Argo Blockchain Shares Drop to $6.51 After Delisting
Shares of Argo Blockchain are down $24.16 to $6.51 in late morning trading after the company's delisting in London went in to effect today and its ratio to the American depository receipts changed. The ratio of shares to ADSs changed from 10:1 to 2,160:1, so that one ADS will represent 2,160 shares.
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- Real-time Intelligence: Benzinga Pro offers the fastest news alerts to help traders stay informed and make winning trades in the stock market.
- Exclusive Community: Joining Benzinga Pro connects users with over 10,000 serious traders and provides access to exclusive stories and insights from Benzinga reporters.
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- Dow Jones Index Rise: The Dow Jones index increased by over 100 points on Tuesday, closing at 48,469.41, indicating a moderate market recovery despite disappointing economic data.
- Durable Goods Orders Decline: U.S. durable goods orders fell by 2.2% month-over-month to $307.4 billion in October, significantly missing market expectations of a 1.5% decline, reflecting weak manufacturing demand that could impact future economic growth.
- Accelerated GDP Growth: The U.S. GDP grew at an annualized rate of 4.3% in the third quarter, up from 3.8% in the previous quarter and exceeding market estimates of 3.3%, indicating potential for economic recovery that may positively influence the stock market.
- Mixed Sector Performance: Communication services rose by 0.5% while consumer staples fell by 0.5%, demonstrating varied market reactions across sectors, prompting investors to monitor industry dynamics for strategic adjustments.
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- Public Offering Pricing: Sidus Space announced a public offering of 19,230,800 shares at $1.30 per share, leading to a significant pre-market decline of 39.2% to $1.39, indicating a negative market reaction to the financing effort.
- Market Reaction: The offering price is notably lower than previous trading levels, reflecting investor concerns about the company's growth potential, which could impact its ability to raise funds and market confidence.
- Competitive Landscape: Following the public offering announcement, Sidus Space's stock price plummeted, potentially affecting its competitive position in the aerospace sector, especially against other emerging space companies.
- Unclear Use of Proceeds: Although the company has initiated a public offering, it has not specified the intended use of the raised funds, which may further exacerbate investor unease and influence future investment decisions.
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U.S. Stock Futures: U.S. stock futures are down, with Dow futures falling approximately 0.2% on Tuesday morning.
Lightwave Logic Inc: Shares of Lightwave Logic Inc dropped 14.5% to $3.22 in pre-market trading following the announcement of a $35 million public offering.
Other Declining Stocks: Several other stocks also saw declines in pre-market trading, including Ascent Solar Technologies (-15.1%), Fractyl Health (-10.4%), and Ready Capital (-9%).
Market Overview: The overall market sentiment appears negative, with multiple companies reporting significant drops in their stock prices ahead of the trading day.
Crude Oil Declines by More Than 1%; US Homebuilder Confidence Rises Slightly in December
U.S. Stock Market Performance: U.S. stocks experienced a decline, with the Nasdaq Composite down 0.4%, the Dow down 0.27%, and the S&P 500 falling 0.11%. Health care shares rose by 0.9%, while energy stocks dropped by 1.5%.
Equities Trading Highlights: Notable stock movements included a 47% increase for 3 E Network Technology Group after an AI data center agreement, and a 72% drop for iRobot Corp following its Chapter 11 bankruptcy filing.
Commodity Market Update: Oil prices fell by 1.5% to $56.58, while gold decreased by 0.1%. In contrast, silver rose by 2.2% and copper increased by 1.1%.
International Market Trends: European shares saw gains, with the eurozone's STOXX 600 up 0.74%, while Asian markets closed lower, including a 1.31% drop in Japan's Nikkei and a 1.34% dip in Hong Kong's Hang Seng.
3 Penny Stocks to Keep an Eye On as of October 7, 2025
Penny Stocks to Watch: OneMedNet Corp., Argo Blockchain, and Dragonfly Energy Holdings are highlighted as top penny stocks to monitor on October 7, 2025, based on their high Dollar Volume and market activity.
Company Highlights: OneMedNet Corp. saw a significant stock price increase due to a partnership with Palantir Technologies, while Argo Blockchain benefited from a surge in Bitcoin prices, and Dragonfly Energy announced a stock offering that led to a decline in its stock price.
HC Wainwright & Co. Maintains Neutral Rating on Argo Blockchain
- Real-time Intelligence: Benzinga Pro offers the fastest news alerts to help traders stay informed and make winning trades in the stock market.
- Exclusive Community: Joining Benzinga Pro connects users with over 10,000 serious traders and provides access to exclusive stories and insights from Benzinga reporters.
