Mid-Day Market Update: Nasdaq Turns Lower; Casper Sleep Shares Jump

Midway through trading Monday, the Dow traded up 0.05% to 36,117.49 while the NASDAQ fell 0.29% to 15,815.61. The S&P also fell, dropping 0.06% to 4,679.81.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 47,916,190 cases with around 783,560 deaths. India confirmed a total of at least 34,447,530 cases and 463,650 deaths, while Brazil reported over 21,957,960 COVID-19 cases with 611,310 deaths. In total, there were at least 254,144,870 cases of COVID-19 worldwide with more than 5,117,860 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Utilities shares gained by 0.9% on Monday. Meanwhile, top gainers in the sector included NRG Energy, Inc. NRG, up 2% and Genie Energy Ltd. GNE up 2%.

In trading on Monday, materials shares fell 0.5%.

Top Headline

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

Tyson Foods posted quarterly earnings of $2.30 per share, beating analysts’ estimates of $2.03 per share. The company’s quarterly sales came in at $12.81 billion, versus expectations of $12.66 billion.

Tyson said it sees FY22 sales of $49 billion to $51 billion, versus analysts’ estimates of $47.99 billion. The company also boosted its quarterly dividend from $0.445 to $0.46 per share.

Equities Trading UP

Casper Sleep Inc. CSPR shares shot up 87% to $6.66 after the company agreed to be acquired by Durational Capital Management. The company also reported Q3 earnings results.

Shares of Creative Realities, Inc. CREX got a boost, shooting 84% to $2.69 as the company reported a merger with Reflect Systems.

SilverSun Technologies, Inc. SSNT shares were also up, gaining 44% to $8.01. SilverSun Technologies announced plans to acquire Acumatica division of Dynamic Tech Services, Inc.

Check out these big movers of the day

Equities Trading DOWN

Telos Corporation TLS shares tumbled 32% to $16.50 after the company reported worse-than-expected Q3 results and cut guidance.

Shares of BioXcel Therapeutics, Inc. BTAI were down 21% to $27.38 after Goldman Sachs downgraded the stock from Buy to Sell and lowered its price target from $55 to $24.

Oatly Group AB OTLY was down, falling 19% to $9.57 after the company reported worse-than-expected Q3 sales results and issued FY21 sales guidance.

Commodities

In commodity news, oil traded down 1.3% to $79.77, while gold traded down 0.3% to $1,862.20.

Silver traded down 1.2% Monday to $25.045 while copper fell 0.4% to $4.4335.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.15%, the Spanish Ibex Index rose 0.01% and the German DAX 30 gained 0.12%. Meanwhile, the London’s FTSE 100 fell 0.14%, French CAC 40 rose 0.41% and Italy’s FTSE MIB rose 0.27%.

The Eurozone trade surplus shrank to EUR 7.3 billion in September from EUR 24.1 billion in the year-ago month.

Economics

The New York Empire State Manufacturing Index surged to 30.9 in November from 19.8 in October.

Check out the full economic calendar here