Crude Oil Moves Higher; Deere Cuts Profit Outlook

TSR said late Wednesday that it agreed to be acquired by Vienna Parent Corp. subsidiary, Vienna Acquisition, for $13.40 per share.

Shares surged 65%, with intraday trading volume rising to over 280,000 from a daily average of about 2,300.

BM Technologies reported late Wednesday Q1 revenue that topped street forecasts.

Shares soared 46% as intraday trading volume climbed to more than 11.6 million versus the stock's daily average of about 10,000.

Walmart reported Thursday higher fiscal Q1 adjusted earnings and revenue.

The company also said it now expects to meet the high-end or "slightly" exceed its initial outlook for the full fiscal year.

Shares jumped 6.9% as intraday trading volume shot to more than 41.8 million from a daily average of about 18.4 million.

U.S. major stock indices climbed higher on Thursday morning, with the Dow Jones Industrial Average achieving a historic milestone by surpassing 40,000 points.

Blue-chip stocks are experiencing their thirteenth positive session out of the last fifteen, extending the bull market that commenced in October to a 24% rally.

The S&P 500 and the Nasdaq 100 both inched up by 0.1%, further updating their record highs, driven by soft economic data.

See Also: EXCLUSIVE – Andrew Left Disagrees With ‘Dumb Money’ GameStop Storyline ‘As If The Short Sellers Were The Bad Guys’

For the week ending May 11, unemployment benefit claims fell by 10,000 to 222,000, although this remains the third-highest level for the year.

Industrial production was flat in April, missing expectations of a 0.1% increase, while manufacturing production dropped by 0.3% from the previous month, also falling short of market forecasts of a 0.1% growth.

Treasury yields hold broadly steady, while the U.S. dollar index (DXY) witnessed minor gains, up 0.1%.

Chinese stocks continued their positive momentum, with the KraneShares CSI China Internet ETF , tracking the nation’s tech stocks, up 1.8% and reaching its highest levels since mid-February 2023.

Notably, renowned ‘big short’ investor Michael Burry added Baidu Inc. to his hedge fund’s holdings and increased his stakes in JD.com Inc. and Alibaba Group Holdings Ltd. , according to the latest 13F filing.

The bloodbath on meme stocks continued, while gold and Bitcoin both fell :

• GameStop Corp. down 21%, after a 19% drop on Wednesday.
• AMC Entertainment Holdings Inc. fell 10%, after a 20% drop a day earlier
• Gold paused for a breather, down 0.3%, while copper fell 0.7% on track to snap a 5-day winning streak.
• Bitcoin fell 1.7%, after rising as much as 7.6% on Wednesday.

Energy And Commodities: Natural gas made headlines, with U.S. Henry Hub prices rising 4% to $2.375/MMBTu, up over 35% since the start of the month. The Energy Information Administration reported that U.S. utilities injected 70 billion cubic feet (bcf) of gas into storage during the week ending May 10, falling short of market expectations of a 76 bcf increase.

Thursday’s Performance In Major US Indices, ETFs

The SPDR S&P 500 ETF Trust was flat at $529.80, the SPDR Dow Jones Industrial Average rose 0.2% to $399.92 and the tech-heavy Invesco QQQ Trust was flat at $453.15, according to Benzinga Pro data.

Sector-wise, the Consumer Staples Select Sector SPDR Fund outperformed, up by 1.7%. The Materials Select Sector SPDR Fund was the laggard, down 0.6%.

Thursday’s Stock Movers

• Walmart Inc. rallied 6.5% on track for its strongest day in 6 months, after the company topped Street’s estimates on both revenue and earnings last quarter.
• Other stocks reacting to earnings were Deere & Co. down 4%, Advance Drainage Systems Inc. down 3.4%, Dillards Inc. down 1.4% and Under Armour Inc. down 0.6%.
• Chubb Limited rose over 4%, after Warren Buffett’s Berkshire Hathaway purchased 25.92 million shares of the stock.
• Coinbase Global Inc. fell over 8%, as the cryptocurrency market saw broad-based drops.
• Large-cap companies reporting their earnings after the market close are Applied Materials Inc. , Copart Inc. and Take-Two Interactive Software Inc. .

