappointing trial results.
Apple's (AAPL, Financial) new MacBook Pro and iMac, equipped with faster M3 processors, received mixed reviews from analysts. While the company's earnings report is expected to show earnings of $1.39 per share on revenue of $89.44B, some analysts expressed concern about the timing of the new product launch, suggesting it may be an attempt to mitigate any negative share price reaction.
Arista Networks (ANET, Financial) saw a pre-market rise of roughly 9% after beating third-quarter estimates and receiving an upgrade from Morgan Stanley. Analysts highlighted Arista as the best way to participate in the $25B AI networking market, despite acknowledging Infiniband as the early winner in AI networking.
Shares of CRISPR Therapeutics (CRSP, Financial) were put on hold for trading as an FDA advisory committee prepared to discuss the approvability of a gene editing candidate the company co-developed with Vertex Pharmaceuticals (VRTX, Financial). If approved, the therapy would become the first FDA-cleared gene editing therapy in the U.S.
Sarepta Therapeutics (SRPT, Financial) saw a significant pre-market drop of around 42% after announcing that its Phase 3 EMBARK trial for Elevidys, a therapy for Duchenne muscular dystrophy, failed to meet its main goal. Despite this setback, the company's CEO expressed intentions to seek a label expansion for Elevidys.
Enterprise Products Partners (EPD, Financial) announced plans to spend $3.1B on four new capital projects to support production growth in the Permian Basin. The projects, expected to begin service in 2025, include two natural gas processing plants, a new pipeline, and a new natural gas liquids fractionator.
Other notable stock movements included Nvidia Corp. (NVDA, Financial) and Tesla (TSLA, Financial) among the top performers in the S&P 500, while Moderna (MRNA, Financial) and Dollar General (DG, Financial) were among the bottom performers.
Pfizer (PFE, Financial) reported a second consecutive quarterly revenue miss, grappling with a sharp decline in demand for its COVID-19 products. However, the company reaffirmed its 2023 outlook, citing strong performance from its non-COVID products.
Beam Therapeutics (BEAM, Financial) announced an agreement with Eli Lilly (LLY, Financial) to sell certain rights to gene editing drug candidates it develops with Verve Therapeutics (VERV, Financial), causing its shares to surge by approximately 22% pre-market.
