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Thursday, Sep 29, 2022
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Midday Stock Roundup: CalAmp, MDxHealth Shares Up

Major stock indexes rebound

Sept. 28

Major U.S. indexes rose in Wednesday midday trading, recovering from losses earlier this morning caused by a brief spike of the 10-year Treasury yield.

The S&P 500 rose 1% to 3,684.92 while the Dow 30 climbed 1.1% to 29,442.66 and the Nasdaq was up 0.7% to 10,909.72.

Crude oil jumped 2.8% to $80.73 a barrel.

Gold surged 1.4% to $1,658.60 an ounce.

The yield on a 10-year bond was down 4.6% to 3.781%.

TECHNOLOGY

CalAmp Corp. (Nasdaq: CAMP) rose 6.8% to $4.41 per share and a $165 million market cap. Shares in the Irvine telematics firm fell are off about 38% since the start of the year.

HEALTHCARE

MDxHealth SA (Nasdaq:MDXH) led local healthcare declines Wednesday with shares down 6.6% to $6.67 for a $112 million market cap. Shares for the Belgium and Irvine-based diagnostics company hit a new 52-week low on Monday and are currently trading at about a quarter their average daily volume.  

–Katie Murar

Sept. 27

The S&P 500 was down 0.3% at 3,643.23 in midday trading.

The Dow 30 fell 0.6% to 29,079.06.

The Nasdaq dipped 0.1% to 10,787.27.

The yield on a 10-year Treasury bond rose 1.9% to 3.953%

The price of gold rose 0.2% to $1,636.90.

The price for a barrel of oil increased 1.7% to $78.03.

HEALTHCARE

Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) in Irvine rose 5.6% to $17.14 per share for a market cap of $457 million. Earlier in the day, Tarsus said it will present “positive data from the Saturn-2 Phase 3 trial to our ophthalmology colleagues, partners, and other industry leaders” at two scientific forums.

MEDIA 

Irvine based TV maker and media company Vizio Holding Corp. (NYSE: Vizio) fell 1.8% to $9.64 per share for a market cap of $1.9 billion. The shares have fallen from $20.92 apiece a year ago.

                                                                        –Kevin Costelloe

Sept. 26

The S&P fell 0.9% to 3,661.22, the Dow 30 was down 0.9% at 29,311.46, and the Nasdaq was off 0.3% to 10,835.40 during midday trading.

Crude oil decreased 1.9% to $77.25 per barrel.

Gold was down 1.1% to $1,638 per ounce.

The yield on a 10-year bond rose 4.46% to 3.862%. 

REAL ESTATE 

Irvine-based Five Point Holdings LLC (NYSE: FPH) decreased 8.2% to $2.56 with a $380 million market cap. Shares of the mixed-use community developer have fallen 62% since the beginning of the year, and are trading at a 52-week low.

AUTOMOTIVE

Brea-based Mullen Automotive Inc. (Nasdaq: MULN) fell 13% to 35 cents with a market cap of $200 million. Volume was near the average daily trading. Shares of the electric vehicle startup are down 48% for September after announcing new acquisitions and partnerships this month.

Emily Santiago-Molina

Sept. 23

Indexes fell after investors worried over treasury yields rising to their highest level in over a decade, according to the Wall Street Journal.

The S&P 500 slid 2.1% to 3,678.89.
The Dow 30 dropped 2% to 29,472.75.
The Nasdaq declined 2.1% to 10,838.43.
Crude oil fell 6.2% to $78.32 a barrel.
Gold declined 1.6% to $1,654 an ounce.
The yield on a 10-year bond was down 0.2% at 3.699%.

TECHNOLOGY

CalAmp Corp. (Nasdaq: CAMP) slid 20% to $3.92 per share and a $142 million market cap. Shares in the Irvine telematics firm fell after it reported yesterday third quarter earnings results that missed the Zacks Consensus Estimate.

WELLNESS

Xponential Fitness Inc. (NYSE: XPOF) fell 7.9% to $17.44 per share and a $854 million market cap. Shares in the Irvine boutique fitness franchisor have been up about 56% since their 52-week low in June.

–Kaitlin Aquino

Sept. 22

Publicly traded companies headquartered in Orange County were hit hard in today’s markets. In a list of approximately 100 OC stocks tracked by the Business Journal, about 90 were down in midday trading.

The S&P 500 was off 0.6% to 3,765.68 while the Dow 30 was down 0.2% to 30,126.56 and Nasdaq dropped 1.1% to 11, 093.34.

A barrel of oil rose 1% to $83.74.

Gold was up 0.5% to $1,684 an ounce.

The yield on a 10-year Treasury bond increased 4.84% to 3.68%.

MEDICAL DEVICES 

Glaukos Corp. (NYSE: GKOS) was off 6.7% to $50.99 and a $2.4 billion market cap. Shares of the Aliso Viejo maker of devices to treat glaucoma are still up 53% since a 52-week low in May.