Now Read: US Inflation Data Prematurely Released By Accident, Yet Traders Missed Golden Opportunity

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Shares of Fluent Inc fell sharply during Thursday's session after posting weaker-than-expected quarterly results.

Fluent posted adjusted loss of 30 cents per share, versus market expectations for a loss of 10 cents per share. The company's quarterly sales came in at $65.983 million missing estimates of $66.433 million, according to data from Benzinga Pro.

Fluent shares dipped 12.6% to $3.47 on Thursday.

Here are some other stocks moving in today’s mid-day session.

Gainers

• Lucy Scientific Discovery Inc. shares jumped 239% to $1.75.
• Greenwave Technology Solutions, Inc. jumped 100% to $0.1196 after jumping around 34% on Wednesday.
• Crown ElectroKinetics Corp. gained 77.3% to $0.0819 after declining around 3% on Wednesday.
• BM Technologies, Inc. rose 68% to $2.8850 after the company reported better-than-expected first-quarter financial results.
• TSR, Inc. shares climbed 65% to $13.13 after the company announced that it entered into a definitive agreement to be acquired by Vienna Parent.
• Pineapple Energy Inc. rose 55% to $0.1355 after gaining around 48% on Wednesday. Pineapple Energy, last week, reported worse-than-expected first-quarter financial results.
• Cyngn Inc. gained 48% to $0.1275 as the company shared several commercial and technological accomplishments from the first quarter of 2024.
• Faraday Future Intelligent Electric Inc. gained 33.3% to $0.94.
• AST SpaceMobile, Inc. shares rose 32.6% to $3.1711 as the company reported a narrower-than-expected loss for its first quarter and announced a definitive commercial agreement with AT&T Inc.
• Bruush Oral Care Inc. gained 30.7% to $0.0949.
• Sintx Technologies, Inc. shares rose 27% to $0.1622 after surging 132% on Wednesday.
• Canada Goose Holdings Inc. jumped 23% to $14.10 following better-than-expected fourth-quarter earnings.
• Magnite, Inc. rose 21.6% to $11.91. Needham analyst Laura Martin reiterated Magnite with a Buy and maintained a $15 price target.
• Blue Star Foods Corp. gained 17.6% to $0.0760 after adding more than 15% on Wednesday.
• Lightspeed Commerce Inc. climbed 15.3% to $14.74 following upbeat quarterly sales.
• Trupanion, Inc. rose 14.7% to $32.53 after B of A Securities upgraded the stock from Neutral to Buy and raised its price target from $35 to $49.
• SilverBow Resources, Inc. gained 14.7% to $37.17 after the company announced that it entered into a definitive agreement to be acquired by Crescent Energy.
• VinFast Auto Ltd. rose 12.8% to $4.79. VinFast received 27,649 pre-orders for the VF 3 in Vietnam after 66 hours of accepting deposits.
• Corebridge Financial, Inc. gained 12.7% to $34.00 after AIG reached a deal to sell shares of its stock in the company to Nippon Life Insurance.
• Extreme Networks, Inc. rose 10.8% to $12.02.
• Walmart Inc. gained 6.9% to $63.99 following better-than-expected quarterly earnings.
• ZTO Express (Cayman) Inc. shares climbed 6% to $22.67 following upbeat quarterly results
• Chubb Limited gained 4.1% to $263.28 following an SEC filing showed Berkshire Hathaway purchased shares of the stock. The 13F filing revealed Berkshire Hathaway had purchased 25.92 million Chubb shares valued at over $6.717 billion.

