HomeMarket NewsMicro Cap StocksCrude Oil Prices Drop 2% as ConAgra Brands Exceeds Earnings Expectations

Crude Oil Prices Drop 2% as ConAgra Brands Exceeds Earnings Expectations

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The U.S. stock market experienced a slight decline towards the end of the trading day, with the Dow Jones index dropping around 40 points on Thursday.

The Dow traded at 33,088.44, down 0.12%, while the NASDAQ fell 0.23% to 13,206.10. The S&P 500 also saw a decrease, dropping 0.23% to 4,253.86.

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Leading and Lagging Sectors

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In Thursdayโ€™s trading session, real estate shares rose by 0.5%.

On the other hand, consumer staples shares experienced a dip of around 1.8%.

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Top Headline

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ConAgra Brands Inc CAG reported better-than-expected earnings for the first quarter on Thursday.

The company achieved quarterly sales of $2.90 billion, the same as the previous year, surpassing the consensus estimate of $2.95 billion. Adjusted earnings per share (EPS) increased by 15.8% to $0.66, beating the consensus of $0.60.

ConAgra Brands also reaffirmed its FY24 organic net sales growth projection of 1% and adjusted EPS of $2.70-$2.75 (consensus $2.72).

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Equities Trading UP

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Orchard Therapeutics plc ORTX shares surged 98% to $16.00 after the company announced its acquisition by Japanโ€™s Kyowa Kirin for $16.00 per ADS in cash with an additional contingent value right of $1.00 per ADS.

Shares of Lamb Weston Holdings, Inc. LW also rose, increasing by 10% to $99.04 after reporting better-than-expected financial results for the first quarter.

SP Plus Corporation SP witnessed an increase in shares, gaining 45% to $51.28 after Metropolis Technologies announced its plans to acquire the company for $1.5 billion.

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Equities Trading DOWN

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Cambium Networks Corporation CMBM shares dropped 35% to $5.18 after the company revised its third-quarter revenue guidance to a range of $40-$45 million, compared to the previous outlook of $62-$70 million.

Shares of Rivian Automotive, Inc. RIVN fell 19% to $19.23 after announcing its proposed $1.5 billion green convertible senior notes offering. The company also provided preliminary revenue estimates for the third quarter.

MaxCyte, Inc. MXCT experienced a decline, falling 23% to $2.5050. MaxCyte projects a third-quarter total revenue of $7.8 to 8.0 million, representing a decrease of 25%-27% compared to the year-ago quarter. The company now expects total revenue of approximately $34 million to $36 million for the year.

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Commodity Market

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In commodity news, the price of oil dropped 2% to $82.58, while gold experienced a 0.1% decline, trading at $1,832.90.

Silver traded down 0.4% to $21.07 on Thursday, while copper fell 0.7% to $3.5630.

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Eurozone Update

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European shares mostly saw gains today. The Eurozoneโ€™s STOXX 600 increased by 0.28%, Londonโ€™s FTSE 100 rose by 0.53%, while Spainโ€™s IBEX 35 Index rose 0.60%. On the other hand, the German DAX fell 0.20% and the French CAC 40 rose 0.02%. Italyโ€™s FTSE MIB Index also experienced a gain of 0.20%.

In economic news, the HCOB Eurozone construction PMI rose to 43.6 in September from 43.4 in August. The consumer confidence indicator in Spain fell to 77.2 in September, compared to the near-two-year high level of 94.4 in the previous month. The trade surplus in Germany widened to EUR 16.6 billion in August from EUR 15.9 billion in the previous month.

The S&P Global/CIPS UK construction PMI fell to 45 in September from 50.8 the previous month, while German construction PMI declined sharply to 39.3 in September from 41.5 in the previous month. The S&P Global France construction PMI rose to 43.7 in September from 42.4 the previous month.

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Asia Pacific Markets

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Asian markets closed higher on Thursday, with Japanโ€™s Nikkei 225 gaining 1.80% and Hong Kongโ€™s Hang Seng Index rising 0.10%. Indiaโ€™s S&P BSE Sensex also experienced a rise of 0.62%.

The S&P Global India services PMI rose to 61.0 in September from 60.1 in August, surpassing market estimates of 59.5. The S&P Global Hong Kong SAR PMI declined to 49.6 in September from 49.8 in the previous month.

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Economic Updates

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U.S. initial jobless claims rose by 2,000 to 207,000 in the week ending September 30, slightly below the market estimate of 210,000.

The U.S. trade deficit shrank to $58.3 billion in August, the lowest since September 2020, compared to the market estimate of a $62.3 billion deficit.

U.S. natural-gas supplies increased by 86 billion cubic feet in the recent week, according to the EIA.

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COVID-19 Update

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The U.S. currently has the highest number of coronavirus cases and deaths in the world, reporting a total of 108,792,450 cases with around 1,177,980 deaths. India has confirmed at least 44,998,950 cases and 531,930 deaths. Globally, there have been at least 696,181,820 cases of COVID-19, resulting in more than 6,923,360 deaths.

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