RESTAURANTS 

BJ’s Restaurants Inc. (Nasdaq: BJRI) dropped 8.3% to $24.28 and a $569 million market cap. The Huntington Beach-based restaurant chain yesterday hosted a series of institutional investor meetings yesterday at the 5th Annual Wells Fargo Consumer Conference at the Ritz Carlton in Dana Point.

                                                                                                 –Peter J. Brennan

Sept. 21

The S&P 500 rose 0.4% in Wednesday midday trading to 3,872.28.

The Dow 30 increased 0.3% to 30,785.33.

The Nasdaq was up 0.4% to 11,465.29.

Crude oil was down 0.3% to $83.71 a barrel.

Gold ticked 0.1% higher to $1,673 an ounce.

The yield on a 10-year climbed 0.3% to 3.581%.

REAL ESTATE
Newport Beach-based Landsea Homes Corp. (Nasdaq: LSEA) rose 4.3% to $5.26 for a market cap of nearly $227 million. A Wednesday housing report issued by Santa Ana-based First American Financial (NYSE: FAF) said the market potential for existing home sales increased 2.1% in August from the month prior, the largest monthly increase since December 2020.

HEALTHCARE

Evolus Inc. (Nasdaq: EOLS) fell 6.5% to $8.91 a share and a $499.8 million market cap. The Newport Beach-based provider of aesthetic therapeutics today announced it has concluded the royalty payments from the 2021 settlement of litigation claims with Medytox Inc. and Allergan Inc. Shares for Evolus are trading at less than half their average daily volume.

–Katie Murar

Sept. 20

The S&P 500 was down 0.9% at 3,863.50 in midday trading.

The Dow 30 fell 0.9% to 30,731.85.

The Nasdaq slid 0.5% to 11,475.14,

The yield on a 10-year Treasury bond jumped 2.2% to 3.6%.

The price of gold fell 0.4% to $1,671.90.

The price for a barrel of oil tumbled 2.2% to $83.89.

AEROSPACE

Small-satellite maker Terran Orbital Corp. (NYSE: LLAP) decreased 8.2% to $3.06 apiece for a market cap of $469 million. The company is based in Florida but counts substantial operations in Irvine. Investor website SimplyWallSt.com noted yesterday that institutional investors own a respectable stake in the company.  “However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes,” the website said.

TECHNOLOGY

Irvine-based chipmaker Skyworks Solutions Inc. dropped 1.9% to $97.99 per share for a market cap of $15.7 billion. The company’s shares have lost more than 40% of their value over the last 12 months, amid growing uncertainty in the semiconductor sector.

                                                                                                                                                                                                                                      –Kevin Costelloe

 

Sept. 19

The S&P rose 0.1% to 3,875.19, the Dow 30 was flat at 30,808.68, and the Nasdaq decreased 0.2% to 11,430.58 during midday trading.

Crude oil increased 0.3% to $85.37 per barrel.

Gold was down 0.2% to $1,680 per ounce.

The yield on a 10-year bond rose 0.78% to 3.475%.

 

HEALTHCARE

Irvine-based Edwards Lifesciences Corp. (NYSE: EW) decreased 5.1% to $88.56 with a $55 billion market cap. The medical device maker announced Saturday trial results for two transcatheter therapies known as TEER that were confirmed “safe and effective” by Edwards, following an FDA approval last week.

AUTOMOTIVE

Cypress-based Romeo Power Inc. (NYSE: RMO) was up 5.5% to 56 cents with a market cap of $104 million. Volume was about a third of the average. The electric battery manufacturer, soon to merge with Nikola Corp., reminded its stockholders on Friday to tender shares before the all-stock transaction scheduled for Sept. 26. Nikola (Nasdaq: NKLA) was down 6%.

Emily Santiago-Molina

Sept. 16

Indexes fell as investors worried over projected interest rate hikes and a profit warning from bellwether stock FedEx Corp., according to the Wall Street Journal.

The S&P 500 dropped 1.4% to 3,847.37.
The Dow 30 slipped 1.1% to 30,622.39.
The Nasdaq fell 1.6% to 11,368.25.
Crude oil rose 0.4% to $85.45 a barrel.
Gold was up 0.3% at $1,682 an ounce.
The yield on a 10-year bond was down 0.2% at 3.453%.

HEALTHCARE

Alignment Healthcare Inc. (Nasdaq: ALHC) dropped 18% to $13.11 per share and a $2.5 billion market cap. The Orange-based provider of Medicare Advantage insurance plans announced yesterday a secondary offering of 9 million shares, underwritten by J.P. Morgan.

Tarsus Pharmaceuticals Inc. (Nasdaq: TARS) fell 10% to $14.35 per share and a $383 million market cap. Shares in the Irvine eye drug developer are now down about 58% since their 52-week high last October.

–Kaitlin Aquino

Sept. 15

The S&P 500 fell 0.8% to 3,914.63 while the Dow 30 was off 0.4% to 31,021.21 and the Nasdaq declined 1.1% to 11,591.32.

Crude oil fell 3.4% to $85.49 a barrel.

Gold declined 2.1% to $1,674 an ounce.

