Mid-Afternoon Market Update: Crude Oil Down 6%; Palantir Technologies Shares Slide

U.S. stocks traded lower toward the end of trading, with the Dow Jones dropping more than 400 points on Monday.

The Dow traded down 1.35% to 32,455.73 while the NASDAQ fell 3.67% to 11,698.91. The S&P also fell, dropping, 2.53% to 4,018.95.

Also check this: Executives Buy Around $1.6M Of 4 Penny Stocks


Leading and Lagging Sectors


Consumer staples shares rose 0.9% on Monday. Meanwhile, top gainers in the sector included MedAvail Holdings, Inc. MDVL, up 21% and TreeHouse Foods, Inc. THS up 17%.


In trading on Monday, energy shares dipped by 7.3%.


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 79% to $6.76 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 $24.52. Plusgrade announced plans to acquire Points for $25 per share in cash.


TreeHouse Foods, Inc. THS shares were also up, gaining 17% to $35.66 after the company reported better-than-expected Q1 results.


Equities Trading DOWN

Party City Holdco Inc. PRTY shares tumbled 63% to $1.1311 after the company reported worse-than-expected Q1 EPS and sales results. The company also issued FY22 sales guidance below analyst estimates.


Shares of Palantir Technologies Inc. PLTR were down 22% to $7.36 after the company reported downbeat Q1 earnings and issued weak revenue forecast for the second quarter.


ADC Therapeutics SA ADCT was down, falling 27% to $7.94 after the company reported Q1 earnings results.

Also check out: 4 Stocks Under $3 Insiders Are Aggressively Buying


Commodities

In commodity news, oil traded down 6.1% to $103.11, while gold traded down 1.5% to $1,854.40.


Silver traded down 2.6% to $21.78 on Monday while copper fell 1.8% to $4.1895.



Euro zone


European shares closed lower today. The eurozone’s STOXX 600 slipped 2.9%, London’s FTSE 100 fell 2.32% and Spain’s IBEX 35 Index fell 2.2%. The German DAX dropped 2.15%, French CAC 40 fell 2.75% and Italy’s FTSE MIB Index fell 2.74%.

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.


Check out this: General Motors And 3 Other Stocks Insiders Are Selling


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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!