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Friday, March 29, 2024

Mid-Morning Market Update: Markets Open Lower; Cal-Maine Posts Wider-Than-Expected Loss

Courtesy of Benzinga.




Following the market opening Monday, the Dow traded down 0.77 percent to 18,120.00 while the NASDAQ declined 0.76 percent to 5,265.61. The S&P also fell, dropping 0.65 percent to 2,150.56.

Leading and Lagging Sectors

Monday morning, basic materials shares rose 0.10 percent. Meanwhile, top gainers in the sector included Chemtura Corp (NYSE: CHMT), and Sociedad Quimica y Minera de Chile (ADR) (NYSE: SQM).

In trading on Monday, healthcare shares tumbled by 0.91 percent. Meanwhile, top losers in the sector included Acorda Therapeutics Inc (NASDAQ: ACOR), down 11 percent, and Natus Medical Inc (NASDAQ: BABY), down 11 percent.

Top Headline

Cal-Maine Foods, Inc. (NASDAQ: CALM) reported a wider-than-expected loss for the first quarter.

The shell eggs producer suffered a net loss of $30.9 million, or a loss of $0.64 a share, for the first quarter. In comparison, the company earned a profit of $143.0 million, or $2.97 a share, in the year-ago quarter. Street estimated a loss of $0.33 a share.

Cal-Maine Foods’ net sales plunged 60.7 percent from $609.9 million to $239.8 million and came in below analysts’ expectations of $274.57 million.

Equities Trading UP

Array Biopharma Inc (NASDAQ: ARRY) shares shot up 37 percent to $4.98 after the company disclosed that its COLUMBUS Phase 3 study of encorafenib plus binimetinib for BRAF-mutant melanoma has met primary endpoint.

Shares of Summit Therapeutics PLC (ADR) (NASDAQ: SMMT) got a boost, shooting up 17 percent to $10.24 as the company disclosed that it has received Fast Track designation from the FDA for ezutromid in the treatment of DMD.

Chemtura Corp (NYSE: CHMT) shares were also up, gaining 16 percent to $32.61 after being acquired by Lanxess for $33.50 per share.



Equities Trading DOWN

Pain Therapeutics, Inc. (NASDAQ: PTIE) shares dropped 56 percent to $1.20 after the company reported that it has received a complete response letter from the FDA. The FDA determined that REMOXY cannot be approved.

Shares of DURECT Corporation (NASDAQ: DRRX) were down 32 percent to $1.16 after the company reported that its licensee Pain Therapeutics has received a complete response letter from the FDA for REMOXY.

RetailMeNot Inc (NASDAQ: SALE) was down, falling around 17 percent to $9.39. Stifel Nicolaus downgraded RetailMeNot from Hold to Sell.



Commodities




In commodity news, oil traded up 1.98 percent to $45.36 while gold traded up 0.25 percent to $1,345.00.

Silver traded down 0.58 percent Monday to $19.70, while copper fell 0.32 percent to $2.19.

Eurozone

European shares were lower today. The eurozone’s STOXX 600 dropped 1.45 percent, the Spanish Ibex Index fell 1.23 percent, while Italy’s FTSE MIB Index tumbled 1.69 percent. Meanwhile the German DAX declined 1.83 percent, and the French CAC 40 declined 1.65 percent while U.K. shares fell 1.40 percent.

Economics

New home sales declined 7.6 percent in August to an annual rate of 609,000. Economists were expecting a 601,000 rate for the month.

The Dallas Fed manufacturing index for September is schedule for release at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.

The Treasury will auction 2-year notes at 1:00 p.m. ET

Dallas Federal Reserve Bank President Robert Kaplan will speak in San Antonio, Texas at 1:30 p.m. ET.

Posted-In: Earnings News Eurozone Commodities M&A Global Intraday Update Markets

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