PRISM Market Momentum: Stocks on the Move on Thursday
US equities are higher in Thursday afternoon trading after stocks came under pressure on Wednesday in a late-day selloff. Big tech is mostly stronger, along with airlines, homebuilders and restaurants. The day has seen declines from refiners, oil majors, media, beverages and tobacco.
Today’s best performances have come from JFrog ($FROG) which is up +9.9% after being upgraded to Overweight from Equal Weight at Morgan Stanley, Micron Technology ($MU) has gained +7.2% following its fiscal Q1 results coming out ahead due to improving industry supply and demand dynamics which have rebounded faster than expected. Immunovant ($IMVT) is up +7.1% after it reported positive results from its clinical study of batoclimab for Graves’ disease. Patients treated with batoclimab achieved a response rate meaningfully greater than 50%.
On the decline today are BlackBerry ($BB) which is down (13.2%) after reporting its third quarter fiscal year 2024 financial results, beating EPS and revenue but lowering guidance for the fourth quarter. The move is driven by underperformance in the company’s Cybersecurity business, which had strong revenue growth and margin expansion driven by strategic deals with government agencies. Paychex ($PAYX) has fallen (6.2%) following its fiscal year Q2 earnings missing revenue, and Paramount Global ($PARA) lost (3.4%) on news that the company has held possible merger talks with Warner Bros. Discovery ($WBD).
