PRISM Market Momentum: Stocks on the Move on Wednesday; Garmin Surges, Teladoc Health, SolarEdge Technologies Slump
US equities are trading lower on Wednesday at midday extending a depressed finish on Tuesday. Cybersecurity, networking/IT equipment, solar, credit cards, pharma, and airlines are all underperforming. Big tech is mixed with Nvidia ($NVDA) down for a second session. Outperformers include homebuilders, energy, utilities, road and rails, machinery, and auto parts. Treasuries are weaker, the Dollar index is flat, Gold is down (0.2%), Bitcoin futures are down (1.8%) and WTI crude is up +0.3%.
Notable gainers at midday are Garmin ($GRMN) which has soared +11.8% on strong Q4 earnings. The company raised dividends and announced a new repurchase program. Bausch + Lomb ($BLCO) is up +8.2% with Q4 earnings and revenue beat driven by solid sales from the company’s Lumify, Eye Vitamins, and Dry Eye portfolio. RingCentral ($RNG) has gained +4.1% on Q4 revenue and EPS.
The day’s decliners are Teladoc Health ($TDOC) which has slumped (24.8%) on missing Q4 revenue. BetterHelp revenue and paying-user growth came in below consensus and Q1 and FY guidance is lower than expected. Analysts voiced disappointment regarding the company’s longer-range outlook. SolarEdge Technologies ($SEDG) is down (13.5%) on missing Q4 revenue and with Q1 revenue guidance also below expectations. The company noted a tough macroenvironment and weak demand in 2023 but expects recovery to begin in the second quarter of 2024.International Flavors & Fragrances ($IFF) has lost (8.8%) on Q4 earnings missed with revenue in line.
