Nasdaq Edges Higher; Six Flags Reports Upbeat Results

U.S. stocks traded mixed toward the end of trading, with the S&P 500 and Nasdaq Composite turning higher later during the session on Monday.

The Dow traded down 0.20% to 33,606.80 while the NASDAQ rose 0.14% to 12,252.53. The S&P 500, also rose, gaining, 0.04% to 4,138.09.

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Leading and Lagging Sectors

• Communication services shares jumped by 1.4% on Monday. Meanwhile, top gainers in the sector included fuboTV Inc. FUBO, up 23%, and Sea Limited SE, up 8%.
• In trading on Monday, real estate shares fell 0.8%.

Top Headline

Six Flags Entertainment Corp SIX reported better-than-expected first-quarter results.

Six Flags reported first-quarter FY23 sales growth of 3% year-on-year to $142.19 million, beating the consensus of $132.56 million. EPS for the quarter was $(0.84), beating the estimate of $(0.85).

Equities Trading UP

• Trevena, Inc. TRVN shares shot up 350% to $2.90 after the company announced the approval of OLINVYK in China.
• Shares of Bellicum Pharmaceuticals, Inc. BLCM got a boost, shooting 155% to $0.9998. Bellicum Pharmaceuticals 13D filing showed Baker Bros. Advisors reported a 19.99% active stake in the company.
• Immuron Limited IMRN shares were also up, gaining 35% to $2.52 after the company announced the FDA removed the clinical hold on the New Campylobacter ETEC Therapeutic IND application.

Equities Trading DOWN

• Catalent, Inc. CTLT shares dropped 25% to $35.71 after the company announced it will be delaying the release of its Q3 results. The company said it expects to significantly reduce both its FY23 net revenue and adjusted EBITDA guidance by more than $400 million each.
• Shares of Tupperware Brands Corporation TUP were down 27% to $0.7925. Tupperware filed non-timely 10-Q. The company identified additional prior period misstatements, additional material weaknesses in internal control over financial reporting.
• Tyson Foods, Inc. TSN was down, falling 16% to $50.95 as its second-quarter results missed Street expectations. The company also reduced its FY23 sales outlook.

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Commodities

In commodity news, oil traded up 2.7% to $73.28 while gold traded up 0.4% at $2,032.20.

Silver traded down 0.3% to $25.845 on Monday while copper rose 1% to $3.9230.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.35%, London’s FTSE 100 rose 0.98% while Spain’s IBEX 35 Index rose 0.7% The German DAX fell 0.05%, French CAC 40 rose 0.11% and Italy’s FTSE MIB Index gained 0.28%.

Industrial production in Germany fell 3.4% month-over-month in March following a revised 2.1% increase in February.

Asia Pacific Markets

Asian markets closed mostly higher on Monday, with Japan’s Nikkei 225 dropping 0.71%, Hong Kong’s Hang Seng Index gaining 1.24% and China’s Shanghai Composite Index climbing 1.81%. India’s S&P BSE Sensex rose 1.2%.

The au Jibun Bank Japan services PMI was revised higher to 55.4 in April versus a flash reading of 55.0, while composite PMI rose to 52.9 in April versus a flash reading of 52.5. Chinese foreign exchange reserves increased to $3.205 trillion at the end of April 2023, compared to $3.184 trillion in the previous month.

Economics

U.S. wholesale inventories came in flat for March, versus market expectations for a 0.1% increase.

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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 106,768,290 cases with around 1,162,430 deaths. India confirmed a total of at least 44,971,460 cases and 531,690 deaths, while France reported over 40,021,190 COVID-19 cases with 166,810 deaths. In total, there were at least 687,819,180 cases of COVID-19 worldwide with more than 6,871,100 deaths.