Good Evening. As investors scrambled to salvage the last two trading days of a dismal year for markets, U.S. equities surged higher on Thursday, spurred by a recovery in technology firms.
The S&P 500 rose 1.75%, reversing two consecutive days of losses, while the Dow Jones increased 1.05%. The Nasdaq Composite increased the most by 2.59%.
FRESH EGG EARNINGS
Cal-Maine Foods (CALM) shares declined this week as the nation’s biggest egg producer announced excellent growth in its fiscal second quarter, but profitability fell short of expectations.
- Revenue: $801.7 Million vs. 797.8 Million Expected
- Earnings Per Share: $4.07 vs. $4.24 Expected
“Our results demonstrate the strength of our operating model and ability to execute our growth strategy in a dynamic environment,” said CEO Sherman Miller. He went on, “Above all, we remain focused on our mission — to be the most sustainable producer and reliable supplier of fresh shell eggs and egg products in the United States.”
Did you know… Contrary to the overall market trend, Cal-Maine stock has soared this year as a result of increased egg prices. This is great for investors because a third of the company’s earnings are distributed as dividends. The stock’s previous quarterly dividend payment of $1.35 represents a yield of almost 10%, but future payouts will rely on egg prices.
BEING SUED IS NOT SO SWEET
Hershey Co. (HSY) is being sued for allegedly selling dark chocolate with unsafe levels of heavy metals such as lead and cadmium.
Dove, Ghirardelli, Alter Eco, and Mast were among the 23 bars evaluated by Consumer Reports, which concluded that only one ounce per day of Dove, Ghirardelli, Alter Eco, or Mast would put an adult above the number of heavy metals recommended by public health authorities.
In the study, they found that Hershey’s dark chocolate has harmful amounts of cadmium and lead, despite the common belief that dark chocolate is the healthier option. Hershey’s Special Dark bar and Lily’s 70% bar had high levels of lead, while Lily’s 85% bar included significant levels of lead and cadmium.
In light of this revelation, the lawsuit seeks at least $5 million in damages, including at least $500 per transaction under New York law.