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Monday, Nov 28, 2022
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Midday Stock Roundup: Space Stocks Fall 

Major stock indexes down

Nov. 28

Indexes dropped Monday morning following weekend protests against the Covid lockdown policies throughout China, causing fears about production levels of products like Apple cell phones, according to the Wall Street Journal and Bloomberg News.

The S&P decreased 1.1% to 3,982.27, the Dow 30 was down 1% to 33,989.98, and the Nasdaq also fell 1% to 11,113.86 during midday trading.

Crude oil rose 1.4% to $77.32 per barrel.

Gold fell 0.7% to $1,742 per ounce.

The yield on a 10-year bond was up 0.33% to 3.703%.

AEROSPACE & DEFENSE 

Tustin-based Virgin Galactic Holdings Inc. (NYSE: SPCE) was off 4.6% to $4.87 with a $1.3 billion market cap. Shares of the space tourism company have fallen 64% from the beginning of 2022.

Another aerospace manufacturer, Terran Orbital Corp. (NYSE: LLAP) fell 5.4% to $2.55 per share with a market cap of $367 million. Shares of the Florida-based satellite maker, with significant operations in Irvine, are down 78% since a 52-week high of $11.80 in March.

Terran has launched two of its lunar satellites this year, including the LunIR spacecraft this month, while Virgin Galactic reported in early November that its space tours remained on track to take flight in 2023.

Emily Santiago-Molina

Nov. 23

U.S. stock indexes were up in Wednesday midday trading following news from the Federal Reserve that a slowdown in interest rate hikes is likely.

The S&P 500 increased 0.6% to 4,028.89.

The Dow 30 was up 0.4% to 34,232.03.

The Nasdaq jumped 1.1% to 11,294.62.

The yield on a 10-year Treasury bond dropped 1.1% to 3.715%

The price of gold rose 0.6% to $1,750.90.

The price for a barrel of oil fell 4% to $77.71.

RESTAURANTS

Irvine-based Kura Sushi USA Inc. (Nasdaq: KRUS) rose 4.2% to $66.11 and a $647.2 million market cap. Shares have nearly doubled in the past six months.

EVs

Rivian Automotive Inc. (Nasdaq: RIVN) was up 2.4% to $29.64 and a $26.3 billion market cap. A Motley Fool report indicated the Irvine-based manufacturer of electric trucks “looks promising” with “an attractive order backlog” of 100,000 delivery vans from Amazon.

–Katie Murar

Nov. 22

The S&P 500 rose 0.7% to 3,978.95 in midday trading.

The Dow 30 increased 0.8% to 33,963.17.

The Nasdaq climbed 0.5% to 11,078.44.

The yield on a 10-year Treasury bond dropped 1.8% to 3.758%

The price of gold was flat at $1,740.10.

The price for a barrel of oil was up 2.3% at $81.90.

AUTOMOTIVE

Shares in automobile tech chip company Indie Semiconductor (Nasdaq: INDI) in Aliso Viejo rose 3.3% to $7.85 apiece for a market cap of $981 million. Despite today’s gain, the shares have lost about 35% of their value since the start of the year.

HEALTHCARE

Irvine-based Inari Medical Inc. (Nasdaq; NARI), which makes products to treat patients suffering from blood clots and venous diseases, fell 2.1% to $76.09 per share for a market cap of $4.1 billion. The shares are down about 17% so far this year.

                                                                         –By Kevin Costelloe

Nov. 21

The S&P decreased 0.3% to 3,951.76, the Dow 30 was flat at 33,736.19, and the Nasdaq fell 1.1% to 11,025.91 during midday trading.

Crude oil fell 1.2% to $79.14 per barrel.

Gold decreased 1% to $1,738 per ounce.

The yield on a 10-year bond was down 0.21% to 3.81%.

REAL ESTATE 

Landsea Homes Corp. (Nasdaq: LSEA), based in Newport Beach, fell 5% to $5.52 with a $227 million market cap. Shares of the homebuilder are still up 17% since Nov. 3 when it reported third-quarter adjusted earnings of 69 cents per share beating the Zacks estimate of 50 cents.

