Viatris Stock Gains 6% After Quarterly Results

U.S. Manufacturing Growth Unexpectedly Slows In April

Growth in U.S. manufacturing activity unexpectedly slowed in the month of April, according to a report released by the Institute for Supply Management on Monday.

The ISM said its manufacturing PMI fell to 55.4 in April from 57.1 in March. While a reading above 50 still indicates growth in the sector, economists had expected the index to inch up to 57.6.

The unexpected decrease by the headline index came as the employment index slumped to 50.9 in April from 56.3 in March.

“In April, progress slowed in solving labor shortage problems at all tiers of the supply chain,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

He added, “Panelists reported higher rates of quits compared to previous months, with fewer panelists reporting improvement in meeting head-count targets.”

The drop by the PMI also came as the new orders index edged down to 53.5 in April from 53.8 in March, while the production index dipped to 53.6 from 54.5.

The report showed the prices index also fell to 84.6 in April from 87.1 in March, indicating a slowdown in the pace of price growth.

On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector in the month of April. The services PMI is currently expected to inch up to 58.9 in April from 58.3 in March.

Tsakos Energy Navigation Slide Continues

Tsakos Energy Navigation Ltd. (TNP) shares are sliding more than 14 percent on Monday morning trade continuing a fall since Friday after reaching a year-to-date high. There were no corporate announcements on the day to influence the stock movement.

Currently, shares are at $11.15, down 15.12 percent from the previous close of $13.13 on a volume of 185,992. For the 52-week period, the shares have traded in a range of $6.75-$13.90 on average volume of 296,296.

Arvinas Stock Plunges 15%

Shares of Arvinas, Inc. (ARVN) are currently slipping nearly 15% on Monday morning. The company announced it has entered into neuroscience drug discovery collaboration with GNS Healthcare.

ARVN is currently trading at $39.00, down $6.68 or 14.62%, on the Nasdaq. The stock opened its trading at $40.82 after closing Friday’s trading at $45.68.

GNS Healthcare and clinical-stage biotechnology company Arvinas has entered collaboration deal to create a new class of drugs based on targeted protein degradation, to generate insights to help accelerate drug development for neurodegenerative diseases.

21% Rise In US Covid Hospitalizations In A Fortnight

The number of people hospitalized with coronavirus infection in the United States has increased by 21 percent in two weeks, according to the latest New York Times tally.

18,918 patients are remaining in the country’s hospitals for treatment for the viral disease. Out of this, 2121 patients are admitted in intensive care units.

12 percent rise was recorded in ICU admissions in the last two weeks.

The county on Sunday recorded 4981 Covid cases and 23 deaths.

With this, the total number of people infected with the killer bug in the country has risen to 81,877,929, as per the latest data from Johns Hopkins University.

The U.S. Covid casualties increased to 997,539.

New York reported the most number of cases – 6,400 – and deaths – 19.

80,944,857 people have so far recovered from the disease, the Worldometer tally shows.

As per the latest data published by the Centers for Disease Control and Prevention, 220,138,061 Americans, or 66.3 percent of the eligible population, have been administered both doses of Covid vaccine so far. This includes 90.5 percent of people above 65.

46 percent of the eligible population, or 101,244,437 people, have already received a booster dose that is recommended to provide additional protection from the killer virus.

702 additional deaths were reported globally on Sunday, taking the total number of people who lost their lives due to the pandemic so far to 6,251,526.

ASML Holding Down 6%

ASML Holding N.V. (ASML) shares are down more than 6 percent on Monday morning trade. The company today reported details of the transactions under its current share buyback program. Shares have been sliding for the last several weeks.

Currently, shares are at $516.44, down 6.27 percent from the previous close of $551.0 on a volume of 756,754.

European Economics Preview: Eurozone Unemployment Data Due

Unemployment data from Euro area and Germany are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s unemployment data for March.

At 3.55 am ET, the Federal Labor Agency is scheduled to issue Germany’s unemployment report for April. The jobless rate is seen unchanged at 5.0 percent in March.

At 4.30 am ET, UK S&P/CIPS final manufacturing PMI is due. The final reading is seen at 55.3 in April, in line with flash estimate.

At 5.00 am ET, Eurostat is scheduled to publish eurozone unemployment and producer prices for March. The jobless rate is expected to fall slightly to 6.7 percent from 6.8 percent in February. Economists forecast the producer price inflation to rise to 36.3 percent in March from 31.4 percent in February.

PLAYSTUDIOS Stock Down 10%

Shares of PLAYSTUDIOS, Inc. (MYPS) are slipping nearly 10% on Monday morning. MYPS is currently trading at $4.3050, down $0.4650 or 9.7484%, on the Nasdaq.

PLAYSTUDIOS develops and publishes free-to-play casual games for mobile and social platforms in the United States, North America, and internationally. The company is headquartered in Las Vegas, Nevada.

Viatris Stock Gains 6% After Quarterly Results

Shares of Viatris Inc. (VTRS) are gaining over 6% on Monday morning after reporting first-quarter results.

VTRS is currently trading at $10.58, up $0.63 or 6.33%, on the Nasdaq. The stock has traded between $9.66 and $16.29 in the 52-week period. The stock opened its trading at $10.13 after closing Friday’s trading at $9.95.

Sales for the first quarter was $4.2 billion, down from 5% to $4.40 billion last year.

Net income for the quarter was $399.2 million or $0.33 per share, compared to last year’s loss of $1.04 billion or $0.86 per share.

For fiscal 2022, the company still projects total revenue between $17.0 billion and $17.5 billion.

The company also said its Board of Directors declared a 9 percent higher quarterly dividend of $0.12 for each issued and outstanding share of the company’s common stock, payable on June 16, 2022, to shareholders of record at the close of business on May 24, 2022.