PRISM Market Moves on Friday: Dell Excels, Sweetgreen Soars; Plug Power and Keurig Dr Pepper Stumble

US equities are trading higher on Friday at midday, after achieving a fourth straight month of gains on Thursday. Energy is the best performing sector, while hardware and semis are driving tech upside following Dell’s ($DELL)stellar earnings. Big tech is mixed and regional banks are weak following New York Community Bancorp’s ($NYCB)update today. Treasuries are rallying, the Dollar is strengthening, Gold is up +1.2%, Bitcoin futures are down (0.2%), and WTI crude is up +2.9%, above $80 for the first time since November.

Notable gainers at midday are Dell Technologies ($DELL) which has surged +26.1% on Q4 earnings with EPS beat. The company highlighted ISG strength driven by AI servers, along with an 80% sequential increase in AI server backlog. Dell said that large customers are still cautious regarding spend. Sweetgreen ($SG) has risen +25.1% with Q4 EBITDA beat, revenue in line, and Q1 and FY24 EBITDA and revenue guidance stronger than expected. The company said protein plates are expected to drive traffic growth in 2024. Everbridge ($EVBG) is up +24.5% after the company announced it will be taken private by Thoma Bravo for $35 a share in cash.

The day’s decliners are New York Community Bancorp ($NYCB) which has dropped (22.5%) after announcing material weakness in internal controls over financial reporting related to an internal loan review. The company says it has appointed Alessandro DiNello as President and CEO, effective immediately. Plug Power ($PLUG) is down (2.5%) after FY losses came in higher than expected, and Keurig Dr Pepper ($KDP) has lost (2.2%).