Tuesday’s 10 Premarket Winners and Losers Include Marathon Oil, Nvidia and Virgin Galactic

Markets

The three major U.S. equities indexes closed mixed on Monday, tracking news from Ukraine that appeared to be good in the morning and bad in the afternoon. After sinking to intraday lows in the mid-afternoon, all three indexes moved higher, but none made it into the green. The Dow closed down by 0.5%, the S&P 500 closed down 0.4%, and the Nasdaq Composite closed flat. Among S&P 500 stocks, losers outnumbered winners by about 4 to 1 in Monday trading. Nine of 11 sectors closed lower with the biggest declines coming in energy (down 2.4%), real estate (down 1.1%), and financials (down 1.1%). The consumer cyclicals (up 0.6%) and communications services (flat) sectors were the day’s only winners.

At around 7:00 a.m. ET Tuesday morning, S&P 500 futures traded down about 0.8%, the Nasdaq traded down about 1%, and the Dow traded down by 0.7%.

Crude oil settled at $95.46 on Monday and traded down by nearly 3% in early morning trading Tuesday at $92.73. The 10-year note settled at 1.988% and the 2-year at 1.583% on Monday. The yield curve narrowed to 0.40 at the end of the day but had widened to 0.44  in early trading Tuesday.  USYC10Y2Y

Here are the five S&P 500 stocks that closed with the largest gains on Monday: Expedia (up 2.63%), Las Vegas Sands (up 2.33%), CarMax (up 2.29%), Newell Brands (up 2.17%), and Monolithic Power Systems (up 2.13%).

Monday’s biggest losers among S&P 500 stocks were Moderna (down 11.68%), CF Industries (down 6.88%), Mosaic Co. (down 4.8%), Marathon Oil (down 4.5%), and ResMed (down 4.22%).

Here are Tuesday’s premarket leaders and laggards. Not all are S&P 500 stocks.

Among Tuesday’s premarket winners is Virgin Galactic Holdings Inc. (NYSE: SPCE) which traded up by around 13% at $9.20 in a 52-week range of $7.58 to $57.51. The company announced this morning that it will open ticket sales to the general public on Wednesday. The total price of the flight is $450,000 and requires a down payment of $150,000 at the time the reservation is made. Final payment is due before launch.

Arista Networks Inc. (NASDAQ: ANET) traded up by about9.5% in a 52-week range of $65.52 to $148.57. The company beat top- and bottom-line estimates when it reported results last night. The kicker was upside guidance on first-quarter revenue. Even the low end of Arista’s range was above the consensus estimate.

Carnival Corporation & plc (NYSE: CCL) traded up about 4.5% at $22.32 in a 52-week range of $16.32 to $31.52. Rivals Norwegian and Royal Caribbean traded up about 4.2% and 3.4% respectively. Carnival said yesterday that it will have returned its entire fleet to service by May, just 10 months after the cruise operator resumed operations following the pandemic shutdown.

Nvidia Corp. (NASDAQ: NVDA) traded up by about 4.1% at $252.49 in a 52-week range of $115.67 to $346.47. The company had no specific news, but Intel’s announced $5.4 billion acquisition of Tower Semiconductor is likely viewed as a boost for other chipmakers. AMD traded up about 3.8% in Tuesday’s premarket

American Airlines Group Inc. (NASDAQ: AAL) traded up by about 4.3% at $18.17 in a 52-week range of $14.90 to $26.06. The travel industry is getting a boost from the apparent decline in Omicron cases and the hope that the summer travel season will heal some balance sheets.

Fidelity National Information Services Inc. (NYSE: FIS) traded down about 5.8% at $105.00 in a 52-week range of $101.79 to $155.96. The company reported better-than-expected quarterly results this morning, but issued downside guidance for the current quarter and only in line guidance for the full fiscal year. The top of the company’s revenue guidance for the year is not far above the consensus estimate.

Leidos Holdings Inc. (NYSE: LDOS) traded down by about 5% at $83.00 in a 52-week range of $82.75 to $108.83. The defense contractor also reported quarterly results this morning. Leidos missed on both the top and bottom lines and issued downside guidance on both earrings and revenue for the 2022 fiscal year.

Newmont Corp. (NYSE: NEM) traded down about 3.8% at $62.05 in a 52-week range of $52.60 to $75.31. The gold mining firm had no specific news but could be following gold prices lower. Competitor Barrick Gold reports earnings before markets open Wednesday.

Marathon Oil Corp. (NYSE: MRO) traded down about 3.1% at $20.55 in a 52-week range of $9.11 to $22.28. The independent oil & gas producer had no specific news and is likely to be pulling back as crude prices fall. Virtually every other independent–Pioneer and Devon–and both integrated giants–Chevron and Exxon–are also trading lower this morning.

Lockheed Martin Corp. (NYSE: LMT) traded down about 1% at $383.06 in a 52-week range of $324.23 to $398.85. The defense contractor on Monday terminated its offer to acquire Aerojet Rocketdyne after federal regulars filed suit last month and competitor Raytheon complained about the anti-competitive nature of the deal.

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