PRISM Market Moves on Thursday: Duolingo, JetBlue Rise; Tesla Downgraded at Deutsche Bank
US equities are trading higher at midday on Thursday near best levels and rebounding after a four-day slide for the S&P 500 and Nasdaq. Today’s outperformers include managed care, airlines, homebuilders, rail, insurers, energy, credit cards, and banks. Big tech is also mostly higher in spite of Tesla ($TSLA) trading down for the fifth consecutive day. Semis, refiners, hospitals, MedTech, large-cap software, and casinos are underperforming. Treasuries are weaker, the Dollar index is up +0.1%, Gold is up +0.3%, Bitcoin futures are up +4.7% and WTI crude is down (0.5%), continuing recent weakness.
Outperformers at midday are Badger Meter ($BMI) which has gained +12.2% on strong Q1 earnings and revenue. The company highlighted continued customer adoption of smart water solutions as well as sequential improvement in flow instrumentation products. Duolingo ($DUOL) has risen +7.3% on news that the company will join the S&P MidCap 400, JetBlue Airways is up +6.7% after being upgraded to neutral from underweight at JP Morgan, and eBay ($EBAY) has climbed +2.0% after being upgraded to overweight from underweight at Morgan Stanley.
The day’s decliners are Las Vegas Sands ($LVS) which has dropped (6.7%) in spite of strong Q1 adj EBITDA and revenue. Market share loss in Macau is driving hesitancy among some investors. Snap-On ($SNA) has fallen (6.6%) on light Q1 revenue due to weaker sales in the US Tools segment. Tesla ($TSLA) has lost (3.0%) after the company was downgraded to hold from buy at Deutsche Bank. Analysts cited the company’s strategic shift away from the Model 2, noting that the previous price target was based on a next-generation vehicle priced at $25K.
