PRISM Market Momentum: Stocks on the Move on Friday
US equities are modestly higher at midday on Friday with the S&P 500 and Nasdaq both on pace for their eighth-straight session of gains. Today’s outperformers include small-caps, homebuilders, regional banks, pharma, biotech, precious metals miners, and energy. Decliners at midday include apparel, China tech and video games , airlines, machinery, and gaming.
Companies gaining during the day are Karuna Therapeutics ($KRTX) which has soared +47.1% on the news it will be acquired by Bristol-Myer Squibb ($BMY) for $330 per share for total equity value of $14 billion, Rocket Lab USA ($RKLB) which is up +25.9% after announcing it has secured a $515 million contract with the US government to design, manufacture, deliver, and operate 18 space vehicles. ANSYS, Inc. ($ANSS) has gained +8.7%.
Detractors on Friday include NetEase ($NTES) which has lost (15.1%) after the Chinese government announced new guidelines intended to curb excessive video game consumption, Nike ($NKE) is down (10.9%) as its fiscal Q2 revenue comes in slightly below expectations, and Tencent Holdings ($TCEHY) has fallen (9.8%) on Beijing’s video games announcement.
