PRISM Market Momentum: Stocks on the Move on Thursday; Etsy Shines, Merck Gains, Peloton Drops on EBITDA Decline

New York, February 01, 2024 - PRISM MarketView - US equities are trading mostly higher on Thursday at midday after a lower finish on Wednesday that saw the S&P 500’s worst performance since September. Big tech is higher, and other outperformers include fertilizers, machinery, rails, software, apparel, and homebuilders. Regional banks, insurance, trucking, airlines, and department stores are having a more difficult day. Treasuries are firmer, the Dollar index is flat and Gold is down (0.3%).

Notable gainers at midday are Corteva ($CTVA) which has gained +15.7% on Q4 earnings, beating operating EPS and revenue. Analysts are positive on improving declines in Crop Protection. Etsy ($ETSY)  is up +7.9% after announcing the appointment of Elliott Management’s Marc Steinberg to its board. Merck ($MRK) has risen +3.1% on beating Q4 earnings and revenue with help from Keytruda results, while the company’s Gardasil and Animal Health segments were softer.

Peloton Interactive ($PTON) has dropped (22.9%) after announcing an FQ2 EBITDA decline larger than expected. The company’s revenue and gross profit were better than expected, but analysts flagged growth challenges. Polestar Automotive ($PSNY) is down (16.1%) and MaxLinear ($MXL) has fallen (14.4%) after Q4 results which were in line but the company guided below expectations, flagging longer-than-expected inventory correction in most end markets.

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