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Indexes Sink into Close, Q1 Reports for NVAX, WYNN & More

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Markets had been trading on bifurcated paths in the first session of the week, with the Dow sailing ahead riding a six-day winning streak and the Nasdaq being hit hard for the first time in the last three trading days. At the end of the day, however, the Dow closed -0.09%, the S&P 500 fell 1.04% and the Nasdaq more than doubled this loss: -2.55%, its worst single trading day in almost two months. The small-cap Russell 2000 fared worst, -2.59%.

In what has often looked like a cautious approach toward mitigating risk near all-time highs — trading out of growth tech into cyclicals, and vice-versa — became a bit unruly today with an hour before the closing bell, and then again minutes into the close. The impact of the sizable drop in the Nasdaq today helped pull down the S&P 500, and even became a drag on the blue-chip Dow, it would appear.

More Q1 earnings results hit the tape after the market close, with more unruliness to content with: growing pains for another biotech firm with a Covid vaccine candidate and a kids’ gaming platform showed wildly vast numbers, while a Las Vegas and Macau gaming entertainment firm tries to get itself off the canvas from a year-long pandemic:

Novavax (NVAX - Free Report) shares popped 3% in late trading on the biotech’s Q1 results: a bottom-line loss of $3.05 per share was worse than the -$2.65 expected (and far lower than the -58 cents reported in the year-ago quarter), though revenues returned more than +10,000% from a year ago to $447 million, easily surpassing the Zacks consensus $292 million. The company expects results for its Covid-19 vaccine sometime in the ongoing quarter.

Open-source online platform Roblox (RBLX - Free Report) gained 3.5% after hours following its Q1 results, even though the company showed big misses on both top and bottom lines: -46 cents per share was a big downward swing from the +21 cents expected, while $387 million in quarterly sales missed the $568 million analysts were looking for. But revenue growth surged 140% in this, the firm’s first earnings report since its direct listing IPO last month.

Wynn Resorts (WYNN - Free Report) missed bottom-line expectations by a penny to -$2.01 per share, for the company’s seventh straight quarterly miss. Revenues in the quarter reached $726 million. However, shares are up 2% in after-hours trading (+52% year over year) on better-than-expected EBITDA in Macau, Las Vegas and Boston. The company also announced its Wynn Interactive digital business will be spun off into a SPAC.

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Wynn Resorts, Limited (WYNN) - free report >>

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