PRISM Market Momentum: Stocks on the Move on Friday; AMEX Up, Spirit Airlines and Intel Drop

New York, January 26, 2024 - PrismMarketView - US equities are mixed at midday on Friday, reversing earlier strength and after a higher finish on Thursday that saw S&P and Nasdaq rise for a sixth straight session. Big tech is trading higher and other outperformers include credit cards, MedTech, regional banks, department stores, athletic apparel, and media. It’s a tougher day for payments, rails, trucking, airlines, homebuilders, and software. Treasuries are mostly weaker and the Dollar index is down (0.2%). Gold is down (0.1%), Bitcoin futures are up +5.5%, and WTI crude is down 1.2% in choppy trading.

Notable gainers at midday are AppFolio ($APPF) which has gained +27.9% on Q4 earnings, beating revenue and EPS, Booz Allen Hamilton Holding ($BAH) which is up +13.2% after announcing it had beaten FQ3 EPS and revenue, and raising guidance for FY24 EPS and revenue growth, and Olin Corp ($OLN) which has risen +7.7% on beating Q4 EBITDA and revenue, despite challenges from lower pricing. American Express ($AXP) is up +7.4% despite missing Q4 EPS and revenue.

The day’s decliners are Spirit Airlines ($SAVE) which has slumped (16.3%) after JetBlue ($JBLU) informed the company yesterday that its merger agreement may be terminated on and after January 28. JetBlue also said it continues to evaluate its options while Spirit argued there is no basis for terminating. Intel ($INTC) is down (10.6%) following Q4 earnings, revenue, and earnings, which are better with Client Computing a bright spot. KLA Corporation ($KLAC) is down (5.0%) in spite of beating FQ2 EPS and revenue. Guidance disappointed analysts who noted a muted recovery.

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