AUTOMOTIVE

Brea-based Mullen Automotive Inc. (Nasdaq: MULN) was down 6% to 25 cents per share with a market cap of $145 million. “We have a lot of substantive news coming out over the next two to three weeks, and we will get to the point of delivering to the consumer,” Chief Executive David Michery told The Stock Day Podcast on Friday about getting the stock price above $1.

Emily Santiago-Molina

Nov. 18

The S&P 500 was flat at 3,944.55.
The Dow 30 was up 0.2% at 33,604.57.
The Nasdaq slipped 0.5% to 11,086.03.
Crude oil fell 3.3% to $78.98 a barrel.
Gold decreased 0.6% to $1,753 an ounce.
The yield on a 10-year treasury bond rose 1.3% to 3.825%.

TECHNOLOGY

Indie Semiconductor Inc. (Nasdaq: INDI) jumped 14% to $7.69 a share and a $950 million market cap. The Aliso Viejo auto-focused tech company said yesterday it will sell $140 million of convertible senior notes due 2027 in a private offering. The notes are convertible at $8.65 per share, about a 30% premium to $6.655 close on Nov. 16.

Viant Technology Inc. (Nasdaq: DSP) dropped 6.4% to $3.82 a share and a $235 million market cap. Shares in the Irvine advertising software company are down 68% since a year ago.

–Kaitlin Aquino


Nov. 17

The S&P 500 was off 0.3% to 3,948.36 while the Dow 30 rose 0.1% to 33,589.44 and the Nasdaq fell 0.1% to 11,177.10.

Crude oil dropped 4.3% to $81.93 a barrel.

Gold was down 0.7% to $1,763 an ounce.

The yield on a 10-year bond was up 2.3% to 3.777%.

CANNABIS

WM Technology Inc. (Nasdaq: MAPS) dropped 8.4% to $1.20 a share and a $216 million market cap. Shares of the Irvine-based provider of online cannabis information have fallen 37% since Nov. 7 when it reported third-quarter results that missed analyst consensus estimates and announced Chris Beals stepped down as chief executive.

ENERGY

Clean Energy Fuels Corp. (Nasdaq: CLNE) fell 6.5% to $6.78 and a $1.5 billion market cap. Shares of the Newport Beach supplier of renewable natural gas are now down 12% this week.

                                                                                                   –Peter J. Brennan


Nov. 16

Major U.S. stock indexes fell during Wednesday midday trading after Target significantly missed third-quarter earnings expectations amid a slowdown in consumer spending, raising concern for retailers heading into the holiday season.
The S&P 500 was down 0.6% to 3,966.22, while the Nasdaq dropped 1.3% to 11,206.82.
The Dow 30 was flat at 33,600.02.
Crude oil plunged 2.8% to $84.53.
Gold was up 0.1% to $1,778.30.
The yield on a 10-year Treasury bond was off 1.9% to 3.725%.

RETAIL
Irvine-based Tilly’s Inc. (NYSE: TLYS) led local retail losses with shares down 5.6% to $8.86 and a $267.4 million market cap. Shares are currently trading at roughly a third of their average daily volume and are off about 45% since the start of the year. The casual apparel retailer will report third quarter earnings on Dec. 1.

Cerritos-based Revolve Group Inc. (NYSE: RVLV) saw shares decrease 5.1% to $27.23 and a $2 billion market cap. Shares are also trading at about one-third of their average volume.

Shares in Boot Barn Holdings Inc. in Irvine (NYSE: BOOT) slipped 1.5% to $61.63 and a $1.8 billion market cap. Shares are up 6% in the past month.

–Katie Murar

Nov. 15

The S&P 500 surged 1.3% to 4,010.30 in midday trading.

The Dow 30 increased 0.4% to 31,683,43.

The Nasdaq jumped 2.2% to 11,442.25.

The yield on a 10-year Treasury bond dropped 1.2% to 3.818%

The price of gold dipped 0.1% to $1,775.20.

The price for a barrel of oil rose 0.6% to $86.35.

