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Thursday, March 28, 2024

Mid-Day Market Update: Cavco Rises After Q4 Results; CEL-SCI Shares Plunge

Courtesy of Benzinga.

Midway through trading Tuesday, the Dow traded up 0.22 percent to 21,283.11 while the NASDAQ climbed 0.21 percent to 6,188.54. The S&P also rose, gaining 0.15 percent to 2,433.05.

Leading and Lagging Sectors

Cyclical consumer goods & services sector was the top gainer in the US market on Tuesday. Top gainers in the sector included Destination XL Group Inc (NASDAQ: DXLG), Ascena Retail Group Inc (NASDAQ: ASNA), and Patrick Industries, Inc. (NASDAQ: PATK).

In trading on Tuesday, utilities shares rose by just 0.05 percent. Meanwhile, top losers in the sector included Consolidated Water Co. Ltd. (NASDAQ: CWCO), down 1 percent, and Chesapeake Utilities Corporation (NYSE: CPK), down 1 percent.

Top Headline

John Wiley & Sons Inc (NYSE: JW.A) reported upbeat results for its fourth quarter on Monday.

John Wiley & Sons reported Q4 adjusted earnings of $0.82 per share on revenue of $452.2 million. However, analysts were expecting earnings of $0.54 per share on sales of $425 million.

Equities Trading UP

Cleantech Solutions International Inc (NASDAQ: CLNT) shares shot up 24 percent to $5.17 after announcing an agreement with ECrent Capital Holdings on Monday.

Shares of Neurometrix Inc (NASDAQ: NURO) got a boost, shooting up 5 percent to $3.47 after the company reported the issuance of patent for Quell wearable pain relief technology.

Cavco Industries, Inc. (NASDAQ: CVCO) shares were also up, gaining 10 percent to $130.20 as the company posted strong results for its fourth quarter on Monday.

Equities Trading DOWN

Science Applications International Corp (NYSE: SAIC) shares dropped 10 percent to $73.34. SAIC reported better-than-expected earnings for its first quarter, but revenue missed estimates.

Shares of CEL-SCI Corporation (NYSE: CVM) were down 21 percent to $0.0775 after the company reported a 1-for-25 reverse split.

pSivida Corp. (NASDAQ: PSDV) was down, falling around 11 percent to $1.85. pSivida disclosed that its Phase 3 trial for Durasert met primary endpoint.

Commodities

In commodity news, oil traded down 0.63 percent to $45.79 while gold traded down 0.26 percent to $1,265.60.

Silver traded down 0.82 percent Tuesday to $16.805, while copper fell 0.63 percent to $2.599.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 gained 0.61 percent, the Spanish Ibex Index rose 0.55 percent, while Italy’s FTSE MIB Index jumped 0.84 percent. Meanwhile the German DAX climbed 0.64 percent, and the French CAC 40 surged 0.51 percent while U.K. shares fell 0.18 percent.

Economics

The Federal Open Market Committee will begin its two-day policy meeting today.

The NFIB small business optimism index was unchanged at 104.5 in May versus the previous month. Economists expected a reading of 104 for the month.

The Producer Price Index was unchanged for May, versus a 0.5 percent gain in April. Economists were expecting a 0.10 percent growth for May.

The Treasury will auction 30-year bonds at 1:00 p.m. ET.

New York Federal Reserve President Willian Dudley is set to speak in Washington D.C. at 1:45 p.m. ET.

Posted-In: Earnings News Guidance Eurozone Commodities Global Intraday Update Markets

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