U.S. stocks were in the green on Monday. The Dow Jones Industrial Average gained 2.15% to 22,101, the S&P 500 Index rose 2.44% to 2,604 and the Nasdaq Composite Index jumped 2.89% to 7,719.
Non-index stocks have also posted gains and losses recently. Shares of Cal-Maine Foods Inc. (CALM, Financial) fell more than 3% on Monday after it announced third-quarter results. The company, which sells eggs, posted earnings of 28 cents per share, beating estimates by 2 cents. Revenue of $345.59 million registered a 10% year-over-year decline and beat expectations by $7.27 million.
“Our sales volumes were in line with last year, our overall sales revenue was down due to the lower average selling prices compared with the same period of fiscal 2019," Chairman and CEO Dolph Baker said. "The Southeast large market average price for conventional eggs dropped 13.8 percent for the third quarter of fiscal 2020 compared to the third quarter of fiscal 2019, while our average sales price was down 10.0 percent. Since the end of the third quarter, market prices have moved significantly higher to record levels, and we expect to see continued price volatility through the end of our fiscal year.”
Specialty egg sales represented 35% of total revenue for the quarter. The average selling price for specialty eggs was down 3.4% to $1.887 per dozen. Further, the Southeast large market average price for conventional eggs declined 13.8%.
Looking ahead, the company said it will not pay a dividend until it is profitable on a cumulative basis.
During the quarter ended Dec. 31, Philippe Laffont (Trades, Portfolio) sold out of the stock, while Chales Brandes opened a new position with 4,986 shares. Chuck Royce (Trades, Portfolio) trimmed his holding by 71% to 128,326 shares.
Gainers
- McKesson Corp. (MCK, Financial) +9.3%
- Universal Health Services Inc. (UHS, Financial) +9.2%
- Johnson & Johnson (JNJ, Financial) +8.2%
- Cardinal Health Inc. (CAH, Financial) +7.8%
- Abbott Laboratories (ABT, Financial) +7.3%
- Cigna Corp. (CI, Financial) +7%
Losers
- Coty Inc. (COTY, Financial) -14.6%
- Apache Corp. (APA, Financial) -12.4%
- Carnival Corp. (CCL, Financial) -12.2%
- Hess Corp. (HES, Financial) -9.1%
- Boeing Co. (BA, Financial) -7.5%
Global markets
The main European stock markets traded in the green. The U.K.'s FTSE 100 gained 0.97%, France's CAC 40 jumped 0.62%, Germany's Dax rose 1.90% and Spain's Ibex 35 retreated 1.74%.
In Asia, Japan's Nikkei 225 fell 1.57%, India’s BSE Sensex plummeted 4.61%, Hong Kong's Hang Seng declined 1.32% and China's Shanghai Composite slid 0.90%.
Disclosure: The author holds no positions in any stocks mentioned.
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