The yield on a 10-year bond increased 1.49% to 3.463%.

AUTOMOTIVE

Mullen Automotive Inc. (Nasdaq: MULN) rose 5% to 56 cents and a $283 million market cap. The Brea-based maker of electric vehicles today revealed a first look at its ultra-high performance EV sport crossover called the FIVE RS with a top speed of 200 mph and acceleration from zero to 60 mph in just 1.9 seconds.

TECHNOLOGY

Viant Technology Inc. (Nasdaq: DSP) fell 4.4% to $4.42 and a $271 million market cap. Shares of the maker of advertising software are now down 25% since Aug. 9 when it reported second-quarter results that missed analysts’ estimates.

                                                                                                 –Peter J. Brennan

Sept. 14

The S&P 500 rose 0.3% to 3,945.51 while the Dow 30 climbed 0.1% to 31,148.12 and the Nasdaq was also up 0.8% to 11,726.32.

Crude oil jumped 3% to $89.90 a barrel.

Gold was down 0.3% to $1,711.70 an ounce.

The yield on a 10-year bond was off 0.5% to 3.404%.

HEALTHCARE

MDxHealth SA (Nasdaq:MDXH) led local healthcare declines Wednesday with shares down 6.2% to $7.46 for a $125.3 million market cap. Shares for the Belgium and Irvine-based diagnostics company are currently trading at roughly half their average daily volume and are down 23% since the start of the year.

Irvine-based Sabra Health Care REIT Inc. (Nasdaq: SBRA) decreased 5.8% to $13.65 for a market cap of $3.2 billion. Shares are off slightly from $13.83 at the start of the year.

                                                                                      —Katie Murar

Sept. 13

Major stock indexes fell on news of faster-than-expected inflation that led to investor certainty of a hefty interest-rate increase from the Fed next week.

The S&P 500 decreased 2.9% to 3,989.99 during midday trading.

The Dow 30 slid 2.6% to 31,541.90.

The Nasdaq was down 3.8% to 11,805.59.

The yield on a 10-year Treasury bond jumped 2.1% to 3.44%.

The price of gold fell 1.7% to $1,711.40.

The price for a barrel of oil decreased 1.6% to $86.39.

FINANCE

Shares in mortgage originator loanDepot Inc. (NYSE: LDI) in Foothill Ranch were down 7% to $1.59 per share for a market cap of $549 million. Shares in loanDepot have dropped from $7.25 apiece a year ago. The company said yesterday it had named Joseph Grassi, an industry veteran who spent two decades at Fannie Mae, as its chief risk officer.

 

AEROSPACE

Space tourism company Virgin Galactic Holdings Inc. (NYSE: SPCE) in Tustin fell 7.6% to $5.60 per share for a market cap of $1.5 billion. Shares in the company have dropped more than 8% since Bernstein analyst Douglas Harned cut his rating on the company to sell from hold last week, while lowering his price target to $4 a share from $7. Virgin Galactic has been disappointing would-be private astronauts with delays to the expected start of its commercial service.

                                                                                      —Kevin Costelloe

Sept. 12

The S&P rose 0.9% to 4,102.13, the Dow 30 was up 0.6% at 32,352.73, and the Nasdaq increased 1.1% to 12,245.10 during midday trading.

Crude oil rose 1.7% to $88.25 per barrel.

Gold was up 0.9% to $1,744 per ounce.

The yield on a 10-year bond fell 0.15% to 3.316%.

 

MEDICAL DEVICES

Inari Medical Inc. (Nasdaq: NARI) was up 5.2% to $81.30 with a market cap of $4.3 billion. Shares of Irvine-based medical device maker to treat blood clots in veins have risen 23% since it announced two weeks ago it will be presenting new studies and is conducting a new trial.

REAL ESTATE 

loanDepot Inc. (NYSE: LDI) in Foothill Ranch was off 4.5% to $1.70 with a $581 million market cap. The real estate services provider announced today that Joseph Grassi was appointed chief risk officer and will report directly to CEO Frank Martell.

Emily Santiago-Molina

Sept. 9

Indexes rose as investors bought technology and high-growth stocks ahead of incoming inflation data next week, according to Reuters.

The S&P jumped 1.3% to 4,058.64.
The Dow 30 gained 1.0% to 32,093.16.
The Nasdaq rose 1.9% to 12,085.13.
Crude oil climbed 3.3% to $86.26 a barrel.
Gold was up 0.5% at $1,728 an ounce.
The yield on a 10-year bond increased 0.6% to 3.310%.

HEALTHCARE

OncoCyte Corp. (NYSE: OCX) climbed 13% to 89 cents per share and a $106 million market cap. Shares in the Irvine cancer test maker are still down about 79% since their 52-week high last September.

Avid Bioservices Inc. (Nasdaq: CDMO) rose 5.8% to $18.22 per share and a $1.1 billion market cap. Shares in the Tustin drug manufacturer have been up since Wednesday, when the company reported first-quarter 2023 revenue and earnings results that beat the Zacks consensus estimate.

–Kaitlin Aquino

 

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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