PRISM Market Momentum: Stocks on the Move on Friday; New Heights for Carvana, Warner Bros., Insulet Fall
US equities are trading mostly lower on Friday at midday, after the market rallied on Thursday, driven by semiconductor stocks. The Dow, S&P, and Nasdaq are all still on track for weekly gains. Big tech is lower, and other underperformers include energy, EVs, fertilizers, airlines, casual diners, entertainment, and solar. Outperformers at midday include commodity chemicals, hospitals, road/rail, insurers, homebuilders, and grocers. Treasuries are firmer, the Dollar index is flat, Gold is up +0.6%, Bitcoin futures are down (2.2%) and WTI crude is off (1.8%).
Notable gainers at midday are Carvana ($CVNA) which has soared +32.6%on Q4 earnings, improving unit economics and the company’s execution of its turnaround plan. LegalZoom.com ($LZ) is up +9.0% on strong Q4 earnings with EPS and revenue beat and Q1 guidance largely in line. Analysts noted that the company has better revenue visibility with more sales and marketing efficiencies. Sprouts Farmers Market ($SFM) has gained +6.9% on Q4 earnings.
The day’s decliners are Fox Factory Holding ($FOX) which has dropped (28.8%) on Q4 earnings with EPS missed but revenue beat and Q1 and FY24 EPS and revenue guidance weaker than expected. Warner Bros. Discovery ($WBD) is down (12.3%) with Q4 EBITDA and revenue missed. The company cited studios as being the biggest revenue drag. Insulet ($PODD) has fallen (4.2%) on Q4 earnings although analysts are positive on the company’s long-term prospects.
