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Omar Venerio
Omar Venerio
Articles (1710) 

Monday Morning Market Highlights

Markets green, shares of Cal-Maine Foods fall on earnings results

US Markets

U.S. stocks were in the green on Monday, reversing losses over the past weeks. The Dow advanced 1.80% to 27,664, the S&P 500 index gained 1.54% to 3,349 and the Nasdaq Composite Index was up 1.26%, to 11,050.

Gainers

• Devon Energy Corp (NYSE:DVN) +11%

• Boeing Co (NYSE:BA) +6.4%

• Lincoln National Corp (NYSE:LNC) +6%

• Invesco Ltd (IVZ) +5.6%

• DXC Technology Co (NYSE:DXC) +5.1%

Losers

• Westrock Co​ (NYSE:WRK) -2%

• Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) -1.3%

• Carnival Corp (NYSE:CCL) -0.3%

• Bristol-Myers Squibb Co (NYSE:BMY) -0.3%

• Ralph Lauren Corp​ (NYSE:RL) -0.2%

Global Markets

The main European stock markets traded in the green. The UK's FTSE 100 gained 0.18%, France's CAC 40 jumped 2.38%, Germany's Dax was up 3.07% and Spain's Ibex 35 advanced 2.43%.

In Asia, Japan's Nikkei 225 gained 1.32%, India's BSE Sensex advanced 1.59%, Hong Kong's Hang Seng jumped 1.04% and China's Shanghai Composite was down 0.06%.

Cal-Maine Foods releases earnings report

Shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) gained 2% on Monday morning after the company announced financial results for its fiscal first quarter of 2021. The company posted a loss of 40 cents per share, beating analysts' estimates by 15 cents. Revenue of $292.78 million grew 21.4% year-over-year and beat expectations by $10.36 million.

Chairman and CEO Dolph Baker had the following to say:

"Our results for the first quarter of fiscal 2021 reflect continued challenging market conditions as we proactively monitor and manage our operations in the face of the COVID-19 pandemic. Our top priority is the health and safety of our employees, who continue to work hard every day to produce eggs for our customers, and we are proud of their dedicated efforts to contribute to a stable food supply. For the first quarter of fiscal 2021, total dozens sold were up 3.8 percent over the same period last year, primarily due to continued strong retail demand as consumers are still preparing more meals at home."

In the quarter, sales of specialty eggs reached $129.2 million, representing 45.2% of egg sales revenue, compared with $111.2 million, or 47.5%, of revenue in the same quarter of fiscal 2020. The increase reflects a 15.5% higher demand in specialty dozens sold and a slightly increased price per dozen.

The egg producer will not pay a dividend for the quarter, or in any quarter until it is profitable again.

Charles Brandes (Trades, Portfolio) cut his investment in the stock by 42% to 4,983 shares in the most recent calendar quarter.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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