Mirati Therapeutics Jumps 20% On Positive Study Results Of Adagrasib For NSCLC

United Natural Foods Boosts FY22 Adj. EPS, Net Sales Outlook – Update

While reporting financial results for the third quarter on Tuesday, United Natural Foods, Inc. (UNFI) raised its adjusted earnings and net sales guidance for the full-year 2022.

For fiscal 2022, the company now projects earnings in the range of $3.75 to $4.00 per share and adjusted earnings in the range of $4.65 to $4.90 per share on net sales between $28.8 billion and $29.1 billion.

Previously, the company expected earnings in the range of $4.60 to $4.90 per share and adjusted earnings in the range of $3.90 to $4.20 per share on net sales between $28.2 billion and $28.7 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.16 per share on net sales of $28.66 billion for the year. Analysts’ estimates typically exclude special items.

U.S. Consumer Confidence Edges Lower In May

A report released by the Conference Board on Tuesday showed a modest decrease in U.S. consumer confidence in the month of May.

The Conference Board said its consumer confidence index dipped to 106.4 in May from an upwardly revised 108.6 in April.

Economists had expected the consumer confidence index to drop to 104.0 from the 107.3 originally reported for the previous month.

The report showed the present situation index fell to 149.6 in May from 152.9 in April, while the expectations index declined to 77.5 from 79.0.

“The decline in the Present Situation Index was driven solely by a perceived softening in labor market conditions,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. By contrast, views of current business conditions—which tend to move ahead of trends in jobs—improved.

“Overall, the Present Situation Index remains at strong levels, suggesting growth did not contract further in Q2,” she added. “That said, with the Expectations Index weakening further, consumers also do not foresee the economy picking up steam in the months ahead.”

Pre-market Movers: BCAN, KSS, RWT, GTLB, TRUE…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 06.35 A.M. ET).

In the Green

BYND Cannasoft Enterprises Inc. (BCAN) is up over 35% at $7.07
Kohl’s Corporation (KSS) is up over 13% at $47.70
Redwood Trust, Inc. (RWT) is up over 12% at $10.45
GitLab Inc. (GTLB) is up over 10% at $44.10
TrueCar, Inc. (TRUE) is up over 8% at $3.55
Enservco Corporation (ENSV) is up over 8% at $2.53
Flexible Solutions International, Inc. (FSI) is up over 6% at $2.80
United Natural Foods, Inc. (UNFI) is up over 5% at $47.50
Mexco Energy Corporation (MXC) is up over 5% at $21.04
Nine Energy Service, Inc. (NINE) is up over 5% at $3.68
DiDi Global Inc. (DIDI) is up over 5% at $2.43

In the Red

Yumanity Therapeutics, Inc. (YMTX) is down over 5% at $1.89
MicroStrategy Incorporated (MSTR) is down over 5% at $222.38

Late Night Anticipates ‘America’s Got Treason’

Late-night hosts poked fun at Louie Gohmert, the Republican congressman who complained about not being able to lie to the F.B.I. about Jan. 6.

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By Trish Bendix

Tupperware Brands To Sell Nutrimetics Beauty Business For Undisclosed Terms

Consumer products company Tupperware Brands Corp. (TUP) announced Tuesday that it has entered into a definitive agreement to sell its Nutrimetics beauty business, which operates in Australia, New Zealand, and France. Terms of the transaction, including the anticipated closing date, have not been disclosed

This transaction advances the Company’s turnaround plan strategy of divesting non-core assets to increasingly focus on growing its core Tupperware brand.

The sale of the Nutrimetics beauty business follows the Company’s sale of its Avroy Shlain beauty business in South Africa during the first quarter of 2021, and the sale of its House of Fuller beauty business in Mexico during the second quarter of 2022.

SGL Carbon Increases FY22 Sales, Earnings Guidance

SGL Carbon (SGLFF) said it now expects EBITDApre for 2022 in a range of 130 – 150 million euros. Prior guidance was 110 – 130 million euros. EBITpre is now forecasted to be between 70 – 90 million euros, revised from prior guidance range of 50 – 70 million euros.

The company increased sales guidance to around 1.1 billion euros for 2022, originally expected to be at the level of the previous year.

The forecast for return on capital employed of is raised to 7% – 9%, from prior guidance range of 5% – 7%. Free cash flow is still expected to be significantly lower in 2022 from prior year.

The company noted that its communicated medium-term targets up to 2025 remain unaffected by the forecast adjustment.

Mirati Therapeutics Jumps 20% On Positive Study Results Of Adagrasib For NSCLC

Shares of Mirati Therapeutics, Inc. (MRTX) are jumping over 20% on Tuesday morning driven by the positive results of adagrasib for treatment of NSCLC.

MRTX is currently trading at $52.31, up $9.15 or 21.20%, on the Nasdaq. The stock opened its trading at $44.11 after closing Monday’s trading at $43.16. The stock has traded between $32.96 and $195.99 in the past 52 week period.

Mirati Therapeutics announced the results of a prospective analysis from the Phase 1b cohort of the KRYSTAL-1 study of intracranial responses of adagrasib in KRASG12C-mutated non-small cell lung cancer (NSCLC) with active and untreated central nervous system (CNS) metastases.

According to a statement, 25 patients with active, untreated CNS metastases were enrolled in the study and treated with adagrasib 600 mg BID.

Of the radiographically evaluable patients, results showed an IC objective response rate of 32%. Three patients achieved a complete response, and three patients achieved a partial response.