New York, January 23, 2024 - PrismMarketView - US equities are trading slightly lower overall at midday on Tuesday, following some early strength and with the S&P remaining relatively unchanged. Outperformers during the morning have included airlines, telecoms, grocery, retail, and China tech. Homebuilders, funds, pharma, banks and health-tech are underperforming, while Big Tech is mixed. Treasuries are weaker, the Dollar index is up +0.4%, Gold is up +0.2%, Bitcoin futures have dropped (2.0%), and WTI crude is down 0.5% in choppy trading.
The morning’s notable performers are Plug Power ($PLUG) which has gained +17.1% after announcing it has finalized its term sheet negotiation with the Department of Energy for a $1.6B loan facility. TKO Group Holdings ($TKO) is up +14.9% on news of a new long-term partnership which will see Netflix ($NFLX) become the new home of WWE Raw, beginning in 2025. Inhibrx, Inc. ($INBX) has risen +10.0% after agreeing to be acquired by Sanofi ($SNY)for $30 a share upfront, or an aggregate transaction value of $2.2B, and United Airlines ($UAL) is up +7.6% on strong Q4 earnings and passenger strength.
The day’s decliners include Vroom ($VRM) which has dropped (37.9%) after announcing it will wind down its e-commerce used vehicle operations to preserve liquidity and to refocus its business on finance and AI services. 3M ($MMM) is down (12.0%) after Q4 organic sales declined more than expected, and D.R. Horton ($DHI) has fallen (9.8%) on missing EPS but beating revenue for FQ1.
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