25 Nov

Tyson Foods (TSN) Leads SPY on Quarterly Gains

WRITTEN BY Renee Blakely

Industrial and healthcare sectors

The industrial sector lagged on the day after the release of purchasing managers’ manufacturing index for November 2015, which came in lower than expected, suggesting slow growth in manufacturing activity. Allergan (AGN) and Pfizer (PFE) fell on November 23 after the two companies agreed on their $150 billion merger deal. AGN fell 3.4%, while PFE fell 2.6% on the day.

Tyson Foods (<a href=https://marketrealist.com/ticker/tsn/>TSN</a>) Leads SPY on Quarterly Gains

Top stocks

Stocks at the top of the SPDR S&P 500 ETF (SPY) on November 23 were Tyson Foods (TSN), Mallinckrodt Pharmaceuticals (MNK), and Nabors Industries (NBR). These stocks rose 10.2%, 8.4%, and 5.2%, respectively. The graph above compares the stock performances of Tyson Foods (TSN) and its peer company Kellogg (K) since October 2015.

On November 23, Tyson Foods (TSN) closed at $48.09, which is well above its 100-day, 50-day, and 20-day moving averages of $44, $44, and $45, respectively, suggesting a rising trend. Analysts’ stock price target is $52.14, which also suggests a potential rise in the stock. The beta of the stock is 0.93, and a beta of less than 1 means the stock is less susceptible to broad market movement.

The trading volume of the stock surged to 17,640,572 shares from 5,717,582 shares on the previous trading day after the company reported solid quarterly gains. TSN reported revenue of $10.5 billion as compared to the estimate of $10.3 billion. It also boosted its dividend and profit outlook for the year. The stock has earned seven “buy,” three “hold,” and no “sell” recommendations. Standard & Poor’s has rated the stock BBB with a stable outlook.

Kellogg (K) rose 3.5% on the day after Credit Suisse (CS) upgraded the stock from “neutral” to “outperform.” Mallinckrodt Pharmaceuticals (MNK) also rose on the day on its positive quarterly earnings report, and Nabors Industries (NBR) rose due to the rise in oil prices.

Bottom stocks

Stocks at the bottom of the SPY on November 23 were CONSOL Energy (CNX), Analog Devices (ADI), and Electronic Arts (EA). These stocks fell 6.7%, 4.4%, and 4.8%, respectively.

Electronic Arts (EA) fell on the day due to GameStop’s (GME) weak forecast for video games sales. GME fell 4.2% after the forecast.

In the next part of this series, we’ll look at the UK stock market’s performance on November 23.

Latest articles

US crude oil production has more than doubled since 2009 and grew by 1.1% over the last year. Currently, there are 133 operable refineries in the US.

The cannabis industry is fighting against the ongoing US-China trade war and recessionary worries, which have hurt valuations across the global market.

Higher revenues, increased ticket prices, and lower fuel costs are likely to drive American Airlines' Q3 earnings higher despite its Boeing MAX woes.

HEXO plans to report its Q4 earnings before the market opens on October 24. October has been tough for Hexo, with its stock falling 31.2% as of October 18.

Today, Advanced Micro Devices (AMD) rose 4% to over $32, making it one of the top Nasdaq gainers. Morgan Stanley raised its price target for AMD stock.

Early in 2019, President Donald Trump warned that China could overtake the US as a global power. He vowed that this would not happen under his leadership.