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Midday Stock Roundup: Virgin Galactic Delays Space Travel Again

Virgin Galactic drops 15% after delaying commercial space flights; Clean Energy Fuels jumps 17% following Q2 results

August 5

The S&P fell 0.3% to 4,139.82, the Dow 30 was flat at 32,723.77 and Nasdaq decreased 0.5% at 12,661.13 during midday trading.
Crude oil was up 1% at $89.45 a barrel.
Gold decreased 1% to $1,789 an ounce.
The yield on a 10-year Treasury bond rose 6.129% to 2.840%.
SPACE
Tustin-based Virgin Galactic Holdings Inc. (NYSE: SPCE) dropped 15% to $6.95 with a $1.8 billion market cap. Shares decreased after the space travel company again delayed the launch of its commercial space flights to the second quarter of 2023 while reporting second quarter results on Thursday after the market closed. Virgin Galactic also reported its net loss widened to $111 million compared to $94 million a year ago.
ENERGY
Clean Energy Fuels Corp. (Nasdaq: CLNE) jumped 17% to $7.43 with a market cap of $1.7 billion. The Newport Beach-based natural gas provider reported 106.9 million gallons of fuel were delivered in the second quarter while renewable natural gas (RNG) delivered was 50.0 million gallons, up 5.4% and 16% respectively despite rising costs. “We also continued good progress with the construction of new RNG stations to accommodate Amazon’s growing fleet of trucks and volumes,” Chief Executive Andrew J. Littlefair said in a statement.
–Emily Santiago-Molina

August 4

The S&P 500 was down 0.3% to 4,144.10.

The Dow 30 declined 0.5% to 32,665.51.

The Nasdaq was flat at 12,665.81.

Crude oil fell 3.2% to $87.77 a barrel.

Gold was up 1.7% to $1,807 an ounce.

The yield on a 10-year bond declined 1.89% to 2.696%.

TECHNOLOGY

TTM Technologies Inc. (Nasdaq: TTMI) jumped 19% to $16.07 and a $1.6 billion market cap. The Santa Ana-based maker of radio frequency components and printed circuit boards reported a second-quarter adjusted profit of 54 cents a share when the consensus analyst estimate was 33 cents. It also posted revenue of $625.6 million, which topped the average estimate of $600.4 million.

ELECTRIC VEHICLES

Romeo Power Inc. (NYSE: RMO) climbed 8.8% to 85 cents and a $129 million market cap. The Cypress-based maker of electric batteries is being bought by Nikola Corp., a Phoenix-based maker of electric vehicles. When the announcement was made on Aug. 1, shares of Romeo jumped 25%. The all-stock transaction for Romeo is linked to the share price of Nikola, which reported second-quarter results today and climbed 4.6% to $7.82 and a $3.3 billion market cap (Nasdaq: NKLA).

                                                                                                      –Peter J. Brennan

August 3

Major U.S. stock indexes surged in Wednesday midday trading, led by a 2.6% jump in the Nasdaq to 12,667.92, as Wall Street recovered losses from earlier this week and major companies reported solid earnings.

The S&P 500 rose 1.6% to 4,157.98.

The Dow 30 was up 1.4% to 32,841.03.

The yield on a 10-year Treasury bond increased 1.3% to 2.776%.

The price of gold was down 0.8% to $1,775.40.

The price for a barrel of oil fell 3.3% to $91.35.

TECHNOLOGY

Irvine-based data analytics software maker Alteryx Inc. (NYSE: AYX) surged 21% to $60.94 for a market cap of $4.2 billion. The increase adds to Tuesday’s gains after the firm reported second-quarter earnings that far surpassed analyst estimates, with revenue surging 50% to $180.6 million. Analysts had expected revenue of $161 million. The company also raised its full-year guidance.

