Movers: Cal-Maine, GE, Lockheed, Southwest Air, RXO, Vornado Realty

Scott Peters
29 Dec, 2022
New York City

Tech stocks rally lifted Apple Inc 3.1% to $129.96 and Tesla Inc 8.8% to $122.65. 

General Electric Company increased 0.6% to $82.46 and the spinoff GE HealthCare Technologies will be added to the S&P 500 index after it begins trading as a separate company on January 4. 

Vornado Realty and RXO will be reassigned to different indexes after the GE HealthCare addition.  

Vornado Realty Trust advanced 1.9% to $21.30  after the real estate company was assigned from the S&P 500 index to the S&P MidCap 400 index.      

RXO Inc soared 6.4% to $17.40 after the logistics company will be moved to the S&P 600 index from the S&P 400 MidCap Index. 

Lockheed Martin increased 0.6% to $486.28 after the largest defense contractor's Sikorsky unit said it plans to challenge the recent U.S. Army $1.3 billion contract award to Textron. 

Textron Inc advanced 1.0% to  $70.61. 

Southwest Airlines Co increased 3.4% to $33.30 and the discount carrier remained in focus after the company canceled thousands of flights over the holiday weekend and struggled to resume its normal schedule. 

Cal-Maine Foods Inc plunged 11.9% to $54.75 after the egg producer's quarterly results were below analysts' expectations. 

The company has been struggling with egg production after the recent outbreak of avian flu and the egg company said there were no positive tests for avian flu at its manufacturing facilities. 

The USDA division of Animal and Plant Health Inspection Service reported on December 27, 2022, that approximately 43.3 million commercial layer hens and 1.0 million pullets have been "depopulated" due to HPAI or avian flu this year. 

Revenue in the fiscal second quarter ending in November soared 110% to $801.7 million from a year ago after egg prices soared. 

Net income in the quarter rose to $198.6 million from $1.2 million and diluted earnings per share increased to $4.07 from 2 cents a share a year ago.