PRISM Market Momentum: Stocks on the Move on Thursday; ARM Holdings, Ralph Lauren Surge; PayPal Declines

US equities are mixed on Thursday at midday after finishing higher on Wednesday with the S&P closing at a fresh record high. Life insurers, tobacco, auto parts, software, utilities, trucking, airlines, MedTech, and chemicals are underperforming while big tech is mixed. Outperformers include energy, entertainment, luxury apparel, casual diners, homebuilders, managed care, tech hardware, and credit cards. Treasuries are firmer, the Dollar index is up +0.1%, Gold is down (0.2%), Bitcoin futures are up +2.1% and WTI crude is up +2.9%, rising for the fourth consecutive session.

Strong performers at midday are Arm Holdings ($ARM) which has surged +54.8% after reporting fiscal Q3 revenue 8% ahead and guiding for Q4 revenue 13% above consensus. Confluent ($CFLT) has gained +29.3% on beating Q4 earnings, revenue, and margins, and Ralph Lauren ($RL) which is up +14.6% on beating FQ3 EPS and revenue. The company noted strong holiday sales.

The day’s decliners include PayPal ($PYPL) which has fallen (11.2%) in spite of beating Q4 EPS and revenue, with Q1 and revenue guidance softer than expected. Envista Holdings ($NVST) is down (8.0%) after missing Q4 EPS but beating revenue, and FLEETCOR Technologies ($FLT) has lost (7.7%) on weak Q4 earnings attributed to poor Lodging results and continued softness in existing workforce customers.