The first day of the new trading week was a back and forth one, with a couple of major swings in both directions. When all was said and done, however, nobody decisively won the day. The S&P 500 was up a mere 0.07% on Monday, closing at 2,357.16.
Advanced Micro Devices, Inc. (NASDAQ:AMD), TherapeuticsMD Inc (NYSEMKT:TXMD) and National Fuel Gas Co. (NYSE:NFG) weren’t modestly bullish for the session though. These three names ranked among the worst of the worst, dishing out the most pain to shareholders on Monday.
Here’s a closer look at what went wrong for each.
National Fuel Gas Co. (NFG)
Bad news for National Fuel Gas Co. today, and by extension, bad news for NFG shareholders. The state of New York has rejected the company’s request to develop its planned Northern Access Pipeline Project.
National Fuel Gas is a pipeline and storage play. It gets paid based on the amount of natural gas it delivers from one point to another, and how much natural gas it stores before suppliers line up customers. Its path to growth is building a bigger network of pipelines. It had high hopes for its latest endeavor, but the New York State Department of Environmental Conservation says the laying of those lines could adversely impact the quality of waters in New York state.
National Fuel Gas’ management did not say if they would appeal or argue the ruling, or even if they could. The sizeable 9.4% tumble NFG shares took on Monday, though, suggests investors aren’t hopeful.
Advanced Micro Devices, Inc. (AMD)
For the second trading day in the past three, Advanced Micro Devices earned a spot on the daily ‘worst 3’ list. Today’s 3.1% setback may have only been an extension of the first one, which was inspired by a key downgrade from Goldman Sachs. In short, Goldman analyst Toshiya Hari believes AMD stock is already priced to perfection, and then some.
Possibly fanning the bullish flames that burned AMD on Monday was news that the chipmaker was acquiring wireless VR headsets technology company Nitero, for an undisclosed amount.
It’s a fit in the sense that Advanced Micro Devices has been wading deeper into virtual reality waters with its new CPUs and GPUs. It’s not entirely clear, though, to what extent a purchase of Nitero and its technology IP will be of fiscal benefit to AMD.
TherapeuticsMD Inc (TXMD)
Last but not least, biopharma outfit TherapeuticsMD dished out some bad news to its shareholders on Monday, reporting that the recently submitted application for its drug Yuvvexy, or TX-004HR, was deficient by Food and Drug Administration standards.
The company didn’t specify what those deficiencies were, but a statement from TherapeuticsMD did indicate that it intended to work with the FDA to resubmit the new drug application; Yuvvexy is intended to treat pain during intercourse in post-menopausal women. Investors, though, aren’t terribly hopeful. By the time the dust settled following the ringing of the closing bell, TXMD was down 19.5%, as the FDA’s targeted decision date of May 7th seems optimistic, at best.
As of this writing, James Brumley did not hold a position in any of the aforementioned securities.