HEALTHCARE

MDxHealth SA (Nasdaq:MDXH) jumped 16% to $7.61 per share for a $118.7 million market cap after the Belgium and Irvine-based diagnostics company announced it would acquire Exact Sciences Corp.’s genomic prostate test, Oncotype DX® GPS, along with most of its team of urology sales and marketing staff. The company also yesterday reported strong preliminary financial results for the half year ended June 30, 2022 and raised its full year 2022 revenue guidance.

                                                                                                              –Katie Murar

___

August 2

The S&P 500 rose 0.1% to 4,122.12 in midday trading.

The Dow 30 decreased 0.2% to 32,736.02.

The Nasdaq rose 0.8% to 12,468.67.

The yield on a 10-year Treasury bond jumped 3.2% to 2.688%.

The price of gold increased 0.2% to $1,791.40.

The price for a barrel of oil climbed 0.9% to $94.76.

HEALTHCARE

The Ensign Group Inc. (Nasdaq: ENSG), a San Juan Capistrano-based owner and operator of skilled nursing homes, rose 6% to $86.78 apiece for a market cap of $4.8 billion. The company yesterday reported earnings in line with the Zacks Consensus Estimate, while revenue topped the consensus estimate for the third time in the last four quarters.

 TECHNOLOGY

Irvine-based data analytics software maker Alteryx Inc. (NYSE: AYX) rose 4% to $50.47 for a market cap of $3.4 billion. The company, whose shares have risen 5% over the past week, is scheduled to release second-quarter earnings later today.

                                                                                                           –Kevin Costelloe

___

August 1

The S&P fell 0.1% to 4,125.23, the Dow fell .03% to 32,855.63 and Nasdaq rose .07% at 12,394.12 during midday trading.
Crude oil was down 4.9% at $93.77 a barrel.
Gold increased 0.2% to $1,785 an ounce.
The yield on a 10-year Treasury bond fell 0.91% to 2.618%.
HEALTHCARE
Newport Beach-based Evolus Inc. (Nasdaq: EOLS) increased 6.3% to $13.11 with a market cap of $733 million. The medical aesthetic company will report second quarter financial results on August 2 as analysts’ consensus estimates for revenue are $36.63 million. Evolus shares have more than doubled since its 52-week low of $5.22 in January.
RETAIL
Tilly’s Inc. (NYSE: TLYS) was up 4.2% to $7.89 with a $236 million market cap. The volume of the Irvine apparel retailer is over half of the daily average. The shares are still down more than 50% since the start of the year.
AUTO
Romeo Power Inc. (NYSE: RMO), a battery pack manufacturer that finished relocating to Cypress last month, jumped 23% to 68 cents reaching a $103 million market cap after the company announced electric truck maker Nikola Corp. will purchase Romeo for $144 million, or 74 cents per share. Phoenix-based Nikola is Romeo’s largest client, according to officials.

                                                                                                –Emily Santiago-Molina

__

July 29

The S&P 500 index rose 0.9% to 4,109.26 in midday trading.

The Dow 30 increased 0.6% to 32,718.06.

Nasdaq jumped 1.2% to 12,310.75.

Crude oil increased 3.5% to $99.81 a barrel.

Gold climbed 0.6% to $1,779.10 an ounce.

The yield on a 10-year bond fell 1.68% to 2.636%.

SERVICES

Resources Connection Inc. (Nasdaq: RGP) rose 13% to $22.89 and a $757 million market cap. The Irvine-based global consulting firm yesterday reported fiscal fourth-quarter revenue increased 26% to $217 million. “We are very excited to have produced the strongest revenue and adjusted EBITDA we’ve seen in over ten years for both the fourth quarter and full fiscal year,” Chief Executive Kate Duchene said in a statement.

MEDICAL DEVICES

Edwards Lifesciences Corp.,  Orange County’s most valuable publicly traded company  (NYSE: EW), fell 6% to $100.85 and a $63.7 billion market cap. The Irvine-based maker of artificial heart valves yesterday reported second-quarter sales that missed analysts’ consensus estimates and it lowered its 2022 forecast.

                                                                                                      –Peter J. Brennan

 

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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