Mid-Morning Market Update: Markets Mixed; SAIC Profit Tops Views

U.S. stocks traded mixed this morning, with the Dow dropping around 100 points on Monday.

Following the market opening Monday, the Dow traded down 0.29% to 34,761.39 while the NASDAQ rose 0.35% to 14,218.85. The S&P also rose, gaining, 0.05% to 4,545.49.

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Leading and Lagging Sectors

Consumer discretionary shares jumped by 2% on Monday. Meanwhile, top gainers in the sector included Kaixin Auto Holdings KXIN, up 31% and Sonos, Inc. SONO up 13%.

In trading on Monday, energy shares fell 2.5%.

Top Headline

Science Applications International Corp SAIC reported better-than-expected earnings for its fourth quarter.

SAIC reported fourth-quarter FY22 revenue growth of 4% year-over-year to $1.78 billion and +1.4% organic, beating the consensus of $1.77 billion. Adjusted EPS of $1.50 beat the consensus of $1.23.

SAIC sees revenue of $7.35 billion-$7.55 billion, lower than the consensus of $7.61 billion.
It expects an Adjusted EPS of $6.80 -$7.10 versus the consensus of $6.84.

Equities Trading UP

Plantronics, Inc. POLY shares shot up 50% to $39.29 after HP announced it will acquire the company.

Shares of Immunome, Inc. IMNM got a boost, shooting 16% to $5.57 after the company reported results for its fourth quarter.

B.O.S. Better Online Solutions Ltd. BOSC shares were also up, gaining 31% to $3.41 as the company said its supply chain division has received an order in the amount of $2.4 million for delivery this year.

Equities Trading DOWN

Amylyx Pharmaceuticals, Inc. AMLX shares tumbled 43% to $14.27 following circulation of FDA briefing docs ahead of FDA meeting on the company’s peripheral, central nervous system drugs panel.

Shares of NeuroOne Medical Technologies Corporation NMTC were down 42% to $1.2901. Craig-Hallum downgraded NeuroOne Medical Tech from Buy to Hold.

Clever Leaves Holdings Inc. CLVR was down, falling 31% to $2.6450. Cowen & Co. maintained Clever Leaves Holdings with a Market Perform and lowered the price target from $6 to $4.

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Commodities

In commodity news, oil traded down 5.1% to $108.13, while gold traded down 0.6% to $1,942.90.

Silver traded down 1.2% Monday to $25.30 while copper fell 0.2% to $4.6890.

Euro zone

European shares were higher today. The eurozone’s STOXX 600 gained 0.7%, London’s FTSE 100 gained 0.4%, while Spain’s IBEX 35 Index rose 1.3%. The German DAX gained 1.4%, French CAC 40 climbed 1.3% and Italy’s FTSE MIB Index rose 1.4%.

Economics

The US goods trade deficit shrank to $106.59 billion in February from a revised all-time high of $107.57 billion in the prior month.

Wholesale inventories increased 2.1% month-over-month to $814.8 billion in February.

The Dallas Fed manufacturing index for March will be released at 10:30 a.m. ET.

The Treasury is set to auction 6-month bills and 2-year notes at 11:30 a.m. ET.

The Treasury will auction 3-month bills and 5-year notes at 1:00 p.m. ET.

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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 81,621,880 cases with around 1,003,460 deaths. India confirmed a total of at least 43,020,720 cases and 521,060 deaths, while Brazil reported over 29,842,410 COVID-19 cases with 658,920 deaths. In total, there were at least 482,187,020 cases of COVID-19 worldwide with more than 6,148,510 deaths.