Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Lisa Levin

Mid-Day Market Update: Nasdaq Dips 450 Points; Hemisphere Media Group Shares Surge

U.S. stocks extended losses midway through trading, with the Nasdaq Composite dropping around 450 points on Monday.

The Dow traded down 1.92% to 32,267.68 while the NASDAQ fell 3.75% to 11,689.18. The S&P also fell, dropping, 2.82% to 4,007.12.

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


Leading and Lagging Sectors


Consumer staples shares fell by just 0.04% on Monday. Meanwhile, top gainers in the sector included Energizer Holdings, Inc. (NYSE:ENR), up 11% and TreeHouse Foods, Inc. (NYSE:THS) up 15%.


In trading on Monday, energy shares dipped by 6.8%.


Top Headline


Tyson Foods, Inc. (NYSE: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 (NASDAQ: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. (NASDAQ:PCOM) got a boost, shooting 44% to $24.49. Plusgrade announced plans to acquire Points for $25 per share in cash.


TreeHouse Foods, Inc. (NYSE:THS) shares were also up, gaining 15% to $34.96 after the company reported better-than-expected Q1 results.


Equities Trading DOWN

Party City Holdco Inc. (NYSE:PRTY) shares tumbled 53% to $1.45 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. (NYSE:PLTR) were down 21% to $7.45 after the company reported downbeat Q1 earnings and issued weak revenue forecast for the second quarter.


ADC Therapeutics SA (NYSE:ADCT) was down, falling 25% to $8.21 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 4.5% to $104.86, while gold traded down 1.2% to $1,860.40.


Silver traded down 2.5% to $21.805 on Monday while copper fell 2.7% to $4.1520.



Euro zone


European shares were lower today. The eurozone’s STOXX 600 slipped 2.63%, London’s FTSE 100 fell 2.06% and Spain’s IBEX 35 Index fell 1.94%. The German DAX dropped 1.84%, French CAC 40 fell 2.36% and Italy’s FTSE MIB Index fell 2.44%.

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.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.