BREAKING: Futures Rise, Disney Among Big Earnings Movers
Carnival Corp. (CCL), Viatris (VTRS), Advanced Micro Devices (AMD) were the top S&P 500 index gainers on the stock market today. Catalent (CTLT), Tyson Foods (TSN), and Epam Systems (EPAM) were the S&P 500’s biggest losers on Monday.
The S&P 500 rose a fraction on Monday, as the major indexes held just below 2023 highs.
CCL stock cruised 6% higher to 10.61 extending Friday’s move above the 50-day line that offered an early entry. Morgan Stanley touted strong cruise line bookings in a Monday note. Carnival bounced last week following positive earnings reactions to Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL), which both cited strong bookings. CCL stock has a 12.72 buy point in a three-month consolidation, according to MarketSmith analysis. RCL stock popped 3.6% to a 52-week high, Monday’s sixth-best performer on the S&P 500.
VTRS stock popped 5.8% to 9.82. The generic drug giant reported its third straight quarter of declining earnings and fifth straight quarter of falling sales, but signaled a return to top-line growth ahead. Viatris stock hit a seven-month low last week.
AMD stock leapt 5.8% to 95.04 in heavy volume. The strong move from the 50-day line offered an early entry for investors. AMD stock has a 102.53 buy point from a six-week consolidation, according to MarketSmith analysis. Last Wednesday, the chipmaker tumbled below the 50-day line on weak second-quarter guidance, but shares rebounded Thursday on a Bloomberg on a report that it’s working with Microsoft (MSFT) on an AI chip. AMD added to gains Friday even after Microsoft denied much of that report.
CTLT stock plunged 25.7% to a three-year low after delaying the filing of fiscal Q3 results and saying it expects to sharply cut fiscal 2023 revenue and adjusted EBITDA targets. Catalent plunged several weeks ago after warning cost and production issues.
TSN stock dived 10.4% to a three-year low after reporting a surprise loss, far below views, with revenue also falling short.
EPAM stock fell 4.4%, hitting a 52-week low. The tech services firm, which much of its operations in Eastern Europe, dived 10.3% Friday following mixed Q1 results and disappointing guidance.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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3:07 PM ET The Nasdaq finally cleared its recent range. That’s noteworthy. But there were reasons to be cautious too.
3:07 PM ET The Nasdaq finally cleared its recent range. That’s noteworthy. But…
The CPI inflation rate eased in April, as did core inflation. Service prices, the Fed’s big worry, showed signs of cooling. (©Drobot Dean/stock.adobe.com)
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