Losers

• Spire Global, Inc. dipped 23.7% to $8.65 after the company reported mixed first-quarter financial results on Wednesday.
• a.k.a. Brands Holding Corp. shares declined 22.7% to $22.80.
• Eyenovia, Inc. fell 22% to $0.8291 after the company reported worse-than-expected first-quarter financial results.
• Omeros Corporation fell 21.1% to $3.29 after the company announced a wider-than-expected quarterly loss.
• Reliance Global Group, Inc. declined 19.2% to $0.2994. – Reliance Global Group is expected to host a conference call Monday, May 20, to discuss financial results for the first quarter.
• Tian Ruixiang Holdings Ltd dipped 17.8% to $2.81.
• Rekor Systems, Inc. declined 16.6% to $1.51 after the company reported worse-than-expected first-quarter financial results.
• Sadot Group Inc. fell 16.6% to $0.2855 following first-quarter financial results.
• KULR Technology Group, Inc. shares fell 14.8% to $0.3976 after the company announced worse-than-expected first-quarter financial results.
• AERWINS Technologies Inc. shares fell 14% to $5.40 after jumping 132% on Wednesday.
• GameStop Corp. shares fell 13.8% to $34.06 after dipping around 19% on Wednesday.
• NICE Ltd. declined 11.8% to $201.01 after the company reported first-quarter financial results. The company issued second-quarter adjusted revenue guidance with its midpoint below estimates.
• Gambling.com Group Limited fell 9.8% to $7.64 after the company issued first-quarter financial results. Also, the company cut its FY24 revenue guidance below estimates.
• AMC Entertainment Holdings, Inc. shares declined 9% to $4.9904 after tumbling 20% on Wednesday.
• Petco Health and Wellness Company, Inc. dipped 8.4% to $2.39. The company recently appointed Glenn Murphy as Executive Chairman of the Board of Directors, effective immediately.
• AdTheorent Holding Company, Inc. declined 7.4% to $3.1750. AdTheorent reported withdrawal of acquisition proposal from third party.
• Dada Nexus Limited shares fell 7% to $1.8688 following weak quarterly results.
• Coinbase Global, Inc. fell 4.3% to $210.53.

Now Read This: Top 5 Utilities Stocks You May Want To Dump In May

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The Dow crossed the 40,000 level for the first time on Thursday, notching a fresh all-time high and leading Wall Street gains a day after tepid inflation data bolstered hopes of interest-rate cuts.

At 12:22 p.m. ET, the Dow Jones Industrial Average was up 0.20% at 39,986.2. The S&P 500 was up 0.12% at 5,314.69 and the Nasdaq Composite was up 0.07% at 16,754.651.

The top three S&P 500 (.PG.INX) percentage gainers:

** Walmart Inc , up 6.2%

** Advanced Micro Devices , up 4.4%

** Dollar General Corp , up 3.7%

The top three S&P 500 (.PL.INX) percentage losers:

** Martin Marietta Materials , down 5.1%

** Globe Life Inc , down 4.9%

** Vulcan Materials Co , down 4.1%

The top three NYSE (.PG.N) percentage gainers:

** BM Technologies , up 66.7%

** NanoViricides , up 23.8%

** Canada Goose Holdings , up 16.7%

The top three NYSE (.PL.N) percentage losers:

** Altisource Asset Management Corp , down 30.9%

** GameStop Corp , down 23.1%

** Spire Global , down 20.7%

The top three Nasdaq (.PG.O) percentage gainers:

** TSR Inc , up 69.5%

** AST SpaceMobile , up 58.6%

** Clever Leaves Holdings , up 30.8%

The top three Nasdaq (.PL.O) percentage losers:

