Mid-Morning Market Update: US Stocks Mixed Amid Russia-Ukraine Tensions

US stocks opened on a mixed note this morning amid rising tensions on the border of Russia and Ukraine. The United States said Russia had amassed troops on the Ukrainian border to launch an invasion, Reuters reported.

Following the market opening Monday, the Dow traded down 0.90% to 34,562.90 while the NASDAQ rose 0.43% to 13,850.06. The S&P also fell, dropping, 0.13% to 4,413.00.

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Top Headline

TreeHouse Foods Inc THS reported better-than-expected earnings for its fourth quarter.

TreeHouse Foods reported a fourth-quarter FY21 sales decline of 1% year-on-year, to $1.17 billion, beating the analyst consensus of $1.12 billion. Adjusted EPS of $0.11 beat the analyst consensus of $0.09.

Equities Trading UP

BioDelivery Sciences International, Inc. BDSI shares shot up 52% to $5.53. Collegium Pharmaceutical will acquire BioDelivery Sciences International at $5.60 per share in an all-cash transaction, corresponding to an equity value of approximately $604 million.

Shares of Cornerstone Building Brands, Inc. CNR got a boost, shooting 25% to $22.93 as private equity firm CD&R offered to acquire all outstanding shares it does not already own of Cornerstone Building Brands for $24.65 per share in cash.

TC Biopharm (Holdings) Plc TCBP shares were also up, gaining 25% to $2.65. The company’s shares dropped 50% on Friday after the company priced its IPO at $4.25 per ADS.

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Equities Trading DOWN

Dave Inc. DAVE shares tumbled 30% to $6.53. Dave recently appointed Michael Pope to Board of Directors.

Shares of Gravity Co., Ltd. GRVY were down 22% to $48.43. Gravity reported prelim FY21 consolidated revenue of KRW414 billion.

Weber Inc. WEBR was down, falling 17% to $8.66 after the company reported worse-than-expected Q1 EPS and sales results.

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Commodities

In commodity news, oil traded up 0.3% to $93.36, while gold traded up 1.4% to $1,868.10.

Silver traded up 2.3% Monday to $23.90 while copper fell 0.6% to $4.4775.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.8%, London’s FTSE 100 fell 1.8%, while Spain’s IBEX 35 Index fell 2.2%. The German DAX declined 2.1%, French CAC 40 fell 2.4% and Italy’s FTSE MIB Index dipped 2.1%.

Economics

There were no major US economic releases Monday

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COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 79,325,570 cases with around 943,410 deaths. India confirmed a total of at least 42,665,530 cases and 509,040 deaths, while Brazil reported over 27,483,030 COVID-19 cases with 638,440 deaths. In total, there were at least 412,590,840 cases of COVID-19 worldwide with more than 5,836,070 deaths.