Morning Brew: Mixed Reviews for Apple's New Macs, Arista Networks Soars, and Sarepta Therapeutics
The stock market saw a flurry of activity on Tuesday, with mixed reviews for Apple's (NASDAQ:AAPL) updated Mac computers and a surge in Arista Networks' (NYSE:ANET) stock following a successful third quarter. Meanwhile, Sarepta Therapeutics (NASDAQ:SRPT) experienced a significant drop in share price after disappointing trial results.
Apple's (NASDAQ:AAPL) 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 (NYSE:ANET) 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 (NASDAQ:CRSP) 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 (NASDAQ:VRTX). If approved, the therapy would become the first FDA-cleared gene editing therapy in the U.S.
Sarepta Therapeutics (NASDAQ:SRPT) 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 (NYSE:EPD) 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. (NASDAQ:NVDA) and Tesla (NASDAQ:TSLA) among the top performers in the S&P 500, while Moderna (NASDAQ:MRNA) and Dollar General (NYSE:DG) were among the bottom performers.
Pfizer (NYSE:PFE) 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 (NASDAQ:BEAM) announced an agreement with Eli Lilly (NYSE:LLY) to sell certain rights to gene editing drug candidates it develops with Verve Therapeutics (NASDAQ:VERV), causing its shares to surge by approximately 22% pre-market.
This article first appeared on GuruFocus.
