US Stocks Edge Higher; Coca-Cola Posts Upbeat Results

U.S. stocks traded slightly higher this morning, with the Dow Jones gaining around 30 points on Monday.

Following the market opening Monday, the Dow traded up 0.10% to 33,843.10 while the NASDAQ rose 0.18% to 12,095.97. The S&P 500, also rose, gaining, 0.16% to 4,140.12.

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Leading and Lagging Sectors

• Energy shares rose by 0.8% on Monday. Meanwhile, top gainers in the sector included DHT Holdings, Inc. DHT, up 7%, and Teekay Tankers Ltd. TNK, up 8%.

  In trading on Monday, real estae shares dipped by 0.5%.

Top Headline

The Coca-Cola Company KO reported better-than-expected Q1 results.

Coca-Cola reported first-quarter FY23 sales growth of 5% year-on-year to $10.98 billion, beating the consensus of $10.80 billion. Adjusted EPS of $0.68 beat the analyst consensus of $0.64.

Coca-Cola continues to see FY23 organic revenue growth of 7%-8%, comparable currency neutral EPS growth of 7%-9% and comparable EPS growth of 4%-5% versus $2.48 in 2022.

Equities Trading UP

• Getty Images Holdings, Inc. GETY shares shot up 46% to $7.40 after Trillium Capital issued a proposal to acquire the company for $10 per share.
• Shares of NextPlat Corp NXPL got a boost, shooting 32% to $3.42. NextPlat signed a merchant sourcing agreement with Alibaba Group to provide American Businesses easy access to Chinese consumer market.
• IDEAYA Biosciences, Inc. IDYA shares were also up, gaining 28% to $19.11 after the company announced positive interim phase 2 data for its treatment of metastatic uveal melanoma.

Equities Trading DOWN

• Scilex Holding Company SCLX shares dropped 26% to $7.60. Scilex Holding, a majority-owned subsidiary of Sorrento Therapeutics, Inc, entered a master distributor agreement with AD Ports Logistics (ADPL).
• Shares of WANG & LEE GROUP, Inc. WLGS were down 21% to $2.46. The company recently priced its IPO at $5 per share.
• Presto Automation Inc. PRST was down, falling 22% to $2.83 after jumping 36% on Friday.

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Commodities

In commodity news, oil traded down 0.3% to $77.66 while gold traded down 0.2% at $1,986.80

Silver traded down 0.3% to $24.995 on Monday while copper fell 0.4% to $3.9625.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 rose 0.1%, London’s FTSE 100 rose 0.1% while Spain’s IBEX 35 Index rose 0.1%. The German DAX rose 0.2%, French CAC 40 rose 0.1% and Italy’s FTSE MIB Index fell 0.7%.

The Ifo Business Climate indicator for Germany increased by 0.4 points from a month ago to 93.6 in April.

Asia Pacific Markets

Asian markets closed mostly lower on Monday, with Japan’s Nikkei 225 gaining 0.10%, Hong Kong’s Hang Seng Index falling 0.58% and China’s Shanghai Composite Index declining 0.78%. India’s S&P BSE Sensex rose 0.5%.

Hong Kong’s unemployment rate fell to 3.1% in the three months ending March 2023, compared to 3.3% in the prior period.

Economics

The Chicago Fed National Activity Index came in unchanged at -0.19 in March, but down from market expectations of -0.02.

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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 106,578,050 cases with around 1,159,300 deaths. India confirmed a total of at least 44,891,980 cases and 531,320 deaths, while France reported over 39,950,20 COVID-19 cases with 166,280 deaths. In total, there were at least 686,514,230 cases of COVID-19 worldwide with more than 6,859,830 deaths.