Cal-Maine Foods, Tesla, On Holding: Trending tickers
The S&P 500 (^GSPC) and the Nasdaq (^IXIC) are trading higher in early trading as stocks digest the ADP's private sector jobs data.
Cal-Maine Foods (CALM) shares dropped after the company missed estimates for its first-quarter earnings. The company's sales decreased by almost 30 percent as egg prices dropped. Tesla (TSLA) shares rose as Morgan Stanley reiterated its "Overweight" rating on the stock after the EV maker released a cheaper version of its Model Y vehicle for U.S. consumers. On Holding (ONON) shares fell in early trading as the athletic brand announced a plan to double its expected 2023 net sales by 2026 at its Investor Day in Switzerland.
Yahoo Finance Live takes a look at some of the morning's trending tickers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Video Transcript
SEANA SMITH: Stocks are on the move this morning. We're seeing a bit of a relief when you take a look at the S&P and the NASDAQ. The Dow, though, back in negative territory. Treasury yields paring back some of the recent gains. The sell off in bonds sent the 30-year yield above 5% earlier in the week, a peak not seen since the 2007 financial crisis. These market moves come as ADP reports growth in private payrolls, that slowed sharply in September, adding 89,000 jobs. We're seeing that as a welcome sign here for the street that was well below the 150,000 expected.
BRAD SMITH: Let's take a look at some individual names here. Cal-Maine Foods following this morning after missing analyst expectations for the first quarter earnings. The sales, they sunk by about 30% as the price of eggs fell to $1.59 per dozen from $2.28 a year earlier here.
SEANA SMITH: We are also watching Tesla rising today. Morgan Stanley reiterating its overweight rating on the stock. This comes as the EV maker launched a cheaper version of its Model Y SUV for the US. Now the new model comes in at just under $44,000. Still though, Tesla is facing increased pressure from some of the rivals, specifically in China. We got some new numbers out this week. BYD among those that turned in stronger production month than the EV giant Tesla.
BRAD SMITH: And we're watching On running. The stocks slipping today as it hosts an investor day in Zurich, Switzerland. The athletic shoe company laid out its growth plans, saying that it intends to double its expected 2023 net sales by 2026, while increasing its adjusted EBITDA margin to 18% or above that in the same time frame.
