U.S. Movers: ConAgra, Intuitive Machines, Lamb Weston, Levi Strauss

Scott Peters
04 Apr, 2024
New York City

Stocks advanced, Treasury yields held steady, and gold prices jumped to a record high as investors looked beyond rate jitters and dialed down rate-cut expectations. 

The S&P 500 index increased 0.4% to 5,251.70, and the Nasdaq Composite rose 0.9% to 16,411.42. 

The yield on 2-year Treasury notes edged lower to 4.70%, 10-year Treasury notes inched up to 4.39%, and 30-year Treasury bonds edged up to 4.53%.

Levi Strauss & Co. soared 10.5% to $22.05 after the denim apparel maker reported quarterly results that met market expectations. 

Revenue in the fiscal first quarter ending on February 25 declined 7.8% to $1.56 billion, net income swung a loss of $10.6 million from a profit of $114.7 million, and diluted earnings per share were a loss of 3 cents compared to 29 cents a year ago. 

The company declared a cash dividend of 12 cents per share payable on May 23 to shareholders on record on May 9. 

Intuitive Machines jumped 2% to $6.16 after the company won a U.S. space agency's $30 million contract to build a lunar terrain vehicle. 

ConAgra Brands jumped 4.9% to $30.50 after the company reported quarterly results that met market expectations. 

Revenue in the fiscal third quarter declined 1.7% to $3.03 billion, net income declined 9.8% to $308.7 million from $341.7 million, and diluted earnings per share dropped to 64 cents from 71 cents a year ago. 

Volvo SE gained 0.6% to SEK 288.50 after the vehicle maker reported a significant increase in sales in March and in the first quarter. 

The Sweden-based vehicle maker, owned by China-based Geely, said the company sold 78,970 passenger cars in March, an increase of 25% from a year ago. 

First-quarter vehicle sales soared 12% from a year ago to 182,687. 

Electric vehicle sales in Europe advanced 34% in March and rose 22% in the first quarter; however, electric vehicle sales in China plunged 34%. 

Lamb Weston Holdings plunged 18% to $83.44 after the potato processing company reported weaker-than-expected earnings due to the slower transition to a new computer system. 

Revenue in the fiscal third quarter ending on February 25 increased 16% to $1.46 billion, net income fell to $146.1 million from $175.1 million, and diluted earnings per share dropped to $1.01 from $1.21 a year ago. 

“The ERP transition temporarily reduced the visibility of finished goods inventories located at distribution centers, which affected our ability to fill customer orders,” the company highlighted in a statement to investors. 

The lower visibility negatively impacted sales and margins. 

Lamb Weston forecasts 2024 adjusted income between $5.50 and $5.65 a share and 2024 sales between $6.54 billion and $6.6 billion; both metrics are below Wall Street analyst expectations.