PRISM Market Momentum: Stocks on the Move on Tuesday; GE Healthcare, Spotify and Hertz Gain
US equities are mixed on Tuesday at midday trading after stocks finished lower on Monday. Big tech is mostly lower, along with software, packaging, credit cards, exchanges, discount retailers, and grocers. Energy, chemicals, managed care, road/rail, parcels and logistics, and life insurers are performing better. Gold is up +0.5%, Bitcoin futures are up +2.0% and WTI crude is up +1.2%.
Notable gainers at midday are GE Healthcare Technologies ($GEHC) which has gained +11.3% on strong Q4 earnings. Analysts are positive on stronger Imaging revenues but also noted the relatively weak Ultrasound segment. Spotify Technology ($SPOT) is up +8.9% with Q4 EPS in line with revenue and improved margins from increased music/podcast profitability. Hertz Global ($HTZ) has risen +8.9% following its Q4 adjusted EBITDA which came in below consensus. The company’s revenue was better than expected and management noted solid demand with increased volume across leisure, corporate, and rideshare channels.
The day’s decliners include Fabrinet ($FN) which has dropped (22.8%) in spite of beating Q2 EPS and revenue, Symbotic ($SYM) is down (22.3%) after missing FQ1 EPS, and Crown Holdings ($CCK) has lost (13.8%) after its Q4 EPS missed company guidance and consensus.
