Mid-Morning Market Update: Markets Open Lower; Tyson Foods Beats Q2 Views

U.S. stocks opened lower this morning, with the Dow Jones tumbling more than 300 points on Monday.

Following the market opening Monday, the Dow traded down 1.04% to 32,557.85 while the NASDAQ fell 2.06% to 11,894.73. The S&P also fell, dropping, 1.51% to 4,061.07.

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Leading and Lagging Sectors

Consumer staples shares fell by just 0.3% on Monday. Meanwhile, top gainers in the sector included Energizer Holdings, Inc. ENR, up 11% and BellRing Brands, Inc. BRBR up 6%.

In trading on Monday, energy shares dipped by 3.8%.

Top Headline

Tyson Foods, Inc. TSN reported better-than-expected results for its second quarter on Monday.

Tyson Foods posted quarterly earnings of $2.29 per share, beating analysts’ estimates of $1.88 per share. The company’s quarterly sales came in at $13.12 billion, versus expectations of $12.84 billion.

Tyson Foods said it sees FY22 sales of $52 billion to $54 billion, versus analysts’ views of$51.79 billion.

 

Equities Trading UP

Hemisphere Media Group, Inc HMTV shares shot up 80% to $6.80 after the company announced it entered into a definitive agreement to be acquired for $7.00 per share in cash by a subsidiary of Gato Investments, a portfolio investment of Searchlight Capital Partners.

Shares of Points.com Inc. PCOM got a boost, shooting 44% to $24.58. Plusgrade announced plans to acquire Points for $25 per share in cash.

Decisionpoint Systems, Inc. DPSI shares were also up, gaining 21% to $8.11.

Equities Trading DOWN

Party City Holdco Inc. PRTY shares tumbled 52% to $1.48 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued FY22 sales guidance below analyst estimates.

Shares of TherapeuticsMD, Inc. TXMD were down 28% to $5.50.

Energy Vault Holdings, Inc. NRGV was down, falling 23% to $10.75.

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Commodities

In commodity news, oil traded down 2.2% to $107.31, while gold traded down 1% to $1,864.30.

Silver traded down 2.2% to $21.875 on Monday while copper fell 3% to $4.1375.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 slipped 1.9 %, London’s FTSE 100 fell 1.8% and Spain’s IBEX 35 Index fell 1%. The German DAX dropped 1.5%, French CAC 40 fell 1.8% and Italy’s FTSE MIB Index fell 1.7%.

French current account deficit narrowed to EUR 3.2 billion in March from a revised EUR 0.94 billion a month ago, while trade deficit increased to EUR 12.4 billion from 10.4 EUR billion.

Economics

U.S. wholesale inventories rose 2.3% for March.

The Treasury will auction 3-and 6-month bills at 11:30 a.m. ET.

The Investor Movement Index for April is scheduled for release at 12:30 p.m. ET.

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 83,581,710 cases with around 1,024,540 deaths. India confirmed a total of at least 43,105,400 cases and 524,090 deaths, while Brazil reported over 30,564,530 COVID-19 cases with 664,180 deaths. In total, there were at least 517,376,980 cases of COVID-19 worldwide with more than 6,276,710 deaths.