PRISM Market Momentum: Stocks on the Move on Monday; Big Tech Higher, iRobot Falls as Amazon Acquisition Deal Crumbles

New York, January 29, 2024 - PRISM MarketView - US equities mostly higher overall on Monday at midday, in choppy trading. Stocks finished higher last week with the small-cap Russell posting solid gains after a four-week streak of declines. Big tech is mostly higher and software, MedTech, building products, pharma, banks, and autos are performing well. Underperformers include energy, airlines, hospitals, retailers, drug stores, and telecoms. Treasuries are firmer, Gold is up +0.3%, Bitcoin futures are down (0.2%) and WTI crude is down (1.0%).

Notable gainers at midday are SoFi Technologies ($SOFI) which has gained +22.6% on beating Q4 EPS and revenue. The company’s Q1 revenue guidance was stronger than expected and management expects 20% to 25% compound revenue growth for 2023 through 2026. McGrath RentCorp ($MGRC) is up +9.8% after announcing it will be acquired by WillScot Mobile Mini ($WSC) in a deal valued at $3.8 billion cash and stock transaction. ZoomInfo Technologies ($ZI) is up +6.3% after being upgraded to buy from neutral at Bank of America.

The day’s decliners include IRobot ($IRBT) which is down (9.2%) after announcing it had agreed with Amazon($AMZN) to terminate a pending acquisition after the EU Commission said it would block the deal. The company will lay off 31% of its workforce. Bloom Energy ($BE) has lost (7.6%) after being downgraded to underperform from neutral at Bank of America Securities, and TKO Group Holdings ($TKO) has fallen (2.4%).

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