Mid-Morning Market Update: Markets Mixed; Tyson Foods Tops Q2 Views

Benzinga
10 May 2021

Following the market opening Monday, the Dow traded up 0.60% to 34,986.40 while the NASDAQ fell 1.36% to 13,565.42. The S&P also fell, dropping 0.13% to 4,227.04.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 32,708,020 cases with around 581,750 deaths. India confirmed a total of at least 22,662,570 cases and 246,110 deaths, while Brazil reported over 15,184,790 COVID-19 cases with 422,340 deaths. In total, there were at least 158,399,250 cases of COVID-19 worldwide with more than 3,294,610 deaths, according to data compiled by Johns Hopkins University.

Leading and Lagging Sectors

Materials shares rose 1.2% on Monday. Meanwhile, top gainers in the sector included Aluminum Corporation of China Limited (NYSE:ACH), up 10%, and Amcor plc (NYSE:AMCR), up 2%.

In trading on Monday, information technology shares fell 1.1%.

Top Headline

Tyson Foods, Inc. (NYSE:TSN) reported better-than-expected results for its second quarter.

Tyson Foods reported quarterly earnings of $1.34 per share, beating analysts’ estimates of $1.12 per share. The company’s quarterly sales came in at $11.30 billion, versus expectations of $11.19 billion.

Tyson Foods said it expects chicken results to be lower in FY21 versus FY20.

Equities Trading UP

Protagenic Therapeutics, Inc. (NASDAQ:PTIX) shares shot up 64% to $3.50 on above-average news.

Shares of Obalon Therapeutics, Inc. (NASDAQ:OBLN) got a boost, shooting 45% to $3.1896.

SemiLEDs Corporation (NASDAQ:LEDS) shares were also up, gaining 40% to $11.14 after dropping 22% on Friday.

Check out these big movers of the day

Equities Trading DOWN

The Trade Desk, Inc. (NASDAQ:TTD) shares tumbled 19% to $533.50 after the company reported it is facing a period of higher uncertainty in its business outlook. The company’s board also declared a ten-for-one split in the form of a stock dividend.

Shares of Onion Global Limited (NYSE:OG) were down 18% to $5.76. Onion Global priced its IPO at $7.25 per ADS on Friday.

Insmed Incorporated (NASDAQ:INSM) was down, falling 17% to $27.04 after the company reported a proposed concurrent public offerings of $250 million of common stock and $500 million convertible senior notes due 2028. Morgan Stanley maintained Insmed with an Overweight and lowered the price target from $58 to $56.

Commodities

In commodity news, oil traded up 0.9% to $65.51, while gold traded up 0.6% to $1,842.20.

Silver traded up 1.5% Monday to $27.88 while copper rose 1.8% to $4.8315.

Euro zone

European shares were mostly higher today. The eurozone’s STOXX 600 climbed 0.1%, the Spanish Ibex Index rose 0.6% and the German DAX 30 slipped 0.1%. Meanwhile, the London’s FTSE 100 gained 0.1%, French CAC 40 fell 0.2% and Italy’s FTSE MIB gained 0.5%.

The UK’s Halifax house price index increased 8.2% year-over-year in April.

Economics

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

The Investor Movement Index for April is scheduled for release at 12:30 p.m. ET.

Federal Reserve Bank of Chicago President Charles Evans is set to speak at 2:00 p.m. ET.

Check out the full economic calendar here

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