PRISM Market Momentum: Stocks on the Move on Tuesday; Gold, Bitcoin and General Motors Gain, Calix Slumps

New York, January 30, 2024 - PRISM MarketView - US equities are trading mostly lower on Tuesday at midday after finishing higher on Monday. Big tech is mixed, while autos, MedTech, and large-cap banks are outperforming. It’s a slower day for logistics, chemicals, building products, airlines, machinery, asset managers, and REITs. Treasuries are mostly weaker, the Dollar index is down (0.1%), Gold is up +0.3%, Bitcoin futures are up +0.5% and WTI crude is up +1.0%.

Notable gainers at midday are Sanmina ($SANM) which has soared +26.2% on FQ1 earnings with revenue in line and FQ2 guidance better than expected. Helmerich & Payne ($HP) is up +12.4% on beating Q4 EPS and revenue driven mostly by higher US land results, CommVault Systems ($CVLT) has gained +10.3% on beating FQ3 EPS and revenue and announcing that total ARR grew 17% year over year. General Motors ($GM) is up +7.1% with Q4 results largely in line and 2024 EBIT and EPS guidance beating consensus. The company highlights tailwinds such as absence of the UAW strike, lower EV inventory allowance adjustments, new agreement with LG for an EV battery, lower Cruise expense, and benefits from fixed cost reduction program.

The day’s decliners are Calix, Inc ($CALX) which is down (25.8%) in spite of Q4 earnings being better than expected with revenue in line. The company highlighted new customer growth but announced Q1 guidance notably lower than consensus. Adtalem Global Education ($ATGE) has lost (18.7%) and Schlumberger ($SLB) has fallen (9.5%) on news that Saudi Aramco is pausing its plans to ramp up its crude production capacity to 13M bpd from the current ~12M. United Parcel Service ($UPS) is down (7.8%) on Q4 results and guidance for 2024.

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