PRISM Market Moves on Monday: Century Aluminum Soars on DoE Deal, Disney Gains; United Drops
US equities are trading mostly lower on Monday at midday, following a 2% rally in the S&P last week and the best weekly performance of the year. Small-caps are enjoying a strong session while big tech is lower. Underperformers include airlines, semis, software, life sciences, rails, multis, and C&E. Outperformers include autos, energy, asset managers, department stores, drug stores, and tobacco. Treasuries are weaker, the Dollar is weaker, Gold is up +0.8%, Bitcoin futures are up +8.4%, and WTI crude is up +1.7%.
Outperformers at midday are GoodRx Holdings ($GDRX) which has surged +13.8% after being upgraded to overweight from equal weight at Wells Fargo, Century Aluminum ($CENX) has gained +7.6% after the company was selected by the US Department of Energy to receive a $500 million investment to build a new, greener aluminum smelter. This would be the first new US primary aluminum smelter in 45 years. Foot Locker ($FL) is up +5.9% after being upgraded to outperform from in line at Evercore ISI, and Walt Disney has risen +2.4% on being upgraded to overweight from equal weight at Barclays. Analysts noted that while proxy-vote and increased investor confidence has helped the stock recently, there are several turnaround elements in play, as well as other sources of potential upside.
The day’s decliners are Dyne Therapeutics ($DYN) which has fallen (10.4%) after the company announced that its President and CEO, Joshua Brumm, had stepped down to pursue a career in healthcare investing. Mr. Brumm will be replaced effective today by John Cox. Take-Two Interactive ($TTWO) is down (5.9%) after reports that Grand Theft Auto 6 could miss its early 2025 release window which may be pushed into late 2025 or even early 2026. United Airlines ($UAL) has lost (4.4%) after the Federal Aviation Administration said on Saturday that it was increasing oversight of the airline following a series of safety incidents; Bloomberg reported that the FAA has discussed preventing the addition of new routes and even barring customers from flying on newly delivered aircraft.