TECHNOLOGY

Data analytics software maker Alteryx Inc. (NYSE: AYX) in Irvine rose 6.5% to $48.90 per share for a market cap of $3.4 billion, buoyed by the rise in the tech-heavy Nasdaq stock index.

MEDIA

TV maker and media company Vizio Holding Corp. (NYSE: VZIO) in Irvine rose 4.5% to $11 per share for a market cap of $2.1 billion. Chicken Soup for the Soul Entertainment Inc. (Nasdaq: CSSE), a provider of content to consumers, yesterday announced an expanded deal with Vizio that brings the Redbox and Crackle free streaming apps to Vizio remote controls.

                                                                                   –Kevin Costelloe

 

Nov. 14

The S&P increased 0.1% to 3,995.06, the Dow 30 was up 0.3% at 33,861.70, and the Nasdaq rose 0.1% to 11,330.40 during midday trading.

Crude oil decreased 3.4% to $85.95 per barrel.

Gold rose 0.3% to $1,774 per ounce.

The yield on a 10-year bond was up 1.6% to 3.874%.

AEROSPACE AND DEFENSE 

Terran Orbital Corp. (NYSE: LLAP) jumped 10% to $2.74 with a $390 million market cap. The Florida-based satellite manufacturer, with significant operations in Irvine, announced today that its CAPSTONE spacecraft arrived in a Near-Rectilinear Halo Orbit (NRHO) around the moon on Sunday, Nov. 13. This marks the next phase of the CAPSTONE’s pathfinding lunar mission, officials said.

ENERGY

Newport Beach-based Clean Energy Fuels Corp. (Nasdaq: CLNE) fell 6.1% to $7.19 per share with a market cap of $1.6 billion. Shares of the supplier of renewable natural gas are still up about 50% in the past month.

Emily Santiago-Molina

Nov. 11

The S&P 500 rose 0.5% to 3,976.99.
The Dow 30 slipped 0.3% to 33,605.85.
The Nasdaq jumped 1.4% to 11,274.69.
Crude oil climbed 2.3% to $88.47 a barrel.
Gold was up 0.8% at $1,768 an ounce.
The yield on a 10-year treasury bond was down 0.4% at 3.813%.
TECHNOLOGY
 
Indie Semiconductor Inc. (Nasdaq: INDI) rose 11% to $8.95 a share and a $1.1 billion market cap. Shares in the Aliso Viejo automobile tech company rose after the company yesterday reported that revenue climbed 147% to $30 million in the third quarter.
Netlist Inc. (OTC: NLST) fell 8.4% to $1.48 per share and a $344 million market cap. Shares in the Irvine digital storage company are off 81% their 52-week high last November.
–Kaitlin Aquino

Nov. 10

Several Orange County stocks surged today as well as major indexes on signals that inflation was easing.

OC-based companies that jumped more than 10% today include Alteryx Inc. (NYSE: AYX), 13% to $47.03 and a $3.2 billion market cap; Boot Barn Holdings Inc. (NYSE: BOOT) 14% to $60 and a $1.8 billion market cap; and Avid Bioservices Inc. (Nasdaq: CDMO), 12% to $14.57 and a $906 million market cap.

The S&P 500 climbed 4.3% to 3,909.37 while the Dow 30 was up 2.6% to 33,347.21 and the Nasdaq increased 5.7% to 10,942.64.

Crude oil increased 0.8% to $86.51 a barrel.

Gold rose 2.2% to $1,752 an ounce.

The yield on a 10-year bond fell 7.35% to 3.846.

MEDIA

Vizio Holding Corp. climbed 18% to $10.85 and a $2.1 billion market cap. The Irvine-based seller of TVs and a growing advertising platform yesterday reported third-quarter revenue at its Platform+ ad division climbed 49% to $128 million, helping its adjusted profit surpass the high end of its prior guidance.

EVs

Rivian Automotive Inc. (Nasdaq: RIVN) jumped 16% to $32.62 and a $28.8 billion market cap. The Irvine-based manufacturer of electric trucks yesterday reported third-quarter results and reiterated its production goal of 25,000 vehicles this year.

