PRISM Market Momentum: Stocks on the Move on Thursday; United Rentals, IBM, Nokia Shine; Humana, Tesla Slide

New York, January 25, 2024 - PrismMarketView - US equities are trading higher on Thursday at midday following a mixed finish on Wednesday. The S&P 500 and Nasdaq are shaping up for the sixth straight day of gains as small caps outperform. Other top performers at midday include tech services, tech hardware, media, homebuilders, airlines, and department stores, while EVs, managed care, rails, regional banks, and fertilizers are underperforming. Treasuries are firmer, the Dollar index is up +0.3%, Bitcoin futures are up +0.2% and WTI crude is up +1.5%.

Notable gainers at midday are United Rentals ($URI) which has risen +12.4% on Q4 earnings, beating EBITDA with help from sales of used equipment, IBM ($IBM) which is up +12.2% on beating Q4 EPS and revenue, with revenue increasing 4% year over year despite very challenging macroenvironment, and Nokia ($NOK) which has gained +10.7% after its Q4 EPS and revenue came in better than expected. The company noted a weak sales outlook in 2024 but analysts remain positive on the company’s earnings resilience in a tough macroenvironment.

The day’s decliners are Columbia Banking System ($COLB) which has fallen (20.9%) on weak Q4 earnings with EPS and net interest income missed, and with net interest margin also weaker than expected. The company attributed the miss to FDIC special assessment and some one-time expense items. Concentrix ($CNXC) is down (14.3%) after beating Q4 EPS and revenue, but Q1 and FY24 EPS guidance weaker than expected, and Humana ($HUM) has lost (13.5%) on FY24 EPS guidance being below expectation with analysts assuming that higher Medicare Advantage medical costs will persist throughout 2024. Tesla ($TSLA) is down (10.6%) on missing Q4 EPS and revenue.

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