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Friday, March 29, 2024

Markets Mixed; Campbell Soup Issues Weak Profit Forecast

Courtesy of Benzinga.

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Following the market opening Monday, the Dow traded down 0.08 percent to 17,123.27 while the NASDAQ surged 0.32 percent to 4,597.64. The S&P also fell, dropping 0.10 percent to 2,005.80.

Leading and Lagging Sectors

Monday morning, the technology sector proved to be a source of strength for the market. Leading the sector was strength from Vimicro International (NASDAQ: VIMC) and Pixelworks (NASDAQ: PXLW).

Energy shares dropped 1.03 percent in trading on Monday. Meanwhile, top decliners in the sector included Callon Petroleum Company (NYSE: CPE), down 7.3 percent, and Abraxas Petroleum (NASDAQ: AXAS), off 5.4 percent.

Top Headline

Campbell Soup Company (NYSE: CPB) reported in-line earnings for the fourth-quarter. However, the company issued a weak profit outlook for full year.

The Camden, New Jersey-based company posted quarterly earnings from continuing operations of $137 million, or $0.43 per share, up from $117 million, or $0.37 per share, in the year-ago period. Excluding non-recurring items, its adjusted EPS from continuing operations rose 14% to $0.49 from $0.43.

Its sales from continuing operations climbed 7% to $1.852 billion, while organic sales slipped 2%. However, analysts were expecting earnings of $0.49 per share on revenue of $1.87 billion.

Equities Trading UP

Multimedia Games Holding Company (NASDAQ: MGAM) shares shot up 29.09 percent to $35.86 after the company agreed to be acquired by Global Cash Access Holdings (NYSE: GCA) for $36.50 per share in cash.

Shares of Hertz Global Holdings (NYSE: HTZ) got a boost, shooting up 1.79 percent to $28.97 after the company announced the resignation of its CEO Mark Frissora. The company named Brian MacDonald as its interim CEO and Linda Fayne Levinson as independent non-executive chair of the board.

Rackspace Hosting (NYSE: RAX) shares were also up, gaining 5.13 percent to $39.15 on a Bloomberg report that CenturyLink (NYSE: CTL) is seeking to acquire the company.

Equities Trading DOWN

Shares of Hyperion Therapeutics (NASDAQ: HPTX) were down 6.73 percent to $25.78 after announcing the termination of DiaPep277 program.

Ford Motor Co (NYSE: F) shares tumbled 1.93 percent to $16.81 after Morgan Stanley downgraded the stock from Overweight to Underweight and lowered the target price from $17 to $16.

Campbell Soup Company (NYSE: CPB) was down, falling 2.34 percent to $43.50 after the company issued a weak profit outlook for the full year. The company also reported in-line earnings for the fourth-quarter.

Commodities

In commodity news, oil traded down 1.18 percent to $92.19, while gold traded down 0.12 percent to $1,265.80.

Silver traded up 0.28 percent Monday to $19.21, while copper rose 0.79 percent to $3.19.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 fell 0.84 percent, the Spanish Ibex Index dropped 0.94 percent, while Italy’s FTSE MIB Index declined 0.68 percent. Meanwhile, the German DAX fell 0.26 percent and the French CAC 40 fell 0.49 percent while UK shares dropped 0.88 percent.

Economics

The Treasury is set to auction 3-and 6-month bills.

Data on consumer credit for July will be released at 3:00 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Markets

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