MARKETING

Advantage Solutions Inc. (Nasdaq: ADV) dropped 19% to $2.63 and an $836 million market cap. The Irvine-based provider of marketing services yesterday reported third-quarter results that missed expectations.

                                                                                                       –Peter J. Brennan


 

Nov. 9

The S&P 500 and Dow 30 both dropped 0.9% to 3,793.43 and 32,851.47, respectively, during midday trading.

The Nasdaq was down 1.3% to 10,483.15.

The yield on a 10-year Treasury bond slipped 0.2% to 4.117%.

The price of gold was flat at $1,715.70 an ounce.

The price of oil fell 2.5% to $86.68 a barrel.

MEDICAL DEVICES
Irvine-based medical technology company Masimo Corp. (Nasdaq: MASI) fell 8.8% to $112.29 per share and a market cap of $5.9 billion. The company reported third quarter earnings on Tuesday that beat analyst’s expectations, though the firm did not raise its fourth quarter guidance, citing a “challenging healthcare environment with softer hospital census levels and ongoing supply chain challenges,” according to CEO Joe Kiani.

ENERGY
Newport Beach’s Clean Energy Fuels Corp. (Nasdaq: CLNE) rose 5.5% to $7.24 and a $1.6 billion market cap. The supplier of renewable natural gas yesterday posted third quarter revenue of $125.7 million, surpassing the Zacks Consensus Estimate by nearly 16% and up from year-ago revenue of $86.1 million.

–Katie Murar

Nov. 8

Major stock indexes rose on investor expectations of a strong Republican showing on U.S. Election Day today.

The S&P 500 was up 1.3% to 3,855.06  in midday trading.

The Dow 30 increased 1.5% to 33.328.60.

The Nasdaq was up 1.4% to 10,710.84.

The yield on a 10-year Treasury bond fell 1.7% to 4.142%.

The price of gold rose 2.1% to $1.716.10

The price for a barrel of oil tumbled 1.3% to $90.61.

TECHNOLOGY

Costa Mesa-based financial services software company MeridianLink Inc. (NYSE: MLNK) fell 16.1% to $13.55 per share for a market cap of $1.1 billion a day after reporting third-quarter earnings per share and revenue that missed analysts’ estimates.

AUTOMOTIVE

Electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine rose 3.5% to $32.42 per share for a market cap of $28.6 billion. Earnings season “could be great” for Rivian, Zacks Equity Research said earlier today. “The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report. That is because Rivian Automotive is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat,” Zacks said. The company’s third-quarter earnings are scheduled for release tomorrow after the market close.

 

FINANCE

Mortgage provider loanDepot Inc. (NYSE: LDI) in Foothill Ranch fell 6.6% to $1.55 per share for a market cap of $502 million, hours before the scheduled release of third-quarter earnings. Analysts are predicting a year-on-year drop in revenue and earnings per share, according to SeekingAlpha.com.

                                                                       –By Kevin Costelloe

Nov. 7

The S&P increased 0.2% to 3,778.09, the Dow 30 was up 0.7% at 32,641.68, and the Nasdaq rose 0.2% to 10,493.08 during midday trading.

Crude oil increased 0.1% to $92.70 per barrel.

Gold rose 0.2% to $1,680 per ounce.

The yield on a 10-year bond was up 1.28% to 4.209%.

AEROSPACE AND DEFENSE

Ducommun Inc. (NYSE: DCO), based in Santa Ana, was up 7.8% to $50.47 with a $609 million market cap. The aerospace and defense manufacturer today reported third-quarter earnings of 96 cents a share, beating the analysts’ consensus estimate of 85 cents. “Our third quarter saw very strong top-line growth with Commercial Aerospace demand once again leading the way along with another quarter of solid performance in Ducommun’s largest business, defense,” Chairman and Chief Executive Stephen G. Oswald said.

FINANCE

Foothill Ranch-based loanDepot Inc. (NYSE: LDI) rose 11% to $1.70 with a market cap of $544 million. The mortgage lender will report third-quarter results Nov. 8. Chief Executive Frank Martell said in August the company expected to exit its wholesale channels by the end of the third quarter to redirect resources and increase margins.

Emily Santiago-Molina

 

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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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