** Siyata Mobile , down 25%

** Omeros Corp , down 20.6%

** Tian Ruixiang Holdings , down 20%

** Walmart Inc : up 6.2%

BUZZ - Hits record high after raising annual forecasts

** Deere & Co : down 3.5%

BUZZ - Shares fall after 2024 profit forecast cut

** Grab Holdings Ltd : up 1.7%

BUZZ - Gains after lifting FY profit forecast

** Gamestop Corp : down 23.1%

** AMC Entertainment Holdings Inc : down 10.9%

BUZZ - Extend losses as meme stocks rally fades

** SilverBow Resources Inc : up 11.1%

BUZZ - Rises after report Crescent Energy nears deal to buy firm

** JD.com Inc : up 1.2%

BUZZ - Up after Q1 revenue beat

** Chubb Ltd : up 3.6%

BUZZ - At record high after Berkshire Hathaway reveals $6.7 bln stake

** Bit Digital Inc : up 2.1%

BUZZ - Shares gain on Q1 revenue beat

** Corebridge Financial Inc : up 13.7%

BUZZ - Gains on investor AIG's deal to sell 20% stake

** Nayax Ltd : down 5.2%

BUZZ - Drops on concerns over hardware business

** Canada Goose Holdngs Inc : up 16.7%

BUZZ - Leaps on Q4 results beat driven by North America, China demand

** Spire Global Inc : down 20.7%

BUZZ - Slides after Q1 revenue misses estimates

** Lightspeed Commerce Inc : up 14.5%

BUZZ - Rises as Q1 revenue exceeds estimates

** Crescent Energy Co : down 9.7%

BUZZ - Falls on $2.1 bln deal to buy SilverBow Resources

** Civitas Resources Inc : down 3.8%

BUZZ - Drops as CPPIB's stake sale priced

** Gates Industrial Corp PLC : up 2.8%

BUZZ - Edges down as Blackstone's share sale prices

** Biogen Inc : down 2.2%

** Ionis Pharmaceuticals Inc : down 5.0%

BUZZ - Fall after pulling the plug on experimental ALS drug

** Charles Schwab Corp : down 1.1%

BUZZ - Down; CFO to retire

** CME Group Inc : up 1.5%

BUZZ - Boosts margins for copper futures; shares up

** Advanced Drainage Systems Inc : down 3.6%

BUZZ - Rises after Q4 results

** American International Group Inc : up 0.8%

BUZZ - Rises as insurer sells 20% stake in Corebridge Financial for $3.8 bln

** Meta Platform Inc : down 1.7%

BUZZ - Dips after EU probe over child safety risks

** Eli Lilly and Co : down 1.4%

** Amgen Inc : down 0.7%

** Viking Therapeutics Inc : down 6.2%

BUZZ - Weight-loss drugmakers fall as Roche reports positive early data for obesity drug

** Global Ship Lease Inc : up 4.7%

BUZZ - Rises after upbeat Q1 results

** CNX Resources Corp : up 0.3%

** EQT Corp : up 0.7%

** Tellurian Inc : up 5.2%

** United States Natural Gas Fund LP : up 3.5%

BUZZ - Natgas firms rise on small storage build, lower output

** Coterra Energy Inc : up 1.2%

BUZZ - Truist upgrades Coterra Energy to 'buy'; shares up

The 11 major S&P 500 sectors:

By Sabela Ojea

Shares of TSR on Thursday surged to an all-time-high a day after the company said it has agreed to be acquired by Vienna Parent, a special purpose entity formed by Justin Christian, the founder of BCforward.

The stock was up 70% to $13.14 in morning trading. Shares have jumped 45% since the beginning of the year.

The provider of information technology staffing solutions on Wednesday said the offer made by Vienna Parent values the company at about $29 million.

Vienna Parent will acquire all outstanding shares of TSR's common stock for a purchase price of $13.40 each in cash, representing an almost 74% premium to TSR's closing price on Tuesday, the company said.

The transaction has been approved by the boards of directors of both companies.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

By Chris Wack

Omeros shares were down 20% to $3.32 after the company reported a wider loss in the first quarter compared to last year.

The clinical-stage biopharmaceutical company said it had a quarterly loss of $37.2 million, or 63 cents a share, compared with a loss of $33.7 million, or 54 cents a share, in the same quarter last year.

As of March 31, Omeros had $230.3 million of cash and short-term investments available for operations and debt servicing, an increase of $58.5 million from year-end 2023. This includes $11.9 million of cash used to repurchase 3.2 million shares of its common stock.

The company earned royalties for its Omidria product of $9.4 million on U.S. sales of $31.2 million. This compares to earned Omidria royalties of $9.2 million during the first quarter of 2023, on U.S. sales of $30.7 million.

Write to Chris Wack at chris.wack@wsj.com