PRISM Market Momentum: Stocks on the Move on Wednesday; Paramount Global Up, Boeing Takes Flight while Google and Tesla Drag

New York, January 31, 2024 - PRISM MarketView - ​US equities are trading mostly lower on Wednesday at midday after a lower end to the day on Tuesday. Big tech is underperforming, led by Alphabet ($GOOGL), and Tesla ($TSLA) is trading lower amid legal headlines over CEO Elon Musk’s $56 billion pay package. Media, refiners, medtech, healthcare distributors, and exchanges are performing well, while semis, regional banks, energy, credit cards, asset managers, retail/apparel, and life sciences are lagging. Treasuries are rallying, the Dollar index is down (0.2%), Gold is up +1.0% and Bitcoin futures are down (2.1%).

Notable gainers at midday on Wednesday are Plug Power ($PLUG) which is up +17.0% after being upgraded to buy from neutral at Roth MKM, Manhattan Associates ($MANH) which has gained +7.7% on strong Q4 results beating EPS and revenue, and with FY24 guidance ahead of consensus. Paramount Global ($PARA) is up +7.5% after Allen Media Group confirmed that it has made a ~$30 billion enterprise-value offer for the company, and Boeing ($BA) has risen +6.3% on beating Q4 EPS and revenue and in spite of reporting a profit loss.

The day’s decliners include New York Community Bancorp ($NYCB) which has dropped (35.1%) following poor Q4 earnings, Rockwell Automation ($ROK) is down (15.1%) after missing FQ1 EPS and revenue, and Teradyne ($TER) is down (8.6%) after providing Q1 guidance well below expectations. The company flagged seasonal weakness in Robotics. Alphabet ($GOOGL) has lost (6.2%).

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