Buyers took charge on Wall Street during Monday’s trading, continuing a rebound that began on Friday, when the S&P 500 briefly dipped into bear-market territory. With financial stocks leading the advance, the major averages posted a notable rebound, led by a nearly 2% rise in the Dow.

Despite the advance in the overall market, some mall-based retailers continued to decline. Express (EXPR), Gap (GPS), Abercrombie & Fitch (ANF) and Children’s Place (PLCE) all finished lower.

Carvana (CVNA) and Avaya (NYSE:AVYA) also extended recent weakness, with each posting further double-digit percentage declines.

Elsewhere in the market, Treehouse Foods (THS) posted a notable gain, lifted by a positive analyst comment. At the same time, Antero Resources (AR) was carried higher by a further advance in natural gas prices, climbing to a new 52-week high.

Sector In Focus

While many beaten-down names received a bid on Monday amid a general Wall Street rebound, shares of several mall-based retailers remained under pressure. Investors continued to show skepticism about how these firms would hold up as consumers faced higher prices and a possible recession.

Express (EXPR) was among the biggest percentage decliners in the group. The stock fell nearly 9%. Meanwhile, Gap (GPS) was another notable decliner, dropping more than 5% and setting a new 52-week low.

Abercrombie & Fitch (ANF) and Children’s Place (PLCE) both fell around 4%, with each also establishing fresh intraday 52-week lows as well.

Standout Gainer

A positive analyst comment gave a lift to Treehouse Foods (THS), which climbed almost 12% on the session.

Truist selected the private label food company as a top pick, arguing that economic forces favor the company. The firm pointed to high food inflation and the threat of a potential recession, which will have consumers looking for lower-cost alternatives.

Following the bullish note, THS climbed $4.28 on the day to close at $40.98.

The stock hovered near its 52-week low of $29.47 from mid-March into early May. At that point, the release of a better-than-expected earnings report spurred a rebound. THS has jumped 34% since its close on May 6.

Standout Loser

Carvana (CVNA) extended its recent downward momentum, as investors continued to flee the one-time pandemic darling. With news in recent weeks of staff cuts and regulatory problems, shares have pushed lower, including a nearly 10% slide on Monday.

A series of setbacks took CVNA to a 52-week low of $28.35 on May 11. A surge of bargain hunting allowed the stock to jump nearly 40% on May 12, but shares have steadily lost ground again since.

The slide was fueled in part by news that the company had cut around 2,500 jobs, or about 12% of its workforce.

On Monday, CVNA took another step down, retreating $3.33 to close at $30.24. Shares also approached their 52-week nadir, reaching an intraday low of $28.75.

Notable New High

A further advance in natural gas prices pushed Antero Resources (AR) to a new high. The stock jumped 8% on the session.

Natural gas prices rose about 8% on the day. The commodity has been climbing on increased demand and supply concerns stemming from Russia’s invasion of Ukraine, touching levels not seen since 2008.

Piggy-backing on the advance, AR rose $4.09 to close at $39.37. The stock also closed at its high for the day, setting a new intraday 52-week high.

AR has climbed more than 120% so far in 2022.

Notable New Low

The selling pressure on Avaya (AVYA) intensified on Monday, adding to weakness seen since the shares of the cloud communications firm announced disappointing results earlier this month. The stock fell an additional 14% to reach another 52-week low.

On May 10, AVYA revealed a quarterly profit that came up short of analysts’ expectations. Revenue also proved a disappointment, falling 3% from last year to reach $716M.

Prompted by the financial figures, the stock plunged 22% the following session. The retreat has continued since, including a decline of 69 cents on Monday, taking the stock to $4.11.

Monday’s slide also brought the stock to an intraday 52-week low of $4.06. AVYA has now fallen 11 out of the past 13 sessions, dropping 63% over the past month.

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