PRISM Market Momentum: Stocks on the Move on Friday; Trade Desk, Coinbase and Texas Roadhouse Outperform, Roku Stumbles

US equities are lower on Friday at midday trading after stocks ended higher on Thursday. Small-caps are down after a successful session on Thursday. Other outperformers are construction materials, energy, industrial metals, chemicals, and credit cards. Apparel, homebuilders, airlines, banks, software, utilities, food/beverage, and media are lagging. Treasuries are weaker, the Dollar index is flat, Gold is up +0.3%, Bitcoin futures are up +0.9% and WTI crude is up +0.8% in choppy trading.

Notable gainers are Trade Desk ($TTD) which has soared +18.3% on beating Q4 revenues, EBITDA, EPS and guiding ahead on Q1 revenue and EBITDA. The company announced a $700 million share buyback program. Coinbase ($COIN) is up +14.6% on strong Q4 earnings and transaction revenue, subscription results, and trading volumes ahead of consensus, and Texas Roadhouse ($TXRH) has gained +8.9% on Q4 earnings, beating EPS and with revenue in line.The company stated it will  implement a ~2.2% menu price increase in late March.

Decliners at midday are Roku ($ROKU) which has slumped (22.4%) following better than expected Q4 results but disappointing platform revenue growth guidance, and more limited margin expansion. Bloom Energy ($BE) has lost (21.3%) on missing Q4 EPS and revenue missed and with FY24 revenue guidance weaker than expected. The company announced that President and CFO Greg Cameron intends to depart the company. Dropbox ($DBX) is down (19.9%) after earnings with FCF, paid users, and ARR all below consensus, FY24 guidance below expectations and multiple downgrades.